Charts for the Day

[manojborle]

Dear amibrokerfans,

I use pivot high-lows with intermediate pivots as of more importance, alongwith Price action levels and add to it, crucial moving averages like 21EMA, 50 SMA and 100 EMA and 200SMA...these moving averages are used right from 5min to weekly charts.

Its more of culmination of all these in such zones where i get good S/R levels, for judging weekly structure to weak/strength i use same alongwith daily HH-HL formations too.

It will be a complex in first instance, but it is easier one with time, if one practice it. If i want to judge daily in trouble, then first clue is rejection from significant level and breaking key averages on hourly, and structure favouring correction on daily charts, as hourly pointing weakness and likely will spillover to daily charts.

One day, i will write rules for it, so that its easier to layman to just look at charts and see whether its strength/weak on that timeframe. But right now, its a research thing, and it has polished my chart reading skills, these i need to accept.

Sir it will be wonderful if you can write these rules.
I would really want to know how you draw S/R zone(area) as I am mostly able to draw lines only and those do not work that precisely.

 

[anil_s_trivedi]

Nifty update:

charts are contracting on lower timeframe, a big move coming in. Which way...??

Hourly charts are in buy mode, till 7650-55 holding on, while daily as i said in Selling mode till 7750-55 get cleared on upside.

so its fight of short term traders vs Intermediate traders..a classic case today with news in waiting.

Yesterdays close was first attempt by bulls to save 7750, todays second effort going on. And much will depend its nature near 7750-55 where we take pain to hold on, and now taking pain to clear it on upside.

Resisting there is a weakness with move below 7695 is added confirmation that bears are taking over slowly.

 

[anil_s_trivedi]

Nifty update:

Caution approaching resistance zone specified in morning.

 

[anil_s_trivedi]

Nifty update:

The selloff of friday has been challenged by yesterdays bar and todays bar with closing above it. Price action wise todays closing was a good one, and with crossing resistance zone of 7750-55 one can expect higher levels.

Momentum on daily is short term - down but flattening and intermediate and long term still down.

On hourly, Closing is strong one too and as long as holding 7715-20 zone its good one.

Plan for tomorrow opening is, if holds 7755-60 best to go long with stoploss 20 points or else is resisted go short with SL 7775 levels.
We are in midweek, and now the challenged will be thrown by higher timeframe charts to see the strength of bulls, as previous week closing was not good one.

Many stock charts still struggling, so it will be test of action tomorrow and on thursday, as it will have impact on stock specific charts.

 

[shreeux]

Dear shreeux,

Incurring almost 21-22% loss. What money management are you using...??
Dont fall in love with stock. If the basis for your trade becomes invalid, better you exit same time.

I am really not into predicting, but for ant sign of strength it needs to first attain 310-315 zone till then its a weak case.

Have a trading system/plan in place, dont trade like this...please...Expect support at 246-250.

Sorry, I went out of station..Just now saw your post..Thanks for valuable suggestion..!!!

 

[anil_s_trivedi]

Nifty update:

Market flat since opening, and but holding 7715 levels. This is +ve in short term as long as holding it. but too much time consume here will have its impact on downside.

A noticeable observation is right from market rallied since 5118 levels, a intermediate falls are not exceeding 440-445 odd points, from the tops made.

 

[jamit_05]

Nifty update:

Market flat since opening, and but holding 7715 levels. This is +ve in short term as long as holding it. but too much time consume here will have its impact on downside.

A noticeable observation is right from market rallied since 5118 levels, a intermediate falls are not exceeding 440-445 odd points, from the tops made.

Also, noticed how the corrections are getting deeper. After May there have been 3 corrections, in the order of date:

1. 231
2. 348
3. 387

Current one has reversed after a 248 point correction. Then, may be the correction isn't over.

 

[anil_s_trivedi]

Also, noticed how the corrections are getting deeper. After May there have been 3 corrections, in the order of date:

1. 231
2. 348
3. 387

Current one has reversed after a 248 point correction. Then, may be the correction isn't over.

Dear jamit,

These i missed...thanks...so rising with slower momentum creating fear at every rise..??

 

[anil_s_trivedi]

Nifty update:

with closing yesterday, everyone was bullish..but we have identified strong zone above 7750-55 only and its best to avoid below this, with weakness set below 7715. In morning it breached but again climb back and another breakdown did the trick.

So, as far as now its safe to assume higher timeframe, as we supposed will act today and it did acted.

Now price action is telling closing not coming a good one and its a inside bar today. So its wise to think of strength on intraday basis only above 7715 now and positional above 7750.

 

[anil_s_trivedi]

Forwarded from a friend...A manifesto for successful investor...