Ok let me put the rules in black and white,
1. There must be a preceding trend in place.
2. A bar is formed which is of opp. colour than the trend in place signaling that the trend is coming to an end.
3. The Preceding Bar should be a Long Bar representing the Trend.
4. The Current Bar is *completely* within the BODY of the Preceding Bar which includes the wicks of the current Bar. if the wicks are outside the body of the preceding bar, you can consider it as a weak IB but not a true IB so handle with care.
Now follow the above rules in your charts and see if they all match and how IB played its role. Since when the mkt starts there is no proper 5,15,hourly in place yet, a shorter time frame with a good SL is a good timeframe. Albeit today there was a shooting star also in 5 min at around 2631 levels confirming the imminent downfall.
1. There must be a preceding trend in place.
2. A bar is formed which is of opp. colour than the trend in place signaling that the trend is coming to an end.
3. The Preceding Bar should be a Long Bar representing the Trend.
4. The Current Bar is *completely* within the BODY of the Preceding Bar which includes the wicks of the current Bar. if the wicks are outside the body of the preceding bar, you can consider it as a weak IB but not a true IB so handle with care.
Now follow the above rules in your charts and see if they all match and how IB played its role. Since when the mkt starts there is no proper 5,15,hourly in place yet, a shorter time frame with a good SL is a good timeframe. Albeit today there was a shooting star also in 5 min at around 2631 levels confirming the imminent downfall.
