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Butterfly Pattern |
chandrujimrc
Brown Belt
Joined: 21 Apr 2009
Posts: 1683
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Post: #16  Posted: Sun Aug 18, 2013 3:13 pm Post subject: |
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| What is the upside level to negate this pattern? |
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sonshu101
White Belt
Joined: 24 Nov 2011
Posts: 79
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| Post: #17 Posted: Sun Aug 18, 2013 3:35 pm Post subject: |
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| Tata motor need to fly minimum to 365-75 area before any big correction as per this pattern. Lets wait nd see |
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sureenderkalra
White Belt
Joined: 11 Dec 2012
Posts: 174
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| Post: #18 Posted: Sun Aug 18, 2013 8:51 pm Post subject: |
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| chandrujimrc wrote: | | What is the upside level to negate this pattern? |
Unquote
This is really a very nice query. If you are talking about bullish butterfly pattern and the price starts moving up instead of moving below x point. I am afraid that this pattern is either silent on your query or i have not yet come across to read about this.
Frankly, I too would like to know.
If your query is in regard of bearish butterfly pattern. The move above the 161.8% of xa or 261.8% of BC negates the pattern and bullish pattern is vis-a-vis. |
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sureenderkalra
White Belt
Joined: 11 Dec 2012
Posts: 174
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| Post: #19 Posted: Sun Aug 18, 2013 9:21 pm Post subject: |
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| sonshu101 wrote: | | Tata motor need to fly minimum to 365-75 area before any big correction as per this pattern. Lets wait nd see |
Unquote
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I see this chart again and if calculation will be as under:
127.2% of XA = 360.71
161.8% of BC = 355
More interestingly, manu_5123454 shared 2 charts and both of them is containing +ww pattern. At this point of time, Butterfly is trying to form D point and +ww is pushing the price towards EPA. That's why, tatamotors is able to hold it price up at this bearsh market.
Chart is attached |
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manu_5123454
White Belt
Joined: 22 Oct 2009
Posts: 91
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| Post: #20 Posted: Sun Aug 18, 2013 11:15 pm Post subject: |
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| when we got a ending digonal pattern in weekly chart that means we should avoid to trade in long side. Simple chart pattern tells everything |
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sureenderkalra
White Belt
Joined: 11 Dec 2012
Posts: 174
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| Post: #21 Posted: Tue Aug 20, 2013 9:22 am Post subject: |
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| 127.2% of xa = 5304 is almost touched. nify's low is 5306.10. |
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saurabhkurichh
White Belt
Joined: 30 Oct 2006
Posts: 127
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| Post: #22 Posted: Tue Aug 20, 2013 10:00 am Post subject: |
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| wish we start a new uptrend journey !!!!! |
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sureenderkalra
White Belt
Joined: 11 Dec 2012
Posts: 174
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| Post: #23 Posted: Tue Aug 20, 2013 10:14 am Post subject: |
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| saurabhkurichh wrote: | | wish we start a new uptrend journey !!!!! |
I am attaching a 4 hrs nifty chart for your ref here.
Though Both RSI and stoc. are showing oversold position and with regular divergence yet it is not a right time to buy. let us wait for rsi to break out & hold above 30 and % k stoc above20 and cmp above green line marked in chart. |
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sureenderkalra
White Belt
Joined: 11 Dec 2012
Posts: 174
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| Post: #24 Posted: Thu Aug 22, 2013 8:03 pm Post subject: |
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Hello everybody,
If you are bullish on nifty right now then hold your breathe. It may dodge you. I have seen 4 hrs chart and according to this, RSI has crossed 30 and stoc is also above 20. By looking at first sight, it seems that lower trend is over while it is not so.
In my opinion, nifty may make ABCD pattern here. I am attaching a chart which is self explanatory.
manu_5123454 has started new thread today namely "bearish butterfly pattern". His views is also right at this point of time. To see his views, check his thread also. |
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saumya12
Brown Belt
Joined: 21 Dec 2011
Posts: 1509
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| Post: #25 Posted: Fri Aug 23, 2013 1:10 am Post subject: |
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But NIFTY 240 min chart has formed a bullish AB=CD and the blue lines are that of Bullish Butterfly pattern, which has also formed on this time frame.
Last edited by saumya12 on Fri Aug 23, 2013 1:21 am; edited 1 time in total |
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saumya12
Brown Belt
Joined: 21 Dec 2011
Posts: 1509
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| Post: #26 Posted: Fri Aug 23, 2013 1:11 am Post subject: |
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| But NIFTY daily chart has formed a bullish AB=CD |
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saumya12
Brown Belt
Joined: 21 Dec 2011
Posts: 1509
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| Post: #27 Posted: Fri Aug 23, 2013 1:26 am Post subject: |
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| In this 240 min Nifty chart we have both patterns. |
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sureenderkalra
White Belt
Joined: 11 Dec 2012
Posts: 174
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| Post: #28 Posted: Fri Aug 23, 2013 9:07 am Post subject: |
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| saumya12 wrote: | | But NIFTY 240 min chart has formed a bullish AB=CD and the blue lines are that of Bullish Butterfly pattern, which has also formed on this time frame. |
if ABCD is part of butterfly pattern in its final leg then AB should be equal to CD (valuewise) It means D pivot point of butterfly will be around 5167. As I hv mentioned in my previous post that niffy might move down to 5152.
Your this aspect also cover in it. |
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sureenderkalra
White Belt
Joined: 11 Dec 2012
Posts: 174
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| Post: #29 Posted: Fri Aug 23, 2013 9:10 am Post subject: |
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| saumya12 wrote: | | But NIFTY daily chart has formed a bullish AB=CD |
yes, it is. but it is a part of butterfly pattern so we should follow butterfly rules here not abcd |
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vinay28
Black Belt
Joined: 24 Dec 2010
Posts: 11748
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| Post: #30 Posted: Fri Aug 23, 2013 9:14 am Post subject: |
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saumya, butterflies don't understand A, B, C, D!  |
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