Nifty Futures Trading Part 2 (Positional)

[devangan123]

on asish da's thread( library ) i just posted the same renu .. plz do confirm others as we hv technically reverse candle today ?

Alex i do not think that we have a reversing candle today atleast on nifty spot , neither its a perfect hammer nor its a bullish engulfing , It is an extended form of dojee , Yes some people calls dojee as reversing candle but that reversing candle need one more bullish candle

PS : may be biased , because having short position in Nifty futures

 

[renu daga]

well... its revrsal candle ,,, but will eb qualified after tom confirmation ONLY...
if closing above 3966,,and wekly closing 3985..( this is a sper nifty cash...)

def it will be revrsal for daily

but one thing this revrsal will no tmean trend for all reversed...NO.... rgt now jsut short pull back rally.... bull makt is not based such small kinds!!

renu
andweekly had long lower shadow,, which means ,,, demand at lower values was there
but we are quite far from week ending

 

[renu daga]

dow 233 points....!!!

renu

 

[renu daga]

this si u .. sat da?

i think u should be named saturday da

renu joking!!!

 

[Sunil]

this si u .. sat da?

and i thought, u have seen Asish Da

 

[renu daga]

one is asish da,,, with mike i know,,

who is second one!!
ph saw the name,,

sorry poor eyesight

 

[mitasatyajit]

Corrected 3965 with 3975.

 

[orderflow13]

 

[Czar]

Saw the daily, see nothing suggesting a reversal eod as far as I can understand.. & regarding someone mentioning tails... there's no tail / doji's today, dont see spot, spot shows last close=open, NF is showing no tail... cause we opened on todays bottom... its more of a pull back similar to the one on 15.9.8, we may have to test 3850/60 region... in the next few days... upside poss 4250/4300 if we dont close below 3850.

 

[Czar]

There's a reversal pattern but I dont know how reliable it is as I have not back tested on nifty: Piercing Pattern:

The piercing pattern is made up of two candlesticks, the first black and the second white. Both candlesticks should have fairly large bodies and the shadows are usually, but not necessarily, small or nonexistent. The white candlestick must open below the previous close and close above the midpoint of the black candlestick's body. A close below the midpoint might qualify as a reversal, but would not be considered as bullish.

Just as with the bullish engulfing pattern, selling pressure forces the security to open below the previous close, indicating that sellers still have the upper hand on the open. However, buyers step in after the open to push the security higher and it closes above the midpoint of the previous black candlestick's body. Further strength is required to provide bullish confirmation of this reversal pattern.

Source: StockCharts