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Butterfly Pattern |
sureenderkalra
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Joined: 11 Dec 2012
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Post: #76  Posted: Thu Sep 12, 2013 2:18 pm Post subject: |
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| amitagg wrote: | Right. Just to add on this thread that 5950 is a .78 / .73 resistance of 6300-4500 something + 2 top trendline meet at 5780 something + 5950 - 5980 is inverse H and S target + 600 points movement in nifty (when it was earlier in trading range from 5500-6100 and no fall from 6100 etc) also meets 5950...
So 5 TAs acting as resistance (including your butterfly) hence 5950-5975 is stiff resistance NIFT SPOT. ..since we need to give small leeway for trading, we can keep 6020 as high in THIS (not after reaction) uptrend... |
Thanks for sharing this info. |
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amitagg
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| Post: #77 Posted: Thu Sep 12, 2013 2:23 pm Post subject: |
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| just had a glance at your chart...where is .707 support? exact |
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sureenderkalra
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| Post: #78 Posted: Thu Sep 12, 2013 4:20 pm Post subject: |
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| amitagg wrote: | | just had a glance at your chart...where is .707 support? exact |
.707 fibs level, retracement point of Ad is 5908 which has become once again resistance point.
If we consider the movement from 28th Aug (5109) to 11 sept (5954), the support level will be as under:
23.2% = 5755
38.2% = 5632
50% = 5532
61.8% = 5432
70.7% = 5357
I am looking first three retracement points only and nifty might touch 5632 or 5532 this time. |
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amitagg
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| Post: #79 Posted: Sun Sep 15, 2013 3:36 pm Post subject: |
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Surender/ Manu / others,
Please check the BEARISH BUTTERFLY in Tata Steel.
Just wanted to confirm whether
- D has ended at 317 or
- final leg of D pending with rise to 324-333 possible followed by fall.
on summary, Tata Stell has resistance at 309-310...moving above that would mean D may not be complete and scrip can move to 324-333
any fall to 308-310 followed by break of 297 shall CONFIRM downtrend till 274 etc. and lower as per Butterfly targets.
pls unable to post chart only did rough cals in excel. |
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sureenderkalra
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Posts: 174
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| Post: #80 Posted: Sun Sep 15, 2013 10:25 pm Post subject: |
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| amitagg wrote: | Surender/ Manu / others,
Please check the BEARISH BUTTERFLY in Tata Steel.
Just wanted to confirm whether
- D has ended at 317 or
- final leg of D pending with rise to 324-333 possible followed by fall.
on summary, Tata Stell has resistance at 309-310...moving above that would mean D may not be complete and scrip can move to 324-333
any fall to 308-310 followed by break of 297 shall CONFIRM downtrend till 274 etc. and lower as per Butterfly targets.
pls unable to post chart only did rough cals in excel. |
I trust that Tatasteel's chart neither holds bearish butterfly patern nor is forming the same.
Please post the chart if possible. |
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saumya12
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Joined: 21 Dec 2011
Posts: 1509
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| Post: #81 Posted: Sun Sep 15, 2013 10:44 pm Post subject: |
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| sureenderkalra wrote: | I trust that Tatasteel's chart neither holds bearish butterfly patern nor is forming the same.
Please post the chart if possible. |
Yes
There is no Butterfly pattern in TataSteel daily chart. |
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amitagg
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Posts: 4559
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| Post: #82 Posted: Mon Sep 16, 2013 12:45 am Post subject: |
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see attached.
[Content Edited by Admin] |
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sureenderkalra
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Joined: 11 Dec 2012
Posts: 174
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| Post: #83 Posted: Mon Sep 16, 2013 9:44 am Post subject: |
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| amitagg wrote: | | see attached. |
I am afraid that this is not a bearish butterfly pattern. But it is a bearish ABCD pattern and tatasteel should make a higher low here and not move above 320.15. |
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hemant.icharts
Site Admin
Joined: 10 May 2011
Posts: 334
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| Post: #84 Posted: Mon Sep 16, 2013 10:09 am Post subject: |
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Dear Member,
Please abide by rules and regulation of forum. Make sure Charts should not have the source indicated on the them (website/software names must not be visible on the chart).
| amitagg wrote: | see attached.
[Content Edited by Admin] |
Regards
Hemant @ iCharts |
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sureenderkalra
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Joined: 11 Dec 2012
Posts: 174
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| Post: #85 Posted: Mon Sep 16, 2013 10:25 am Post subject: |
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| sureenderkalra wrote: | | amitagg wrote: | | see attached. |
I am afraid that this is not a bearish butterfly pattern. But it is a bearish ABCD pattern and tatasteel should make a higher low here and not move above 320.15. |
No, This is not even a bearish ABCD pattern. By mistake, i took 2.618 to 1.618.
sorry for the inconvenience. |
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amitagg
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| Post: #86 Posted: Mon Sep 16, 2013 1:08 pm Post subject: |
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thanks but as expected even otherwise, it rose to 306 and fell below 297 making it a short now....
i shal work on the pattern again.
dear admin, i shall abide by rules. |
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sureenderkalra
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Joined: 11 Dec 2012
Posts: 174
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| Post: #87 Posted: Mon Sep 16, 2013 4:46 pm Post subject: |
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| amitagg wrote: | thanks but as expected even otherwise, it rose to 306 and fell below 297 making it a short now....
i shal work on the pattern again.
dear admin, i shall abide by rules. |
amitagg, Your tatasteel chart was not symmetrical and AB was not equal to CD.
Nifty - 2Min. TF has formed bearish butterfly pattern today at last. It might be helpful for tomorrow's trading. Please do see the attached chart for better understanding. |
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sureenderkalra
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Joined: 11 Dec 2012
Posts: 174
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| Post: #88 Posted: Tue Sep 17, 2013 8:54 am Post subject: |
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Bearish Butterfly in YesBank - 60 TF
Please see attached chart |
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sureenderkalra
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Joined: 11 Dec 2012
Posts: 174
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| Post: #89 Posted: Wed Sep 18, 2013 9:02 am Post subject: |
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Market may open flat to slightly higher with a gain of 5-10 points at the opening bell.
Nifty (F) might move upto 5908 - 5920 and reverse for a target of 5828. If nifty touches 5828 before 11:45 am and starts hovering in a range between 5828 - 5870 then nifty might touch 5750 as well. I am indeed expecting 5675 in nifty (F) by tomorrow. |
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sureenderkalra
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Joined: 11 Dec 2012
Posts: 174
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| Post: #90 Posted: Thu Sep 19, 2013 9:37 pm Post subject: |
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Asian stocks jumped today after the Federal Reserve after a two-day policy meeting on Wednesday unexpectedly refrained from reducing U.S. economic stimulus.
Such a news based gap up opening is not easily filled up unless a contradictory news comes to move the market down.
Today, Nifty broke up T2, 1.414XA Parallel channel line and even the trend line and holding it graciously up. Butterfly pattern in Nifty is clearly and loudly saying that nifty has started its journey today towards T3. T3 sits at 6545 which is 127.2 of AD. |
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