Hammer Pattern-Hammer candlesticks typically occur after a price decline. They have a small real body and a long lower shadow.
-The hammer candlestick occurs when sellers enter the market during a price decline. By the time of market close, buyers absorb selling pressure and push the market price near the opening price.
-The close can be above or below the opening price, although the close should be near the open for the real body of the candlestick to remain small.
-The lower shadow should be at least two times the height of the real body.
-Hammer candlesticks indicate a potential price reversal to the upside. The price must start moving up following the hammer; this is called confirmation.
Script = ICICI BANK
Time Frame = 1 hour
ICBA trade ideas
ICICIBANKICICIBANK:- Stock has formed an ascending triangle pattern keep an eye on it Good for short term, wait for breakout.
You can plan the trade as per your risk appetite now
Hello traders,
As always, simple and neat charts so everyone can understand and not make it too complicated.
rest details mentioned in the chart.
will be posting more such ideas like this. Until that, like share and follow :)
check my other ideas to get to know about all the successful trades based on price action.
Thanks,
Ajay.
keep learning and keep earning.
ICICI bank liquidity grab & failed BOSICICI Bank tried to break structure but couldn't close above it hence giving a failed BOS. The candle that created the failed BOS has a big upper shadow further indicating a liquidity grab. Therefore, shorts can be taken with today's high as SL & target at friday's low & even lower.
#POSITIONAL STOCKICICI BANK:
The stock looks good on the daily chart, It is moving in the ascending channel pattern and has shown support at the bottom of the channel trend line, also showing the reversal from the support. RSI also showed the reversal. So we can expect a good move and can expect 900+ levels in the coming days/weeks.
Request you please do your own study before any trade. It is just my view that can be wrong at any point of time.
Demand in ICICI BANK LTDA new resistance has come through ICICI Bank and the price has moved downwards from there.
A good bullish move was seen in the market when the resistance was broken by the market.
A good move to the downside can be seen if the market breaks the 915 level.
Strong resistance currently acts as strong support.
If the market cannot break the level of 915 then the market can move to the upside.
Downward target
T1 = 915
If the market breaks the 915 level
T2 = 905
T3 = 985
Thank You
@Money_Dictators
ICICI BANK
NSE:ICICIBANK
Time frame : All Levels to be followed on Closing basis only. Makets at all time high so intraday Volatility may persist.
Chart Pattern Identified : BEARISH WOLFE WAVE
In its bearish version , the highs and lows are increasing and herald a downward reversal of an uptrend.
1) A significant maximum is formed, preferably an absolute maximum ( point 1 )
2) The price falls and forms a minimum ( point 2 )
3) The price rises and forms a subsequent maximum higher than point 1 ( point 3 )
4 ) The price falls and forms a subsequent low higher than point 2 ( point 4 ). Trendlines constructed by joining points 1-3 and points 2-4 must converge.
5) Point 5 is the maximum following point 3 and must cross the trendline joining points 1-3. This means that a "false breakout" from the pattern must form.
This point determines the completion of the pattern and the OPENING OF A BEAREST POSITION because according to the pattern, a new wave should form from this point and extend beyond the pattern.
PRICE and TIME TARGET
Following Wolfe's principle, we can set our PRICE TARGET at the point where the trendline extension passing through points 1-4 will intersect the price line . INTERMEDIATE TARGET is also set by placing it at the price level of point 4 , then we can also try to extend the final TARGET.
A valuable indication of the Wolfe pattern is tempo.
In fact, by extending the trendlines of the figure up to their intersection, a time target is identified, i.e. a hypothesis on the period of time necessary for the prices to meet the trendline that identifies the target price (ETA=Estimated Time Arrival ).
If once you get close to the ETA point, the price hasn't reached the target, you should consider exiting the trade.
STOP LOSS
The stop loss should be positioned above the maximum of point 5, perhaps slightly higher.