August 1, 2011

NIFTY Four hour Candles

  • Nifty four hour chart with Important candlestick patterns.
  • Reversal from 5700 levels was started by an inverted hammer or a shooting star.
  • Now Most of the analyst are seeing a short term bottom here. Four hour candle formed there was a Dragon Fly Doji. 
  • So look for high probability candlesticks in higher time frame near important support resistance levels for high success ration. Never look at candlesticks alone. Combine with other classic technical analysis tools like support resistance. Pivot levels and moving averages.

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