Nifty Futures 5 min chart :
Nifty Futures 15 Min chart:
Nifty opened gap up of 47 points due to strong global ques. But the opening was just below the resistance line and stared moving down. It took support form the previous resistance level of 4200, which is also 50% retracement of down move from 6th July to 13 July.It formed a double bottom and also a Symmetric triangle with declining volumes as shown in the above chart. Break out form the triangle didn't happen with conviencing volumes, but it gave a good break out from double bottom pattern.
Wolfe Wave in 1 min chart of Nifty Futures:
After the break out a bearish Wolfe wave formed in 1 min time frame which gave a good signal to reverse the trade at higher levels, as a result double bottom pattern didn't reach the target yet. as I have reversed to short with the wolfe wave and not holding longs for the target of double bottom. Lets see whether double bottom will reach its target tomorrow or not.
After the break out a bearish Wolfe wave formed in 1 min time frame which gave a good signal to reverse the trade at higher levels, as a result double bottom pattern didn't reach the target yet. as I have reversed to short with the wolfe wave and not holding longs for the target of double bottom. Lets see whether double bottom will reach its target tomorrow or not.
4 comments:
Dear Doji,
I am doing Day trading with the help of Technical analysis from the last 2 years.I did not get proper guidance and SUCCESS yet. I have some doubt which I want to discuss with you personally can you plz help me? Plz reply.
Hi Doji,
In this 1 min Wolfe Wave as a wrong trade we may take long position once cross the channel line at 14:47 candle at 4272.How to identify its a wrong one ?
Regards,
S.Saravanan.
Hi viju,
Please post your question as a blog comment, I'll try to help in my capacity.
Hi Saravanan
Volume activity is high here and not supporting a channel. Please look out for volumes.
-Doji
@ doji,
Thnaks for your reply and ready to take your precious time for me to solve my doubts.
Sir now I am using sharekhan trade tiger for technical analysis and i have decided to take amibroker like you for technical analysis,I want to ask you that which data provider you use for real time.If we have tick data then can we convert it into 5min,15min,30min,or hourly graph.
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