Price action with Candlestick Analysis(No indicators)

[AlokTewari]

Bata India Daily chart

Seems Bata India should start upmove from Monday. See chart for double bottom, RSI divergence.

Alok Tewari

 

[poortrader]

Re: Bata India Daily chart

Seems Bata India should start upmove from Monday. See chart for double bottom, RSI divergence.

Alok Tewari

My Observations:
1. Price or RSI has not yet turned up, so it is premature to take a call
2. It seems a tripple bottom
3. Wait for confirmation, and not jump into the trade as it is also forming a triangle

 

[poortrader]

Oops, sorry.. I forgot to remove the indicator..:clap::clap:

The target would be 2350 , i think a support may come in there..Plz tell me its right or wrong

I would like to add that while choosing trades we should always follow Money Management rules. A reward to risk of 2:1 should be our minimum target.

 

[anup]

Bearish engulfing in nifty....

 

[hik]

Re: Bata India Daily chart

Seems Bata India should start upmove from Monday. See chart for double bottom, RSI divergence.

Alok Tewari

My Observations:
1. Price or RSI has not yet turned up, so it is premature to take a call
2. It seems a tripple bottom
3. Wait for confirmation, and not jump into the trade as it is also forming a triangle

Its does not matter if Rsi showed divergence or any other indicator showed upmove. What you are doing is ,as you are not able to read the price ,you are using indicators to substitute your decision. Learn to read the price.The resistance trendine you drew is good. But the Trendlines are so subjective that, if i give the same chart to different people they start plotting diffrent trendline other than you plotted. So Its better to stick with horizontal support/resistances, Everyone will draw same horizontal lines.


Just draw support below price and resistance above pricelike this .There is support at that level , If there is particular candle on monday we can buy. then we can buy.

upload photos

 

[hik]

Candlestick is no Doubts one of the better tools for Trading and what I can see in this forum is a great work on it..

At the same time most of us including me make one general mistake of generalising these things:

More often than not we make a wonderful error of posting charts or candlesticks which provided the Best Case scenario..

It would be worth noting to give some illustrations which these candlestick pattterns did not hold..

I mean where the resistances were taken out or where supports were broken..

Its a great work...and these illustrations which I have requested to be added will only add to our understanding

I also personally find these Candlestick support and Resistances easy places to take a position...still we will get a wider perspective only when both these scenarios are taken care of and there are ample examples of both

Regards and Happy Trading:thumb:

Hello Sumit,
Candlesticks by themselves are nothing but a waste , But when they are combined with support/resistances they are powerful tools .Yes i agree that there are instances when support/Resistance is broken ,Thats the reason we will not buy/sell until the low/high of the particular candlestick is penetrated.

 

[hik]

candle stick pattern via trade is simple, no complicated but whose have real/original candlestick formation in rt trade, everyone have different utility to feed rt data so it have some difference in rt data/candle formation..
so in rt trade it,s not used much better..

EOD DATA only used to analysis by candle stick pattern methed..

its my view..

happy trading...

I dont know what you mean by Rt trade, But there isnt much diffrence in candle formation , They can be seen on 1hour/2h/3h...... candles.
Not only Eod data. But htey can be used for early entry also.
See the page one exampes Bhel and renuka that i took.

 

[hik]

Bearish engulfing in nifty....

Can u post a chart.

 

[hik]

These are the patterns we will be looking for
As i Said earlier, these candles are formed everywhere in between ranging market , they are not important to us.But if they are formed near the support/resistance or at the end of a trend ,They are important.

If Price Breaks the support/resistance then most probably it will come back to retest it.(old resistance becomes support and vice versa)

image upload

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image

 

[adsingh]

Hik Thanks for starting such a useful & informative thread for all.....