NIFTY 50 future TRENDS
- Thread starter sudoku1
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@ST 5315 around spot was a resistence and that was the reason for my short with a SL at 5330 . When I take risk , don't wanna influence others 
U need to wait before entring shorts as 5290 spot pull back expected
U need to wait before entring shorts as 5290 spot pull back expected
Harmonic Bat Pattern-----------BEARISH BAT
The harmonic bat pattern was discovered by Scott Carney in 2001. Carney maintains it is one of the most accurate patterns, and requires a smaller stop loss than most other patterns.
This is one of the retracement patterns (along with the Gartley Pattern) - and is a deep retest of Support (in the case of a bullish Bat) or Resistance (for a bearish bat) around the X level. The D level reversal will be at the .886 XA retracement in the PRZ.
If a Bat fails - it can often "morph" into a Crab Pattern where the D point exceeds the X point.
This pattern usually has an extended CD leg which is 1.27 Fibonacci extension of the AB - providing a favourable risk/reward.
Systematic tests by FxGroundworks, have shown the Bat pattern success rates to be 89%-95%.
Validity of the Bat Pattern
To check the validity of the Bat Pattern, the traders and investors should see that the D point do not exceed the X point because if it exceed the X point then in this case the Bat Pattern fails and turns to a Crab Pattern. An extended AB=CD Pattern where the CD side is 1.27 of the AB side. If AB and CD have same length in AB=CD then also the pattern is valid but is a minimum requirement condition for the pattern to hold validity.
Accuracy of the Bat Pattern
This pattern holds high degree of accuracy and need stop loss smaller as compared to the other patterns. Little guesswork is required in this pattern because this pattern depend on fixed Fibonacci numbers. The CD side or the third side of the Bat Pattern has Fibonacci Extension of 1.27 of the AB side.
How to trade in the Bat Pattern?
It is advisable to the Traders and investors to place their stop loss above the 0.886 price retracement level of the side XA in this pattern. Traders can also place their stop loss above the point X in this pattern because above the point X, a strong Support level is present in the Bullish Bat Pattern and a strong Resistance level is present in the Bearish Bat Pattern. For example, see a figure below in which XABCD represents the Bat Pattern.
SO SHORTERS ALL STOPLOSSES ABOVE 5340 LEVEL ABOVE WHICH YOU HAVE TO REVERSE YOUR TRADES :thumb:
The harmonic bat pattern was discovered by Scott Carney in 2001. Carney maintains it is one of the most accurate patterns, and requires a smaller stop loss than most other patterns.
This is one of the retracement patterns (along with the Gartley Pattern) - and is a deep retest of Support (in the case of a bullish Bat) or Resistance (for a bearish bat) around the X level. The D level reversal will be at the .886 XA retracement in the PRZ.
If a Bat fails - it can often "morph" into a Crab Pattern where the D point exceeds the X point.
This pattern usually has an extended CD leg which is 1.27 Fibonacci extension of the AB - providing a favourable risk/reward.
Systematic tests by FxGroundworks, have shown the Bat pattern success rates to be 89%-95%.
Validity of the Bat Pattern
To check the validity of the Bat Pattern, the traders and investors should see that the D point do not exceed the X point because if it exceed the X point then in this case the Bat Pattern fails and turns to a Crab Pattern. An extended AB=CD Pattern where the CD side is 1.27 of the AB side. If AB and CD have same length in AB=CD then also the pattern is valid but is a minimum requirement condition for the pattern to hold validity.
Accuracy of the Bat Pattern
This pattern holds high degree of accuracy and need stop loss smaller as compared to the other patterns. Little guesswork is required in this pattern because this pattern depend on fixed Fibonacci numbers. The CD side or the third side of the Bat Pattern has Fibonacci Extension of 1.27 of the AB side.
How to trade in the Bat Pattern?
It is advisable to the Traders and investors to place their stop loss above the 0.886 price retracement level of the side XA in this pattern. Traders can also place their stop loss above the point X in this pattern because above the point X, a strong Support level is present in the Bullish Bat Pattern and a strong Resistance level is present in the Bearish Bat Pattern. For example, see a figure below in which XABCD represents the Bat Pattern.
SO SHORTERS ALL STOPLOSSES ABOVE 5340 LEVEL ABOVE WHICH YOU HAVE TO REVERSE YOUR TRADES :thumb:
I also arrived at 4889 as a solid qualified supports both in Daily as well as Weekly.
So were 5270 & 5278 as qualified resistance on Weekly, but NF surpassed with ease and holding onto it.
But 4889 - If NF keeps edging up everyday, will create supports above that, and, could take sometime.
My view is, if these 5270 - 5278 can hold on, 5530/5540 or 5590-5600 are on the cards earlier than the 4889!
So were 5270 & 5278 as qualified resistance on Weekly, but NF surpassed with ease and holding onto it.
But 4889 - If NF keeps edging up everyday, will create supports above that, and, could take sometime.
My view is, if these 5270 - 5278 can hold on, 5530/5540 or 5590-5600 are on the cards earlier than the 4889!
july ends is very late in 2-5 days maximum we will be 5400+ and to be specific our tgt will be 5450-5460+ and these consolidatory sideways movements r only a part of chopy mkt and in august we will be 52wk + on nf, bnf, sbin, bhel(50/50) and many more list is yet to be created so forget these small 20-30 points go and grab 200-300 points then see how mini bhi paise deti hai and
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