iCharts Discussions

[sharetiger]

hi frnds,
i found a similar thing happening again and again,almost 75% of the time...
take a 60min time-frame,plot candles and see when 1st candle is red/green then 2nd too and 5th red/green then 6th too...

let me tell why this works,

1st candle(5min)tells about the market sentiment of a scrip...
2nd follows the 1st one to register its intraday high/low price...

5th candle tells which side the breakout is likely to happen...
6th one follows the 5th one to give breakout...

just pull out some charts and see yourself........
thank you......

NOTE:pls paper trade this and tell me the result.......

[vinst]

What's expected after 6/7 candles of same type? reversal?

vin

[sharetiger]

it is for the single day...our profit candle is 2nd and 6th......no idea after 7th....

[amitsaraf21]

hi
i m trading hourly bars intraday for a long time now and i feel this observation do not hold much wait.........

Though observation may well be valid but transforming into a good trading system is a different cup of tea altogather.

All the best and happy trading

CA Amit Saraf