Did the Island Reversal Pattern Make you Bearish?

Nifty with a gap down on 12th Sep 2016 , made an “island reversal” pattern. This was widely discussed in the social media. Usually when a pattern is known widely, there will be herd mentality and it may not work to its full potential.
Another fact was that Nifty did not even break 200 hourly SMA and Banknifty just tested 100 hourly SMA  and did not even test 200 hourly EMA since 12th August 2016.

Following is the list of gainers since 12th Sep 2016

Following is the list of losers since 12th Sep 2016

If you are a smart trader, you would have caught at least one of these 🙂