DiNapoli's levels for sensex

[kkeskar92]

Hi,
Currently sensex has retraced to 61.8% level from its drop last week. Where do you think its heading? I have attached chart for sensex with DiNapoli's levels and 11100 to 11300 is the confluence area with strong support. Would like to have your views.----KK

 

[rmike]

Dear kkeskar
Hi!
Saw your message too late for any useful reply. However can I request you to email me the dinapoli levels code formula. Your attached image shows that you are using fibotrader. I would try and give a shot for adapting the formula for amibroker and we probably can swap info.
Regards, my email: [email protected]

 

[kkeskar92]

Hi,
The DiNaapoli's levels I have drawn are drawn manually and not by the software.I guess you have the book by DiNapoli.There is no readymade code in fibotrader.I have drawn the fibonacci retracement levels from the recent high and from last 2 reaction points. The confluence area is the area where 38% retracement level from point 2 and 61% retracement level from point 1 meet. This area is a potentially strong support area where price gets stalled. So, DiNapoli recomends buying just above the confluence area as far as trend is up as defined by his displacecd moving averages.
Thanks for your comment.

 

[rpc]

hi rmike,kk
I have a program called fibnodes 5.0 .I think its an old formula.I do not know how to use it.Would any of u like to try.If yes pls give me ur email id.
with best wishes
rpc

 

[rmike]

Dear kk and rpc
Hi!
Thanx for very prompt and helpful replies. You are right in figuring that I have recently perused the book. Actually even before I read the book I generally drew fib retracements on the weekly chart to determine the stronger directional support. This was followed by drawing the fib levels on the daily chart to determine the 'confluence' levels for confirmatory short term movement ranges. This so far has stood me in good stead for entry and exit (something akin to darvas's boxes). I just wanted to see if the Dinapoli method could bring about a further improvement/refinement to my method. My email is [email protected]. I will try to adapt the formula to ami if I can. Otherwise this wonderfully supportive forum is always there. How have been your experiences with Dinapoli in general?!
Wishing u blue skies in your trades,
Regards