Update on Dragonfly Doji in Relcap - 23rd Jul 09

Relcap Chart - Daily:

Reliance Capital formed candlestick dojis last 2 days, just below resistance trend line. It is unable to move above the resistance line and fall below the support line. This uncertainty may be the reason for forming candlestick Dojis last two days in daily charts.

Relcap Chart - 5 min:

Relcap formed a Diamond pattern in 5 min charts (not a perfect one though), volumes are supporting the pattern. I will exit my 25% if it gives breakdown with volumes, now moving my Stop loss to 878 - filter. After exiting this, will take decision about the remaining 25% depending on the situations.

Intraday Analysis of Nifty - 21st Jul 09

Nifty Futures 5 min Chart:

Nifty opened flat today with a small Gap of -5 Points, It started drifting down Initially. It took support form yesterday's support levels of 4450 levels and moved up to close the gap. It formed a shooting star in that candle, which was first sign of bearishness. Also it formed a decent Diamond pattern from Yesterday as marked in the above chart. But It didn't give proper breakdown for this pattern. As there are 2 signs of bearishness I have entered short with strict stoploss.

With out reaching the target of the Diamond Pattern Nifty formed an ABCD pattern, giving a good indication of the trend reversal at the strong support zone, allowing reversing to long trades at almost low point of the day, which was a very good trade. Over all a very good day with 50 points profit on each lot combining both trades.

Nifty - ABCD Pattern - 21st Jul 09

ABCD pattern suggesting a reversal from Diamond breakdown. D of the ABCD pattern is near the support levels.

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Updae at 1:40 pm

Reached 1st target of 4486 few mins back

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Updae at 2:45 pm

Almost reached 2nd target of 4499 few mins back at 4498.2 :)

Update: Diamond Pattern in Axis Bank

Update on Diamond Pattern in Axis Bank. Axis bank formed a small head and shoulders near the resistance. It formed a long legged hammer which will give support for it now. Move the stop loss to any of the support zone depending up on risk appetite. Below is the 15 min chart of axis bank

Update: Diamond Pattern in Axis Bank

Update on Diamond Pattern in Axis Bank, book intraday profits here as price is taking resistance from previous pivot, also now its 3:20PM remember :) Below is the 15 min chart of axis bank.

PS: Intraday profits 5%

Update: Diamond Pattern in Axis Bank

Update on Diamond Pattern in Axis Bank, Now axis bank is at resistance point. There are two resistances, hold with strict stop loss to cover profits. If we get break out we get very good profits here. Below is the inverted head and shoulders pattern in axis bank in 15 min time frame.

Diamond Pattern in Axis Bank

Diamond Pattern is formed Axis bank, breakout is possible in either sides. Watch out for good volumes at the break out. Target will be the height of the diamond pattern. A bowl shaped volumes are visible, generally this pattern consists of dome shaped or draining volumes. Below is the 15 min chart of Axis bank

Nifty Futures Intraday Analysis (26th May)

Nifty futures formed Diamond pattern in 5 min charts, continuing from past 2 days. Volumes were draining while the pattern is forming and gave break down with good volumes in the early hours of trading today. After the breakdown, Nifty did a retest and formed a small Bearish Wolfe Wave at the peak of the retest move, signaling the end of the weak bulls. Below is the bearish Wolfe Wave in 1min bars

With the bearish Diamond cloud supporting bears, price couldn't bounce back and just drifted down till end of the day.

Diamond Patten in JPAssociates

Diamond Patten in JPAssociates, BO or BD of which may give next trend.

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.