Wednesday, April 15, 2009

NF Patterns Review since last bottom on 3rd March 2009

I was reviewing the important patterns formed during last few weeks, what I traded, what I missed, false breakouts, etc. Here is the chart with the pattens on nifty futures on hourly time frame.


Double Bottom is formed on hourly charts of nifty from 6 th March low and on 9 th March 2009 low are the two bottoms. Price gave Break out on 12 th March and the target reached on 13 th March.

Diamond Patten is formed from 17 th March to 20 th March, Volumes are not convincingly increasing while triange is expanding in diamond. But while contracting volumes are draining and gave break out on 20 th March with big volumes. Target is reached on 24 th March 2009

Symmetric Triange is formed from 23rd to 25th March can see volumes draing in this consolidation patten and gave break out on 25th with big volumes. Target reached on 27 th March

Falling wedge is formed from 26th March to 1st April, breakout happend on the same day target is reached on the next day with big gap up opening.

Gap gave support on 8th April and moved up side

Triangle is formed from 9th to 15th April gave false break out on 13 th april with big volumes and took support from support line of triangle. Today it gave a break out again with good volumes target is yet to be reached.

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