Charts for the Day

[stock72]

thank you ...

A lot for me to learn here ... :thumb:

Dear stock72,

I had told this in my previous detailed writeup. I followed price action and momentum to see what is going on. With price action levels in hand, i also have three SAR levels with me, for hourly/daily/weekly or monthly to see whats going on.

I mean, suppose if price action support coming at 7420, but daily SAR is at 7450 so its not wise to go long there, as it might be broken swiftly for a downside.
similarly for hourly, it gives me easy way to see which side i want to trade. If price holding above hourly SAR, and price action support also coming nearby, i will go long on 5min charts with SL below SAR.

Like yesterday, i got weakness, but unable to to post in morning due to net problems, i shorted at 7630 levels price corrected till 7579 zone and got bounced. I had hourly SAR reversal at 7630 and also price action weakness same levels. so its a good short there. But i thought it can be a good positional one, so holded till last trading hour, to see whether SL taken or not.

If daily SAR is up, and i am intraday short, i will cover short before end of the day. i always go home with higher timeframe price action.

 

[mastermind007]

Having the same problem.. Tried to connect with "online chat" .. i waited for more than half and hour.. only to see.. the message.. your query is being directed.."

Fortunately today.. my broadband is working..

Reliance is harassing everyone in India to make Delhiites feel better and not isolated. Electricity goes out on average 6 times in a day and it has not even started raining here.

 

[anil_s_trivedi]

Just seeing what is happening with indicators side, its one of my old template when i am fascinated by indicators stories...

Favourable conditions for longs are when, ADX rising, +DMI above ADX, MACD rising (with crossover better) and if below zero then it may be trend reversal, if MACD crossover happens on zero above zone, then probability of trade extending higher is lower.
I said probability, mind you..i am no god..to say it always happens...

BB narrowing previously before the action, better....A medium term rising average will tell what to expect....

Similar rules can b constructed for short also...

Let me search my old notes, i will try to post...detailed analysis when i use to do with this templates...

I need to bunch up notes now...written here or there..all loose ones...

Happy Trading...and be calm...there is whole life to make money...

 

[anil_s_trivedi]

Nifty update:

Intraday weak below more it stay below 7650. Hourly reversal to down, next hour if closes below 7620.

Closing today below 7625 is not good and may test 7540 levels.
Weekly closing is strong need to be above 7490 levels.
Failure to hold 7490 will test 7370-80 levels.

On daily, Short term momentum oscillator is flattening and risk of rolled over is high now. So stay cautious on longs initiated above 7600 levels.

Daily SAR for today is 7450 levels.

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I will be on short trip for next few days, hopefully will join on monday only...
Will leave terminal today at 1:00 pm.

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Nifty update:

As observed it try to flirt with 7650, Failure as expected tested 7540, again there it failed to hold and tested 7490 today.

Closing below 7475 and daily reversal on cards on charts. So any support prominent on daily is 7490 as of today.

Momentum wise, i got sell on 11th june EOD and the way it closed at our expected level by 1 point, it given additional weakness sign.

Below 7475, test of 7360 can happen.

Momentum wise, its sell on daily, and best price action if strong here, then will trade sideways.

On 5min charts, there is a element of +ve div. But how far it will drag is the question.

ON hourly, till it closes above 7590 i am sticking with shorts only.

 

[anil_s_trivedi]

Nifty update:

Hourly closing above days high now, will be in bulls favour.
Expect resistance near days high on intraday charts.

Intraday support zone at 7515-20 levels, below it weak.
Positional weakness can be expected Below 7490 can test 7350-60 levels.

Daily SAR coming at 7475 levels.

 

[anil_s_trivedi]

Trendline resistance on hourly at 7633-35 ..watch it...

 

[anil_s_trivedi]

That was a horrible rise. I failed to acknowledge how it supported since previous three days closer to daily SAR 7475 zone. And also hold today that zone of 7515-20.
My stoploss on short taken swiftly at 7560 levels. I expected some resistance near to days high of 7553 levels, but the way it got broken, it seems all have placed stoploss there only.
Tremendous volume on 5min at those levels.

Anyways, oh hourly trendlines resistance at 7633-35 zone. Dont know whats it importance here, by seeing current rise.

But note it,,thats all i can say....

If price action is strong one, i am expecting close above 7620-25 zone.

 

[dipankar_ghosh]

Anil sir,
Kindly post nifty chart and your valuable conclusion regarding today's fall

 

[anil_s_trivedi]

Hi Dipankar,

Today was a day where i avoided to trade, once it fell below yesterdays high.
Why..???

Yesterdays close was great one, as per price action readings. And i ( all participants) expected gapup today. But nifty dissappointed, and what i had learned by reading charts is, follow up action of trading days like of yesterday one, need to hold high of that day well, although little tinkering allowed.

But as you see that 5min chart, it opened flood gates once that high taken out. I dont know what to do,so avoided it.

Momentum wise, short/intermediate already down since 11th june on daily charts. A close below todays low will bring more downsides. Daily SAR for me at 7490 nearby.
Below 7490 it may test 7350-60 zone, and if this one fails to hold then 7200 levels on cards. As i say we will go step at a time.

On hourly, price action not good for bulls. And more it sustains below 7610 more the chances of breaking 7490 zone to test 7350-60 levels.

For tomorrow, will watch resistance at 7630-35 todays breakdown point, if below 7510-15 its intraday down for the day. Also sustaining below 7580 levels is negative for the day.

 

[dipankar_ghosh]

Dear Anil sir,
todays nifty closing is above the red support line. Does it have any positive consequence ?