Again towards the end of the day, Nifty Futures formed a Bullish Wolfe Wave. Symmetry is good and higher volumes at 5 are supporting the pattern. Long trade is already triggered and I am long since 4272 with the stop loss at 4247.
Thursday, May 21, 2009
Intraday Analysis of Nifty (Futures) on 20th May 09
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Nifty futures formed a nice head and shoulders pattern in intraday, with draining volumes. Small Head and Shoulders formed inside, right on top of the head indicating the bearishness and is the highest point of the day. Volumes increased as soon as the breakdown happened and price dropped down reaching the target. Below is the chart of nifty futures in 1 min time frame:
Again towards the end of the day, Nifty Futures formed a Bullish Wolfe Wave. Symmetry is good and higher volumes at 5 are supporting the pattern. Long trade is already triggered and I am long since 4272 with the stop loss at 4247.
Again towards the end of the day, Nifty Futures formed a Bullish Wolfe Wave. Symmetry is good and higher volumes at 5 are supporting the pattern. Long trade is already triggered and I am long since 4272 with the stop loss at 4247.
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2 comments:
On 22/05/2009,I noticed inverse H&S at 10.35/10.52 again at 11.11/11.21 and descending triangle aat 11.45/11.60 in NF.
What do u say?
hpgoyal@gmail.com
Hi Mr. Goyal, thanks for writing on my blog. I tried to put the patterns you mentioned in this chart.
The IH&S that you pointed is good. If we add few bars from behind, we have a good symmetric triangle. As you must be aware, patterns on bigger time frame take precedence.
H&S at the top, both the shoulders are consolidations and hence not very clear. A point to note regarding H&S/IH&S is that they show supply/demand distribution at the neckline. Hence, they are more successful on higher time frames. Also, volumes are very important. For me, I do not trade IH&S/H&S on 1 min time frame, but take it as a bullish/bearish signals only.
The descending triangle is good.
Doji
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