NIFTY – Y Pattern

Thomas Bulkowski would be proud after me identifying this pattern on Nifty 5 min chart, it’s a very rare pattern only to be found in FII driven markets like the NIFTY. A Song inspired by this pattern has become an rage or rather anthem with Gen Y, for the uninitiated, it goes like this – Y this Kolaveri di? … the song has also recently adopted by BJP after the FDI debacle with minor modification though – Y this Kolaveri Behenji?
Below the Y Pattern on Nifty 5 min chart.
On a serious note Daily chart for Nifty is also attached with my brief notes

NIFTY – Trading Lesson

What a day boy!!! A classic politician like “U” turn pattern. Can’t do anything about them politicians but, …
Have read it so many times that during trading hours the trader should not carry any bias but, just follow the price without any prejudice. Applies to life as well, NO PREJUDICE!!!
I still maintain my stance of this being an euphoria times for the markets, be careful, play defensive but, make the most out of the near-term opportunities. Be opportunistic fox and be agile and no bias please : ) No one knows how long this distribution phase will last, except for the smart-money. They will decide how much they want to let go at these levels …
Below is the Nifty as it traded today and my emotions all along : )

Nifty – (F)or (D)a (I)nvestors

Sigh!!! Saved from the whipsaw because of Gap-up else, I’d have surely shorted at the top of the range as mentioned yesterday.
Now what, although the FDI news should have already been discounted in the price still expect some euphoria tomorrow and some more in coming days. I’m getting more convinced that we are reaching a top here, I don’t understand much about EW theory but, this looks like an 5th wave in progress. Trade your short term bets but, do guard your investment portfolio, that’s what I’ll be doing.
Below is Nifty Hourly chart

Nifty – Bears where art thou?

I think the bears will show up at least in the short term else, they will go extinct forget hibernation.
Short term view
15 minute chart below –> Nifty within range and near previous top and 3 Day High, high probability short trade with anticipation of correction to let baby bulls enter & baby bears exit after an violent up-move. For the chameleon/fox in the woods if this trade does not work just change your bias and go Long. Remember though this is a whipsaw zone and consolidation for further move which ever way is expected. Early Bird gets the Worm but, patient Cat on the street is the Fat Cat

Nifty – Myopic view

Strictly for traders only, Nifty at range high – shorts can be considered by day traders based on the opening tomorrow.Target 50 points with SL of 20 points, not my cup of tea …
Nifty 5 min chart below

Nifty – on a Turning Wicket???

Back after long break, and I am sure no one missed me
Here is monthly chart of Nifty and as usual am bearish … be careful, really careful now