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I would like to update my thoughts on a weekly basis, so that I can be close to the market at least this way. I have almost stopped trading and I will be infrequent until June 2013, as I have a social commitment to fulfill for this period.
Today's Candle stick pattern is a doji. Interpretation: Indecision.
If you add both Thursday's and today's candle, I feel you would be getting a Bullish Engulfing Pattern: Interpretation. Continuation of Bull Trend. SL: 4832
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Nifty Closing: 5332.4
Thursday's candle seems like can be interpreted two ways,
1. Long Lower shadow: Interpretation: Bullish. Reliability: Low.
2. V can also call it as Bullish Engulfing pattern, even though high and lows of previous days was not much crossed. High happened I presume due to the pressure from govt to PSU to lower their interest rates, which they did reluctantly.
According to
1. Candle stick; tmrw would be a uptrend.
2. Charts; the candles have formed outside the flag pattern for two consecutive days, so again I presume it also shows uptrend.
3. My friends (indicators). Apart of our ever shy ADX; RSI, stochastics, and MACD are boldly showing uptrend.
Finally, dear friends, stockmarket is always news driven, so please be careful with your money.
Venky ji
if a gap up open happens tomorrow and if nifty open above 5236 and doesnt fall below 5234 throughout the day, then it is a short term trend reversal to UP side....
lets see tomorrow how it goes.. keeping the fingers crossed....
Nifty Closing: 5226.2
My thoughts for Nifty on Monday was down. ""Down"" it was but only opening after that it was rally upwards, y?? RBI news tmrw. When these kind of news is just around the corner, technical analysis is just "BS."
Monday candle was a big white candle: Interpretation: Bullish. Reliability: Very low, only the next day candle can support this statement.
I still feel downtrend is still on as RBI would not spread a cold blanket on everybody saying that inflation is still not up to the mark of pulling the CRR or repo rate down..., but still RBI is controlled by Finance minister and who is controlled by govt., so RBI will do whatever for the whims and fancies of the govt.
I am sorry if anybody have taken a short position downwards seeing my post. If so, please let me know, I will stop posting my thoughts completely.
Hi Venky ji
nice to see your chart analysis after a long break i think. I always wait for your candle pattern reading. Regarding short term trend, my view is also the same.
see the post below
http://www.mudraa.com/trading/128326/0/short-term-trend-reversal-identification.html
thank you so much
Nifty Closing: 5207.45
Friday's Candle pattern: Was the completion of Bearish 3 or Bearish Falling Method. Short term trend is down.
Weekly Pattern: Black spinning top. Spinning top usually denotes a confusion in the market and there would probably be a trend reversal, but looking at the volume (weekly) I don't think that there would be any recovery at least for next one or two days.
Monthly Chart: One interesting fact is that for 9-trading sessions the volume seems very low, and if the volume does not improve to the point or higher to March month, it seems to me like there would be another bull run for month of May.
These are just my thoughts, and as KK says "I am not God to predict the market" Below is the monthly chart to show what I am trying to say..
Hi Friends, I am updating this thread after a long time, as today's closing is a unique one and happens rarely.
Wednesday's Candle pattern is BULLISH UNIQUE THREE RIVER BOTTOM. Interpretation: Bullish Reversal. Candle's reliability is medium. So tmrw's opening and closing is important to ascertain if we can cross 5400 this month.
Nifty Closing 5278.2
Friday's Candle pattern is a Bullish Harami. Interpretation: A Bullish Pattern. This candle is a low reliable one.
On basis of volume based reading, I feel there would be an uptrend.
On basis of indicators, ADX has slipped below 20, so there would be more volatility. Day traders with quick fingers can make quick money on both sides. RSI and Stochastics are showing some strength to upwards.
I have one more interesting data for you below..
| Nifty | Shares Traded |
| Jan-Mar 00 | 2,196,561,053 |
| Jan-Mar 01 | 5,286,044,142 |
| Jan-Mar 02 | 3,639,762,384 |
| Jan-Mar 03 | 3,142,497,028 |
| Jan-Mar 04 | 7,498,649,398 |
| Jan-Mar 05 | 3,094,842,457 |
| Jan-Mar 06 | 5,362,913,054 |
| Jan-Mar 07 | 4,918,630,551 |
| Jan-Mar 08 | 7,961,267,707 |
| Jan-Mar 09 | 15,412,990,128 |
| Jan-Mar 10 | 10,861,550,136 |
| Jan-Mar 11 | 10,028,916,069 |
| Jan-Mar 12 | 12,237,611,079 |
I colored green some data which have increased after hibernation prior years.
Nifty Closing 5364.95
Today's Candle pattern is a Big White Candle. Interpretation: A Bullish Pattern. This candle by itself is a low reliable one, but consoling part is that prior candle is a doji, with selling volume diminishing. Today's volume has just accelarated today.
But more interesting is the fact that considering three candles together, i.e, 19, 20, and 21st, we arrive at a Bullish Piercing Line, I am not sure if we can consider three candles together to be bullish, but if we can consider, we have a great Bull Trend ahead.
Now lets see if my friends are supporting my bull thoughts. ADX 14-day has just slipped into no-trend line, but +DI is trying to converge into +DI. Other than this, RSI, Stochastics, and MACD are supporting my view. If there is a Holiday on Friday, it is better clear your longs tmrw.
After I started wrting here in Mudraa, I had great difficulty to follow my own thoughts for some time, it was like driving a bicycle for first time with no coordination between the body parts, but then discipline started setting in, and now started to make some profit. Today, made a profit little over Rs. 6000. Candles and volumes is all I follow during day-trading and no other indicators. If I have some doubts, I refer to RSI and Stochastics.
I AM BORN TO MAKE MONEY!!!! read this to yourself 100 times a day.....
Again I put this, Refer threads to make your own recipe for a grand meal, but not to pick morsels
Venky ji...
waiting for your update on todays candle....
So this is what you get after a doji. I am studying a bit about Volume also now. I noted that when the volume starts decreasing when there is a down trend with finally a doji or a morning start forming (on say Y-day)
(*y means 20-Mar)
Today's chart, I will update after 6'o clock
Thanks Ramaswamy sir!!!
Thursday Candle is a Opening Black Marubozu. Interpretation. Bearish view, but with low reliability. According to Thomas Bullkowski,
Since the trend before is upward, this opening black marubozu also acts as a continuation candle, but note this candle has a low reliability and I am still a novice in this, and most of my friends have turned foe now.
One thing we can understand is no one can predict the market and only thing that stops us from loosing is our SL, so be religious in this
Thanks. My only intention to post this without any levels is to give you few things to think.
Wednesday Candle shows a spinning top: Interpretation: A Neutral Pattern. According to my past experience, spinning top usually shows a slight reversal, so my thought is that it would open gap down tmrw and recover later, and y it would recover later is coz, all my friends are shouting loud to say it is an uptrend... See for yourself
VERY NICE AND THANKS KEEP IT UP JI
oh here posts and charts are so good. does anybody have the " nse cash & fno IEOD data " from 1/1/2000 to 31/12/2011 please share or give source here. if not available tickdata it can be 1 min ohlc data is also good. Thanks in advance to givers.
Thanks Leena Madam,
Wednesday Candle shows a spinning top: Interpretation: A Neutral Pattern. According to my past experience, spinning top usually shows a slight reversal, so my thought is that it would open gap down tmrw and recover later, and y it would recover later is coz, all my friends are shouting loud to say it is an uptrend... See for yourself
sorry venkey,
i saw ur post just now only ...here it is
Leena madam, I request you to add ADX as one more indicator and post it again
wow!!! what a response. Tx Leena madam, KK, and Usain... Usain, there is nothing special. I understand it, so I am stuck with it.
http://chartink.com/stocks/charts.php?name=nifty
is also a good site.
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