Daily Tryst with Nifty

[ag_fx]

Alright...but forgot to tell you my main problem.....I am not full time trader.....its just tha dont have much work pressuere hence coming on forum frequently nowdays.......but otherwise can not take beyond 2 trades per day...

dats ok buddy...if u know what and when to trade, there is no problem at all...wish u luck :thumb:

 

[WOD]

Just checked EOD chart of nifty.....here is what I have found totally based on trend lines...

Support of 4092 has been convincingly taken out....

Now,

Resistence is 4130....if taken out then I will be selling my PE
Support turning out to be 3538 (now that is very interesting)....so are we in for 3538 level (this month or may be early next month).......

Lets see what weekly charts have to say......this is interesting...

Weekly shows resistence at 4480 and support at 3673......

Now based on this here is what I will be doing:

if 4130 taken out.....I am selling my PE .....
and I am in for 3700 to book my profit...


Any corrections seniors...

 

[WOD]

Did anyone observed the bearish wedge on EOD chart.....

The top of the wedge is placed at 4480 and bottom of the wedge is placed at 4143...now that gives height of this wedge as 337.....now when you subtract this height from bottom of the wedge you get target as 3806.....

Now after convinicing break of 4143, most probably we are in for 3800 if not 3700...

Any corrections or comments?

 

[WOD]

Now here comes another question in my mind.....wedge and symmetric triangles looks very much similar to me.....

Difference between the two as I have studied is the "sloping angle".....wedges have sloping angles on the charts whereas symmetric triangles doesnt......but this reason is not convincing enough for me....

can someone help me figure out difference between the two (other than what I have mentioned here)?

Thanks.....

 

[lazytrader]

First one is a bearish wedge, if you flip it upside down then it is bullish wedge
The second is a triangle, if you flip it it doesn't look any different so it is ...

 

[Sunil]

Will look to buy near 3920 - respecting extreme OS of 5min

 

[Sunil]

20SMA of 5min is at an unsustainable difference of 100pts (at around 4050)!!!

 

[WOD]

20SMA of 5min is at an unsustainable difference of 100pts (at around 4050)!!!

Sunilg, can you please eloborate what you mean by "unsustainable difference of 100pts"

Thanks..

 

[Sunil]

Sunilg, can you please eloborate what you mean by "unsustainable difference of 100pts"

Thanks..

more after EOD
observe 5min chart along with its 20bar simple moving average

 

[MurAtt]

RSI under 20, Stoch below 20 for more than 5 bars -- will it be fine to assume that there will NOT be any bounce ...