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[kuldeep49]

Hi,
I am very new to candlesticks trading.Can somebody pls take the trouble of explaining these to me.It will be highly appreciated.

Warm Regards
Amit.

Amit,

I am, too. But have lately been trying to self learn. The first chart seems to be what is called "Bearish Sanpo or Falling Three Methods" in forming. If the next candle is the opposite of the first one, then the pattern is complete. I've attached an image of this.

The definition is,

"The idea behind the sanpo pattern is that no price movement moves straight up or down, there always exists some retracement before the movement makes a new high or low. Therefore this pattern is to indicate whether a trader should "pause" during the trend (a short term consolidation will occur with a direction opposite to that of the major trend)."

The reliability rating of this pattern is quite good.

I am at a loss about your second chart.

Regards

Kuldeep

 

[amitt29]

Amit,

I am, too. But have lately been trying to self learn. The first chart seems to be what is called "Bearish Sanpo or Falling Three Methods" in forming. If the next candle is the opposite of the first one, then the pattern is complete. I've attached an image of this.

The definition is,

"The idea behind the sanpo pattern is that no price movement moves straight up or down, there always exists some retracement before the movement makes a new high or low. Therefore this pattern is to indicate whether a trader should "pause" during the trend (a short term consolidation will occur with a direction opposite to that of the major trend)."

The reliability rating of this pattern is quite good.

I am at a loss about your second chart.

Regards

Kuldeep

Thanks Kuldeep.Great help.Very much appreciated.
Warm Regards
Amit

 

[amitt29]

There shud be some indecision around 3090.Lets see.

Whether it will hold intraday its difficult to say.The next stop wud be 3083-3057.Below which.
Keep your heads.
Regards
Amit.

 

[jdm]

sensex hourly chart since 2nd may

 

[amitt29]

Thanks Joydeep.

Now the action of the weekend was pretty interesting,the terrific response not withstanding post Mumbai blasts and my hats off to that,it was a classical bull trap.Which was confirmed in the post 2 days.
Now then to mantain this move up,a painful one the Nifty needs to mantain the sanctity of 3126,means it has to close above and stay above 3126.Then in small steps 3138-3150-3165.Any slip from here(wud be painful)
All closes above 3150 can be taken as positives.
It will be a pretty interesting week.
Best to ur days.
Regards
Amit

This is not a trading call,just for academic purposes only.

 

[amitt29]

Well the downward pivots remain,
3083-3056.
Will update as require.
3080 is the current low.
Regards
Amit.

 

[kuldeep49]

Well the downward pivots remain,
3083-3056.
Will update as require.
3080 is the current low.
Regards
Amit.

3056 held out at 12.05 pm lets see what happens at the next test.

 

[amitt29]

The new pivots are 3034-3019-2988-2960.
Personally I think it shud stabilize around 3019.
Lets C.
Regards
Amit.

 

[amitt29]

Hi Friends,
When it goes down,seemingly it has no supports.
Here I quote the great Rudyard Kipling from If
If u can keep your head when all about you are losing theirs....you'll be a man my son !

I have always mantained keeping tight stop losses and being flexible is the name of the game.I am still a learner and will keep learning throught my EODs.
Sticking to basics always helps.
Watchout for the pivots 2988-2960.
Pls update if anybody can,they are most welcome.There is always order in chaos.
Warm Regards
Amit.

 

[amitt29]

Hi,Friends
Thus far markets took a breather with a spike in early trade to kill all weaker and new shorts.Good play
Also the pivot 2960 held with an intrday low of 2967.Interesting close.
The fog of war should clear out soon.
Regards.