Hi,
This is the Nifty 5 min chart. Please observe the blue line in the image attached. Here is where RSI > 70 for more than 5 candles (satisfying the first condition), for the second condition, there is no candlestick pattern showing negativity signs but the Nifty has crashed. Please suggest the behaviour behind it.
Also, for Tata Steel and SBI, the candlestick trends were positive in the daily charts of the type "Meeting Lines Pattern" and "Bullish hold pattern", still both of them closed in negative. Any suggestive reasons.
This is the Nifty 5 min chart. Please observe the blue line in the image attached. Here is where RSI > 70 for more than 5 candles (satisfying the first condition), for the second condition, there is no candlestick pattern showing negativity signs but the Nifty has crashed. Please suggest the behaviour behind it.
Also, for Tata Steel and SBI, the candlestick trends were positive in the daily charts of the type "Meeting Lines Pattern" and "Bullish hold pattern", still both of them closed in negative. Any suggestive reasons.
I cannot find any chart in your post.
However Coming back to your point. Yes Indeed the Nifty stayed in OB> 5 bars and then got crashed as per 5 Minutes chart.Thats the exact reason I make use of BB as well as Pivot breaks.
Thats one part - Second part is even good systems will fail once in a while.No system is failpoof. Thats why I mix price action,BB and Pivot breakouts.
Later when I post the chart I will explain what I did.
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Tata steel ,SBI -We are in a downtrend. Friday bulls tried to reverse the market.Just by looking at one candle on daily chart we cannot say whether its going to be reversal or not. We need confirmation.Whats that confirmation? more higher closes.So we need to wait.Today bears have reversed it again downside.I suggest you to study Steve Nissons "Candlestick charts " thouroughly.
For me Tatasteel gave great opportunity.I do not trade SBI .Hence can't comment.
TATAMOTORS.
By now I must have posted more than 50 charts overall.If anyone traded these signals seriously then there is no looking back.
Its just not one or two days phenomena. Its universal.Charts keep generating these signals.
Regards
Raghav
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