Trading under Candle light.

L

Luckytrader

Member
#1
#1
Hi

I have started this thread for the benefit of all.

I will try to spot candlestick pattern in different stocks & try to analyse it.
I am not an expert. I am a beginner want to learn lots of thing.

So, I request to all seniors & members please give me full support by discussing candlestick pattern in this thread.

Thanks & Regards,
 
L

Luckytrader

Member
#3
#3
Starting with Nifty Chart,

On 22nd Oct I spot a Dragonfly doji, which means bullish reversal candlestick pattern that mainly occurs at the bottom of downtrends.

The dragonfly occurs when the open and close are near the top of the candlestick and signals reversal after a down-trend: control has shifted from sellers to buyers as you can see.
 

Attachments

Saint

Saint

Banned
#4
#4
Luckytrader said:
Starting with Nifty Chart,

On 22nd Oct I spot a Dragonfly doji, which means bullish reversal candlestick pattern that mainly occurs at the bottom of downtrends.

The dragonfly occurs when the open and close are near the top of the candlestick and signals reversal after a down-trend: control has shifted from sellers to buyers as you can see.
Click to expand...
Not a dragonfly doji.......A dragonfly doji would have an open,close and high at abt the same level.....This would qualify as a Doji,that's it.....But you got the latter part right.Either way,dragonfly,long legged or normal Doji,they all have the same significance and the same plan of action.

One would expect that bearishness is coming to an end and the bulls are resuming control after a pullback.....one would buy over the high of that doji bar(whichever type it is) and ride the move up.

Saint
 
L

Luckytrader

Member
#5
#5
Saint said:
Not a dragonfly doji.......A dragonfly doji would have an open,close and high at abt the same level.....This would qualify as a Doji,that's it.....But you got the latter part right.Either way,dragonfly,long legged or normal Doji,they all have the same significance and the same plan of action.

One would expect that bearishness is coming to an end and the bulls are resuming control after a pullback.....one would buy over the high of that doji bar(whichever type it is) and ride the move up.

Saint
Click to expand...
Yes u r right, all Doji have same significance.

In this the open, high, and close are not the same but almost the same price. Important part of the Dragonfly Doji is the long lower shadow & to spot in a downtrend.....right.

Thanks for the reply.

Regards,
Luckytrader
 
S

sdebu_2000

Active Member
#8
#8
saif said:
Me too.........:)

Anybody can tell me what is a hammer.

TQ
Click to expand...
Saif,
as per my knowledge is concern a hammer is a candle pattern looks like a hammer itself.
when close=high (white candle)/open=high(black candle) and the leg of the hammer is atleast 3 times of the body.
Its a very good reversal pattern.
when a hammer is formed on the top of a wave its called hanging Man(Bearish reversal may occur) and when it is formed in the bottom of an wave it is called hammer(bullish reversal may occur).

:):)
 
chintan786

chintan786

Well-Known Member
#10
#10
hi all, is this qualify for Inverted hammer...( possibly yes).

then wht is possible outcme.

chintan
 
Last edited:
You must log in or register to reply here.
Thread starter Similar threads Forum Replies Date
T Looking for experts in Automated/algo trading to understand more Equities 4
S Help me to understand this trading technique Futures 3
maheshnmahi Entering new world! need help on understanding trading techniques and open account Day Trading 2
T Trading Tip #20: Understanding Candlestick Patterns - Harami Day Trading 0
T Trading Tip #21 : Understanding Candlestick Patterns - Kicking Futures 0

Similar threads