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September 8, 2020

NIFTY EOD charts

- trend is up on daily charts

- today nifty closed 0.3% in negative at 11317

- AD 1:2

- support 11000

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NIFTY options open interest distribution

NIFTY futures support and resistance levels

September 7, 2020

Huge outside bar on S&P 500 weekly charts

- weakness below 3400

- this is prev top and hence becomes a support now

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— KPL (@vfmdirect) September 7, 2020

September 5, 2020

BANKNIFTY weekly charts

- index could not sustain above 24000

- below 22000 more weakness

Bearish engulfing bar on weekly charts

- this week we had a bearish engulfing bar on weekly charts

- bar size was 500 points

- not all such patterns lead to a correction or reversal

- but it helps to stay cautious

- similar patterns (not exact matches) have been circled on chart

September 4, 2020

NIFTY intraday charts

5 min:

- first short trade to be ignored as nifty did not close NEAR low

- ditto for next long trade.. if long on 2nd signal, stopped out on TSL

- last short trade was profitable

15 min:

NIFTY EOD charts

- let us keep this simple

- trend is up as per swing indicator

- trailing SL at 5 bar low for long

- stopped out today

- irrespective of whatever method you follow for entry

- keep 5 bar or 10 bar low as exit level for a long position

- and vice versa

Candlestick reversal patterns

S&P 500 down 3.5%

S&P 500 3.5% down
- will there be more selling?
- on 11 JUN, index dropped 6%, took support near prev swing high and then rallied
- will index take support now at 3400 and rally?
- or will this be start of new correction? pic.twitter.com/jdNeFmR6ro
— KPL (@vfmdirect) September 4, 2020