Trading under Candle light.

Luckytrader · #1 30th October 2007, 04:59 PM

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,

adilsaleem · #2 30th October 2007, 05:03 PM

Way to go ... hope we all learn more n more.

Luckytrader · #3 30th October 2007, 05:54 PM

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.

Saint · #4 30th October 2007, 07:23 PM

Quote:

Originally Posted by Luckytrader

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.

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

Luckytrader · #5 31st October 2007, 12:56 PM

Quote:

Originally Posted by Saint

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

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

adilsaleem · #6 31st October 2007, 01:11 PM

Nice to see Saint here helping out ... I hope this thread goes a long way.

saif · #7 31st October 2007, 04:40 PM

Quote:

Originally Posted by adilsaleem

Nice to see Saint here helping out ... I hope this thread goes a long way.

Me too.........

Anybody can tell me what is a hammer.

TQ

sdebu_2000 · #8 31st October 2007, 06:58 PM

Quote:

Originally Posted by saif

Me too.........

Anybody can tell me what is a hammer.

TQ

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).

fire_gun · #9 31st October 2007, 08:40 PM

plzz go on ..i want to learn candlestick patterns.....i hope this theard will help me

chintan786 · #10 31st October 2007, 10:52 PM

hi all, is this qualify for Inverted hammer...( possibly yes).

then wht is possible outcme.

chintan