Update on Bullish ABCD pattern in Tatasteel - 11th Sep 09

TataSteel Chart - Hourly:

I have entered the trade with ABCD pattern which I have posted earlier. Now updating the extended targets for the Gartley pattern marked in the above chart with targets. I wanted to accumulate this scrip in the dips so I planed and booked out 75% of the holdings at each target, so that I would be in profit even if it hit stop loss. But even in a feeble day as yesterday, it managed to hold good.

TataSteel Chart - Daily:

On the daily charts it has broken the previous pivot, which again indicates strength. I would like to add in dips depending up on situation. Expect some updates.

Update on Bullish ABCD pattern in Tatasteel - 8th Sep 09

Update at 2:02 PM:
Booked 25% of my swing holdings at 464.50 which is Flag and pole target also it is near to second target.

~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~

Update at 11:52 AM:
TataSteel gave a break out from flag and pole, and heading swiftly for second target :)

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Tatasteel Chart - Hourly:

Update on Bullish ABCD pattern in Tatasteel. It reached the "Big" ABCD pattern target

It is at the resistance, watch out we may get a break out or it may come down a bit. I am moving my SL to 451 for next 25% swing holding.

Bullish ABCD pattern in Tatasteel - 3rd Sep 09

TataSteel Intraday Chart - 5 mins:

TataSteel formed a Bullish ABCD pattern in 5 min time frame. Long trade already triggered with the stop loss of 402, one can buy in dips.

Tatasteel Chart - Hourly:

In the Hourly charts also it formed a Bullish ABCD pattern (with an error in BC retracement) Also it has formed a descending triangle in hourly charts and gave a good break down for that pattern, trade can be taken with caution. If it reaches the target for the intraday pattern and also breaks out of the horizantal neckline at 433 with good volumes, I will trail for the targets of the ABCD pattern in hourly (454-456).

Update on Descending Triangle in Chambal Fert - 10th Aug 09

Chambal fert Chart - Hourly:

Chambal fert gave a good break down from the Descending Triangle on 5th Aug. As it is formed from good harmonic retarcements it took support from the Fibonacci convergence and formed an AB = CD pattern. It reached the targets of the pattern on the same day as I have explained in the previous post. Though it moved up to reach the targets of the ABCD pattern. It didn't trigger the stop loss of the Triangle and reached the triangle targets today.

Update on Descending Triangle in Chambal Fert - 5th Aug 09

Triangles are consolidation patterns, they coil inside the support and resistance zone, which develops potential thrust. When they give breakout or breakdown then they tend to push the prices to there targets due to the thrust developed inside the pattern.

In the above Decending Triangle, the pattern formed with perfect harmonic waves as shown in the image. When a pattern forms with harmonics, they tend to take support and resistance at the Fibonacci values. which will be against our present trade. So when do we trigger the trade in such case?

1. Check for the convergence of the harmonic patterns.
2. If the Fibonacci levels are near to support/resistance line price +/- Filter then move the trigger price just above or below the Fibonacci levels
3. If the fibonacci level is far from the support/resistance line +/- filter then watch the price action near the fibonacci levels carefully. Move the stop loss near to the fibonacci levels. If it is broken with big wide range bars or gap appers in that levels then our stop loss wont trigger and trade is intact.
4. If the price is bouncing from those levels, then the stop loss gets triggered and in this case also we exit in profits.

a) if the Fibonacci support level is taken out decisively then our trade gets triggered and we get profits.

b) If the price is reversed then our stop loss order gets triggered and we get take the profits at the targets of the harmonic pattern.

In the Chambal fert case, Fibonacci convergence has occurred at 54.80 levels, which is very near to our triangle breakdown price. So we move the trade trigger price below the Fibo level, that is at 54.50 level, and put the stoploss order at 55.90 levels. In this case price reversed from the pattern and stop loss order gets triggered and took the profits at 1st and 2nd targets of the ABCD pattern that is at 57.10 and 57.70 levels.

Descending Triangle in Chambal Fert - 5th Aug 09

Chambal Fert Chart - Hourly:

Chambal fert is formed a Descending Triangle, Volumes are also declining. Break down may give Rs3.5, it may move up to 51.5 levels

Update at 10:55AM :
Short Triggers at 54.50 Levels with the stop loss of 55.90 levels

Update on Descending Triangle in JPAssociates - 30th Jul 09

Intraday Chart - 5 mins:

Update on Descending Triangle in JP Associates, it formed a descending triangle with declining volumes. It gave a good break down but it failed in the retest to the support line of the triangle today.

Descending Triangle in JPAssociates

JP Associates formed a Descending Triangle, target can be around 220 levels. One can go short in the retest watch out for low volumes in the pull back to enter the trade.

Update: Bullish Flag and Ploe in RIL

We didn't get breakout for the bullish flag with volumes. Below is the chart on 5 min time frame.

Nifty Futures Intraday Analysis (13th May 2009)

As expected, Nifty started with a pullback immediately after opening. This pullback formed a nice descending triangle pattern as shown in below chart.


While reaching to the descending triangle’s target, Nifty again formed an amazing ABCD (CD extended) pattern. A Bullish Wolfe Wave at the bottom of the ABCD pattern keeping full stop to the supply action, and confirming CD wave is ended here and letting us go long right at the bottom most price! Both these patterns are shown in the two charts below.




After reaching to the ABCD pattern’s target, Nifty formed a seemingly good Inverted Head and shoulders and gave a nice breakout too. The breakout didn’t sustain, and turned out to be a false one, putting a break to dramatic success of patterns today. The false breakout made the price land on the floor in no time triggering all my stops!!

Over all a fantastic day, with a smashing ending!

Descending Triangle in Polaris

Descending triangle has formed in Polaris inside an expanding triangle. If breakdown happens, target will be 52. Beyond that if it breaks 50 then next target will be the support line of expanding triangle.