Daily Tryst with Nifty

[Nishikant]

Two Conflicting Candlestick Patterns On Daily & Weekly Charts

Would today's candle qualify for BULLISH HARAMI / HAMMER on daily/EOD basis?

HARI OM DEAR FRIENDS & MURTUZA BHAI :thumb:



ANSWER TO YOUR QUERY IS GIVEN AT:-



http://www.traderji.com/futures/26240-nifty-futures-weekly-intraday-analysis-trend-report-92.html



THE TITLE IS:-


"Bullish Harami" On Daily & Bearish Doji Evening Star On Weekly Chart's, Of Spot Nifty


I HOPE YOU WOULD ADD SOME KNOWLEDGE TO THE SAME TOPIC IN CASE I HAVE MISSED OUT SOMETHING



TAKE CARE.



GOOD NIGHT & SWEET DREAMS



GANPATI BAPPA MORYA



HARI OM




REGARDS,
NISHIKANT K. HADGE

 

[Sunil]

 

[WOD]

Hi Sunil,

Hope you are doing great. And forgive me if you have got hurt by my post in other thread; never meant that.

Allright, if you allow me, can I ask you few of my doubts...

1. On the weekly chart of nifty bearish doji evening star has formed and on the daily chart of nifty, a bullish harami could be seen. Now question is, which one of them will show its effect first on start of week and how do you decide that.

2. Sure one of them will show its effect on monday, but does that will nullify effect of other pattern in thereafter trading session.

Thanks......

 

[WOD]

One more query please,

if am planning to enter into a swing of around 2 to 4 days, then for TA which time frame should I consider ( daily or 60 min )....and how much past data should I consider ( a month, 3 month or 6 month)....

Thanks....

 

[Sunil]

WOD,
I don't look into meanings of each & every candlestick formed in any TF - I am not a student of this school.

The only candlestick pattern I study/trade is the Inside Bar & the Outside (Engulfing) Bar, that too, only in 60min & EOD chart. Only in such cases, I look more into the candlestick type (doji, etc)

The bearishness in the weekly chart gave its first signal at end of 12-June (it was an IB), and had been discussed in my other mechanical (positional trading) thread. The action from 15 to 19 June just confirmed the bearishness, and the same is now visible as "evening star" in EOD chart. Star is taken out (4700+) and the bearish sentiment is negated.


An initial signal of reversal is given today when Nifty spot closes ABOVE Friday's high of 4326.
BTW, it's not a harami candlestick, but more of a hammer in EOD chart. Harami is a form of Inside Bar with specific body & tail length in relative terms.

 

[Sunil]

One more query please,

if am planning to enter into a swing of around 2 to 4 days, then for TA which time frame should I consider ( daily or 60 min )....and how much past data should I consider ( a month, 3 month or 6 month)....

Thanks....

I prefer EOD chart for day swings, though 60min should also be taken into consideration.
Haven't you visited the 60min flow thread?

and how much past data should I consider ( a month, 3 month or 6 month)....

if u referring for backtesting, then 6 months is minimum.
if u r referring to initiation of trade, then confirm with last 3 months formation.

 

[WOD]

I prefer EOD chart for day swings, though 60min should also be taken into consideration.
Haven't you visited the 60min flow thread?



if u referring for backtesting, then 6 months is minimum.
if u r referring to initiation of trade, then confirm with last 3 months formation.

I did visited the 60 min flow and fairly have understood the system. But the thing is, I cosider this system useful for intraday only and not sure if I could use it to make swing calls for 2 to 4 days. Please let me know if my uderstading is incorrect......

I have seen your chart posted above (very nice indeed)....Can you please let me know address of that site and if it is free website for technical analysis.....

Thanks.....

 

[myvineet]

I have seen your chart posted above (very nice indeed)....Can you please let me know address of that site and if it is free website for technical analysis.....

Thanks.....

THE name of website is on chart ..

yes, it is free...

thanx

 

[Sunil]

NR4 in 60min
identical 30min & 60min bars

 

[WOD]

NR4 in 60min
identical 30min & 60min bars

Quite frequently seen you mentioning NR...Could you please let me know what is NR......