Nifty Futures Trading Part 2 (Positional)

[parttimetrader]

I just realised does'nt this look like a bullish flag pattern on hourly ?

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Absolutely looks like a bullish flag - fits all the criteria: 1) Positive announcement ($700bn bailout) caused an unexpected increase in price, 2) Excitement about it started to subside within two days, 3) fewer buyers are willing to pay the high price that was very recently commanded just a few days before (~ a little more than 4250), 4) But, at the same time, sellers are unwilling to sell below a lower support limit (~ 4116 per chart).

Ideally one would like confirmation of the flag pattern before going long (or act pre-emptively?). The difficulty with waiting for confirmation in the markets as they are now, is the chance of seeing a gap-up opening and missing (part of) the move.

 

[Czar]

yup a break above todays high should be watched...

Edit: true Ashish, but seeing the target , I dont think a gap up anything would be a prob, also look at the declining vols in the flag...

 

[parttimetrader]

Agreed Czar. Given the potential target, better to wait for a break and positive momentum to set in...

 

[orderflow13]

ahh we r looking too much in to futue guys .. lets dust settle in then market himself will tell us what to do , we must break and close above the previously formed neck line around 4250, ema 504250, sar 4250.... break of it and we go for long till we wil watch ..

 

[Czar]

edit: ek do ek do image shack ko phek do

though this earlier post clearly shows break of the TL

 

[parttimetrader]

I thought market was feminine. She will show the way...

 

[Czar]

darn alex you bust my dream bubble

Agreed with Ashish, only a female could do so much nakhra

 

[orderflow13]

lol ehh market is feminine thats why the name nifty is logical and sensex seems illogical excepts its latter half
czar ...sorry for ur bubble... lets make another bubble around mithali mukharjee

 

[parttimetrader]

"Nazar ko kya chahiye, khwab thore zyada... khwab ko kya chahiye, rang thore zyada... kar le tu zyada ka irada..."

 

[orderflow13]

"Nazar ko kya chahiye, khwab thore zyada... khwab ko kya chahiye, rang thore zyada... kar le tu zyada ka irada..."

I am dreaming now........