Nifty is moving in a channel, break out or break down with good volumes may give 42 points. Watch out this channel is forming near the resistance zone. Nifty has to take out the resistance zone too with confirming volumes to reach the target.
Thursday, July 30, 2009
Nifty Moving in a channel - 30th Jul 09
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Nifty Intraday chart 5 mins:
Nifty is moving in a channel, break out or break down with good volumes may give 42 points. Watch out this channel is forming near the resistance zone. Nifty has to take out the resistance zone too with confirming volumes to reach the target.
Nifty is moving in a channel, break out or break down with good volumes may give 42 points. Watch out this channel is forming near the resistance zone. Nifty has to take out the resistance zone too with confirming volumes to reach the target.
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10 comments:
Hi chartreader as of now is there a head n shoulder pattern failure in 1 min chart of nifty????
Dr. Sidharth,
H&S is a complex pattern and is not efficient is lower time frames. You see, Volumes are important and you cant trust 1 min volumes that well.
Doji
Hi Doji,
Keep up the gr8 work. i've been in ur blog from last week. i've learned ABCD pattern from u. thanks a lot.
in abv post u've given a channel line & breakouts + target. but i saw the chart in a different way. i marked 4425 to 4525 as A, 4525 to 4475 levels as B & i kept target as 4575 for C, target was acheived today, although i want to know the whether my view was right or not?. pls correct me if i'm wrong. I'm just started learning TA.
Cheers
Pradeep
Hi doji,Good Evening.
I also want some comments from you i had also read the graph in other way it was looking BEARISH GARTLEY PATTERN.X-4572(High of yesterday),A-4416(Low of yesterday),B-4533(78.6%Retracement(4540) of X-A,C-4474(Low of day & also the 50% retracement of A-B),D-4550.12.40PM It had made high of 4548.8.which was the target of 127%,projection of BC.And other way it was ascending triangle in 5 minutes before forming Gartley Pattern.Plz comments on it.I want to post graph also so how can I post it plz guide for that so you can easily identify what is the doubt exaclty.
Pradeep,
yes, you can also trade like that. But you need to get an early entry signal to enter the trade. You should also be keeping the risk factor very low while trading CD leg.
Viju,
Please upload the image into http://imageshake.us and copy, paste the link here.
-Doji
Hi Doji,
I would like to know if you are providing any paid services. Please let me know.
Thanks,
Vinay
No paid service Vinay.
Doji
Hi doji, i have uploaded image and plz comments on it wheather i am right or wrong.I have added ascending triangle and gartley pattern also.
http://img65.imageshack.us/gal.php?g=ascendingtriangle1.jpg
Hi Viju,
This is not an ascending triangle, here at the top line you have only one valid pivot. It should have atleast two.
-Doji
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