Nifty Futures Trading

[ag_fx]

imho,
its not an symmetrical triangle but a possible ascending triangle and definitely looks like a channel.
my guess is a break down...would wait for a confirmation wrt rsi below 50.also volumes need to be checked.
all the best.

all the best.

Thanks for the reply....But if I am nt wrong, Ascending Triangles are Bullish formations....I had a bullish breakout view only...But my only confusion was dat ascending traingles are supposed to occur in uptrend, whereas this was occuring in a downtrend...dat confusion still prevails....wud any of the senior help me with it?

I am posting the updated chart here..

[img=http://img60.imageshack.us/img60/5985/gbp1hrupdatedaf9.th.jpg]

 

[MINITRADER99]

Trading in Nifty is risky as well as interesting too. You can make nice money trading in nifty but on the other side, there is a risk of loosing too. Therefore, it is better that you take some knowledge about Nifty and then enter this trading field.

Thank you boss for your free advice. Even after getting some knowledge what is the guarantee that one will not fail.

 

[Sunil]

Sunil Sir,
I have a small question for you...rather its an advice that I seek..I dont know whether I am posting on the right thread or not, but it would be great if you can guide me...

I am posting a 1 hour chart of GBPUSD, from PURE TECHNICAL point of view, i want your opinion on formation of Symmetrical/Ascending Triangle in it. I have formed trendlines showing the same.I am confused as to whether a symmetrical triangle is formed here or an ascending one.....

Any kind of feedback from any other member too woudl be solicited...

Thnks

Thanks for the reply....But if I am nt wrong, Ascending Triangles are Bullish formations....I had a bullish breakout view only...But my only confusion was dat ascending traingles are supposed to occur in uptrend, whereas this was occuring in a downtrend...dat confusion still prevails....wud any of the senior help me with it?

I am posting the updated chart here..

[img=http://img60.imageshack.us/img60/5985/gbp1hrupdatedaf9.th.jpg]

Well, I don't know who is "Sunil Sir" in this thread...
(As of now, I know one "sunil" who is worthy of Sir in this forum - his id is LINUS (reverse of Sunil)
I'll try to attempt this:

Even I agree with L2T that it is an ascending triangle....
Don't go by merely by what textbook says.... believe your eyes and see what the chart is showing.... don't fog your mind with pure textbook.
There's also a double bottom in that green line... infact, it was the last previous higher low, where one should have gone long - your stop would have been very near...
THERE'S ONE KEY RESISTANCE LEVEL 1.47 (shooting star bar's high)

 

[prasadam]

Thanks for the reply....But if I am nt wrong, Ascending Triangles are Bullish formations....I had a bullish breakout view only...But my only confusion was dat ascending traingles are supposed to occur in uptrend, whereas this was occuring in a downtrend...dat confusion still prevails....wud any of the senior help me with it?

I am posting the updated chart here..

[img=http://img60.imageshack.us/img60/5985/gbp1hrupdatedaf9.th.jpg]

Ankit,

Nifty also formed a same pattern. very useful discussion at the following thread. please go through it.

http://www.traderji.com/equities/25846-pivot-triangle-breakout-nifty.html

 

[learn2trade08]

this is getting interesting now,...volumes definitely suggest a ascending triangle,but i am still a bit sceptical about the price action though again with your updated chart rsi has turned bullish...
still i see it as a channel,because of the price action.
sorry novice mentality.please do update the charts later when u get some time.

Thanks for the reply....But if I am nt wrong, Ascending Triangles are Bullish formations....I had a bullish breakout view only...But my only confusion was dat ascending traingles are supposed to occur in uptrend, whereas this was occuring in a downtrend...dat confusion still prevails....wud any of the senior help me with it?

I am posting the updated chart here..

[img=http://img60.imageshack.us/img60/5985/gbp1hrupdatedaf9.th.jpg]

 

[learn2trade08]

sunil....gimme those eyes of yours...too good,double bottom is something i didnt notice.
salutations.

Well, I don't know who is "Sunil Sir" in this thread...
(As of now, I know one "sunil" who is worthy of Sir in this forum - his id is LINUS (reverse of Sunil)
I'll try to attempt this:

Even I agree with L2T that it is an ascending triangle....
Don't go by merely by what textbook says.... believe your eyes and see what the chart is showing.... don't fog your mind with pure textbook.
There's also a double bottom in that green line... infact, it was the last previous higher low, where one should have gone long - your stop would have been very near...
THERE'S ONE KEY RESISTANCE LEVEL 1.47 (shooting star bar's high)

 

[S S]

Thanks for the reply....But if I am nt wrong, Ascending Triangles are Bullish formations....I had a bullish breakout view only...But my only confusion was dat ascending traingles are supposed to occur in uptrend, whereas this was occuring in a downtrend...dat confusion still prevails....wud any of the senior help me with it?

I am posting the updated chart here..

[img=http://img60.imageshack.us/img60/5985/gbp1hrupdatedaf9.th.jpg]

With the balling change, the market is using the reverse swing effectively

While I am in accordance with you for the trend appearing to be bullish, the Theory says that in the Bear Market, the breakout is downwards. Here, the Theory does not speak of the trend.

Now which one should we accept? The Bullish Trend to give upward breakout or the Bear Market to give Downward breakout.

I am no expert. Can some expert attempt to clarify please?

 

[senty]

Sunil Sir,
I have a small question for you...rather its an advice that I seek..I dont know whether I am posting on the right thread or not, but it would be great if you can guide me...

I am posting a 1 hour chart of GBPUSD, from PURE TECHNICAL point of view, i want your opinion on formation of Symmetrical/Ascending Triangle in it. I have formed trendlines showing the same.I am confused as to whether a symmetrical triangle is formed here or an ascending one.....

Any kind of feedback from any other member too woudl be solicited...

[img=http://img56.imageshack.us/img56/3642/gbp1hrkp5.th.jpg]
Thnks

Isnt the triangle almost reached its apex ? Once a triangle reaches its apex, the breakout will be feeble and without much momentum to take the price far away from the breakout region.

 

[Sunil]

off-topic...
y'day was straight sixth day of fall for DOW JONES...
total fall = 9%...

dow baba MAY dance tonite

Bulls are singing: DANCE PE CHANCE MAARLE, O BALIYE
)

Good 2.5% bounce from over-sold region & from known big support 8000 level....
if they can have SGX Nifty, why can't we have BBX Dow (Bombay DowJones)


DOW BABA has a holiday on Monday...
so, no cues for us on Tuesday morning....

 

[Sunil]

spot 2760-2710 is the band needed to break today...

just looking at 5min RSI, the gap up open, if indeed, may not move much up....
will keep an eye on above spot level & more TSQs at open for cues...