Beginners' club - Candlestick analysis
- Thread starter iyerboi
- Start date
- Tags beginnners charting tips candlesticks
Wow! Those markets are at a disadvantage when you add a little ichimoku to the recipe.
Okay!! Forget the trip south.
A minor correction is in store to 1300, maybe a little higher.
Look to the west on the hourly and notice the swing high. Look at the cloud on the 4-hour, and then the top. It is clear the swing high is going to get broken, as the market heads to the top of the cloud.
That area puts the daily on top of the tenken and kijun, which means there is a likelihood the daily swing high is broken, especially when it looks as if the move back to the UP from the top of the cloud looks impulsive.
This means, in terms of symmetry, the 1700 mark should be hit.
You'll have to bookmark this, because, needless to say, it will take some time for it to play out.
In my own mind, I took a conceptual snapshot of the 4-hour chart, and it seems the market is headed to circa 1370 this week, as that is the circa area for what would be my WR2.
Okay!! Forget the trip south.
A minor correction is in store to 1300, maybe a little higher.
Look to the west on the hourly and notice the swing high. Look at the cloud on the 4-hour, and then the top. It is clear the swing high is going to get broken, as the market heads to the top of the cloud.
That area puts the daily on top of the tenken and kijun, which means there is a likelihood the daily swing high is broken, especially when it looks as if the move back to the UP from the top of the cloud looks impulsive.
This means, in terms of symmetry, the 1700 mark should be hit.
You'll have to bookmark this, because, needless to say, it will take some time for it to play out.
In my own mind, I took a conceptual snapshot of the 4-hour chart, and it seems the market is headed to circa 1370 this week, as that is the circa area for what would be my WR2.
I have not ventured into forecasting at any point of time, but I will put forth
what I felt about the LT (Hourly) chart.
1. The swing high of 06.03.2012 leading to the lowest point has been taken out
with a gap on 12.03.2012. With this, the downtrend is in question; the new
trend made higher high, but the uptrend has to be confirmed in terms of a
higher low.
2. The gap made on 12.03.2012 now acts as a support area (1322-1310)
3. The TD line has been broken by the last candle, and the break is qualified.
4. So, the pullback may be upto 1324 (23.6% retracement), may be further
upto 1322 and then upto 1310. This 1310 level should be able to offer
support.
5. According to the price projection (TD Lines theory) also, the target, as
shown by the orange line is upto 1321.
6. In case the support at 1310 fails, then it may drop to 1302-1284-and finally
TDST level of 1276? I am not sure about this.
7. In case the price moves up with the support and take out the swing high
at 1359, the next target should be 1400 (127%) and 1452 (161%).
Paul and Aditya are now free to comment or criticize or whatever..
what I felt about the LT (Hourly) chart.
1. The swing high of 06.03.2012 leading to the lowest point has been taken out
with a gap on 12.03.2012. With this, the downtrend is in question; the new
trend made higher high, but the uptrend has to be confirmed in terms of a
higher low.
2. The gap made on 12.03.2012 now acts as a support area (1322-1310)
3. The TD line has been broken by the last candle, and the break is qualified.
4. So, the pullback may be upto 1324 (23.6% retracement), may be further
upto 1322 and then upto 1310. This 1310 level should be able to offer
support.
5. According to the price projection (TD Lines theory) also, the target, as
shown by the orange line is upto 1321.
6. In case the support at 1310 fails, then it may drop to 1302-1284-and finally
TDST level of 1276? I am not sure about this.
7. In case the price moves up with the support and take out the swing high
at 1359, the next target should be 1400 (127%) and 1452 (161%).
Paul and Aditya are now free to comment or criticize or whatever..
Murthy, if this is Larsen and Toubro, then I already posted my views on it.
I have not ventured into forecasting at any point of time, but I will put forth
what I felt about the LT (Hourly) chart.
1. The swing high of 06.03.2012 leading to the lowest point has been taken out
with a gap on 12.03.2012. With this, the downtrend is in question; the new
trend made higher high, but the uptrend has to be confirmed in terms of a
higher low.
2. The gap made on 12.03.2012 now acts as a support area (1322-1310)
3. The TD line has been broken by the last candle, and the break is qualified.
4. So, the pullback may be upto 1324 (23.6% retracement), may be further
upto 1322 and then upto 1310. This 1310 level should be able to offer
support.
5. According to the price projection (TD Lines theory) also, the target, as
shown by the orange line is upto 1321.
6. In case the support at 1310 fails, then it may drop to 1302-1284-and finally
TDST level of 1276? I am not sure about this.
7. In case the price moves up with the support and take out the swing high
at 1359, the next target should be 1400 (127%) and 1452 (161%).
Paul and Aditya are now free to comment or criticize or whatever..
what I felt about the LT (Hourly) chart.
1. The swing high of 06.03.2012 leading to the lowest point has been taken out
with a gap on 12.03.2012. With this, the downtrend is in question; the new
trend made higher high, but the uptrend has to be confirmed in terms of a
higher low.
2. The gap made on 12.03.2012 now acts as a support area (1322-1310)
3. The TD line has been broken by the last candle, and the break is qualified.
4. So, the pullback may be upto 1324 (23.6% retracement), may be further
upto 1322 and then upto 1310. This 1310 level should be able to offer
support.
5. According to the price projection (TD Lines theory) also, the target, as
shown by the orange line is upto 1321.
6. In case the support at 1310 fails, then it may drop to 1302-1284-and finally
TDST level of 1276? I am not sure about this.
7. In case the price moves up with the support and take out the swing high
at 1359, the next target should be 1400 (127%) and 1452 (161%).
Paul and Aditya are now free to comment or criticize or whatever..
| Thread starter | Similar threads | Forum | Replies | Date |
|---|---|---|---|---|
|
Want to Start a Fooly Cooly Traders Club | General Trading & Investing Chat | 2 | |
|
Amibroker scan clubbing stocks together | AmiBroker | 23 | |
|
Smart_Trade Fan Club | Words of Wisdom | 44 | |
| A | Paper Trading Club of Symphony: For Algo enthusiasts | Algo & Automated Trading | 9 | |
| W | Delhi Traders Club-Only For Traders From Delhi | General Chit Chat | 107 |
Similar threads
-
Want to Start a Fooly Cooly Traders Club
- Started by tnavin56
- Replies: 2
-
-
-
Paper Trading Club of Symphony: For Algo enthusiasts
- Started by Algo
- Replies: 9
-