Nifty spot analysis BY Santhosh2010

[santhosh2010]

The NR7 pattern is a simple, effective entry combined with a resting stop.
The whole key to trading this pattern is pre-identifying the existing NR7 condition.
An NR7 is a trading day with the narrowest daily range of the last seven days.
An inside day has a higher low than the previous day’s low and a lower high than the previous day’s high.
Combining the two conditions sets up an NRIB day .

 

[santhosh2010]

Nifty spot once if hold below our trading support then
try to test our trend support 6142 -6132.

Incase Today Nifty spot if close above our trading resistance then
Next trading day Gapup with Big short covering rally expected.

 

[santhosh2010]

 

[santhosh2010]

 

[santhosh2010]

 

[NANDAMAD]

Santhosh,

Very commendable work, congrats.

 

[santhosh2010]

 

[trade4putuval]

I beg to differ here.

There are two downward lines on one side of the head (on our left side while looking at the chart).

If the line that you are ignoring is very small, say like forming a swing high in the downtrend or swing low in the uptrend, we can choose to ignore it. In this case, both the lines are equally big enough and not swinging either, because new lows are not formed by the next downtrend.

Kindly clarify your views on the current H&S pattern.


On the other hand, I see a double bottom formation.

 

[santhosh2010]

 

[santhosh2010]