My charts (and yours too........)

[rsingh2005]

Hi,



I'm relatively new myself, Rajesh, but glad I seem to be making sense, do post your views as well and im sure you're looking up posts by seniors, the gurus.. they hold a wealth of knowledge. thanks.
Thanks for your reply RnE,
Will start participating along with you people with whatever knowledge I acquire so far, going through your post on EW, will seek your input in the process of understanding.
Rgds
Rajesh

 

[Pralhad]

Re: Nifty Outlook

Here is my view on Nifty. Please comment what you think about it.

Regards,
-Pralhad

 

[Romeo and Elliott]

RnE,

The Wave structure is mentioned for intraday or EOD?

Hi, Raunak,

That would be a cursory EOD count. With the 5th Ending around the first run up around 21-10-2010.

Just an 'at a glance' thing, with the first on 10-06-2010 and the third on 23-08-2010 the two sets of 'impulsive' rises, the rest has been more or less corrective movement.

but prices are still above 3 on the count, and the lower trendline seems to have some standing.

 

[Romeo and Elliott]

Re: Nifty Outlook

Here is my view on Nifty. Please comment what you think about it.

Wow, nice, din see it that way, sure makes sense.

 

[babukraman]

Dear Babu,
Thanks for the reply.
The link is really helpfulwill go through it & try to grasp some fundamentals from there.
In the meantime would you please suggest what all basic one should maintain in analyzing general chart pattern.. like for trend line one should give more emphasis on weekly chart or daily chart, same in case of S/R & all other main continuous or reversal pattern, as what I observe your explanation on every chart is very lucid & easy to grasp, so some guideline will help me to grasp the basic.
Going through some books on TA , at present going through Martin Pring.
Regards
Rajesh

Hi Rajesh,
Thanks for asking for help. The answer for your queries will definitely be very exhaustive. Don't mistake me for not giving you a straight forward answer. So, I'm referring you to stockcharts dot com website. This is where I still go for many of my doubts on trend line, S&R, Volume, chart patterns, etc,. Very easy to understand tutorials. Hope this helps you!
And, I n v e s t o p e d i a dot com is also a nice site.

Okay! these two are beginner's stuff. Once you've finished reading everything (for example, chart patterns and indicators) next tutorial to put every thing in perspective would be Vishal Alluri's http://www.traderji dot com/technical-analysis/32812-analysis-charts-discussion-share-ur-views.html. One by one, he explains the various indicators with the charts.

The most important aspect is repetition, just like in the army. One has to be highly disciplined to make it a habit to study every day in an organised and systematic manner. You'll become very well versed with TA before you know it. PATIENCE is the key. Don't skip any of the topics or any of the points. One at a time!

EW is altogether a separate syllabus; you may choose to learn about it either simultaneously or after the above method.
Cheers!
Babu Kothandaraman
Hope I'm not boring! Because, I don't know about your age group! You must have easily identified about mine from the above advise!

 

[anayash]

Hi Babu,

I also installed ChartNexus on my lappy today! Will now track charts on this one also along with Amibroker!

Looks like a nice tool considering they are offering it for free as of now!

Will bug you if I need any help regarding its use!

 

[babukraman]

Re: Nifty Outlook

Here is my view on Nifty. Please comment what you think about it.
Regards,
-Pralhad

Pralhad,
Nice chart. Here's the way I see it. Again, the trend line is playing a part in it. Comments invited.
Nifty at the crossroads?
Babu Kothandaraman 2010-12-03
Ive drawn three lines on Nifty daily chart for this purpose.

Line1: Every one is aware of this Resistance turned Support line.

Line2: At around 6030 zone, this line was Resistance in Sep 10. When this line got broken out and retested, then it was Support in the late October, twice. During mid November, this Support was broken down, got re-tested and the price went to take Support of the Line1. From there, it had reversed up and now again, facing the Resistance of Line2 at the 6030 zone.

Line3: its an uptrend line connecting three of the Higher Lows. During mid Nov., when the price bounced off of this uptrend line, it faced the Resistance of Line2 (at 6030 levels). What happened then? Well, the price reversed off that Line2 zone and broken down the uptrend line on the 24th Nov. After that uptrend line break down, the price went down, reversed up and guess what? Now, it's facing the Resistance from the extended uptrend line.

So, Nifty is definitely struggling at the crossroads of Line2 and Line3 at around 6030 zone.

What has it got now, an excuse to reverse from here or some strength to blow away this Resistance level?

 

[Romeo and Elliott]

Line 3, i would normally give a lot of credit.

Its origin goes way back, on the reversal.

Extend line 3 back to the close price on 09 March 2009. Thats the NIFTY reversal region for the entire run up after the run down.

 

[babukraman]

Line 3, i would normally give a lot of credit.

Its origin goes way back, on the reversal.

Extend line 3 back to the close price on 09 March 2009. Thats the NIFTY reversal region for the entire run up after the run down.

WOW!!!!!! :clap: :clap: :clapping:

Hi RnE,
Keep on extending till 2008 low............ a very big surprise!

 

[Pralhad]

Simply its amazing. :clap: :clap:

Thanks a lot Babu and RnE :clapping: :clapping: