Daily charts
- trend is down on daily charts
- today, island reversal effect kicks in
- markets close 3% in negative
- AD obviously negative, VIX up 12%
- so now we have 2nd weekly close below 8500
- trend remains down ... till it reverses.
5 min charts
- break of initial trading range was sell signal
- cover at close
- trend is down on daily charts
- today, island reversal effect kicks in
- markets close 3% in negative
- AD obviously negative, VIX up 12%
- so now we have 2nd weekly close below 8500
- trend remains down ... till it reverses.
5 min charts
- break of initial trading range was sell signal
- cover at close
so it means NIFTY ,bnf both r sell on rise ,bsce bnf is still bullish .there seems to be divergence between the two .so now if nifty creates a lower swing high below nifty 8700 it should be sell ?
ReplyDeleteSir Bullish Island Reversal or Bearish Island Reversal??
ReplyDeleteBearish
ReplyDeleteSo Bearish Island reversal means that Bearish trend is going to reverse ? or the Bullish trend has reversed to Bearish
DeleteNo... this means trend will remain down. Island reversal means the trend will reverse.
DeleteHowever I would like to add an exception to this... that the markets are trading within the range of the master candle so the internal movements can be ignored by experienced traders.