My daytrading
- Thread starter Raghavacc
- Start date
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The above image is for Vijay.Thats how I do it. You may call it stone age technique!!!.
.Why do we discontinue something which works?isn't it?I have drawn horizontal line on high,low and close.I get figures like this
High =5492=rounded off to 5500
Low=5184 =Rounded off to 5175
Close=5483=rounded off to 5475
I put the above figures for Pivot calculations.
Result
R2=5708=Round off to 5700
R2=5192 = round off to 5600
Pivot=5383 =round off to 5375
S1=5267=round off to 5275
S2=5058=round off to 5050
Now lets come to battleground and see how it works.
The traders who want to trade point to point precision ,here is an example.
Price gaps up around 5590.Why? just check where is R1.
Price collapses from 5700.Why?just check R2.
Ok now let me do an overall confusion clearing work before we could do any further work.
Once you all say that you are clear about all the concepts I have elaborated, I will proceed further.So now this excercise will be in pause mode.
No issues if it takes one more month to start.But lets be clear about what we are going to do.
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1.Fib and Pivot techniques -we are not starting any new method.
2.We are using these 2 tools ALONGWITH our original method to make it more powerfull.
3.Why we are using these tools?We are using it to gauge potential resistance and supports.
Weekly Fibs
1.When I say weekly fib we consider only one last weekly candle.That is we open weekly chart(One candle per one week chart)
2.The weekly Candle we are considering is either red or green.Green candle means prices have gone up during the week.Red means prices have collapsed.
Hence any green candle we consider as an presumed uptrend and any red candle we consider as presumed downtrend for THAT PARTICULAR WEEK
=========================================================
A.In case of GREEN WEEKLY candle :
WE CONSIDER THE BASE OF THE CANDLE AS 0 AND WE NEED TO GET 23.6,38.2,50,61.8.76.4,100,123.6,138.2,150,161.8,176.4% LEVELS.
WE CAN OBTAIN THESE VALUES BY ANY OF THE WAYS.NO HARD RULES. .BASE OF THE GREEN CANDLE IS"0"% AND TOP OR HIGH OF THE CANDLE WILL BE 100%.
123.6,138.2,150.161.8,176.4% ALL THESE LEVELS FALL ABOVE THE TOP OR HIGH OF THE GREEN CANDLE AND 76.4,61.8,50,38.2 AND 23.6% LEVELS FALL UNDER THE TOP OR HIGH OF THE GREEN CANDLE BUT ABOVE THE BOTTOM OR LOW OF THE GREEN CANDLE
THATS IT.WE WILL JUST DO THIS .WE WILL NOT BOTHER ABOUT ANY THING ELSE.WHATEVER WAY YOU CHOSE IS ABSOLUTELY OK.PLEASE DRAW THESE LEVELS.
========================================================
A.IN CASE OF RED WEEKLY CANDLE :
WE CONSIDER THE TOP OR HIGH OF THE CANDLE AS 0 AND WE NEED TO GET 23.6,38.2,50,61.8.76.4,100,123.6,138.2,150,161.8,176.4% LEVELS.
WE CAN OBTAIN THESE VALUES BY ANY OF THE WAYS.NO HARD RULES. TOP OR HIGH OF THE RED CANDLE IS"0"% AND BOTTOM OR LOW OF THE CANDLE WILL BE 100%.
123.6,138.2,150.161.8,176.4% ALL THIS LEVELS FALL BELOW THE BOTTOM OR LOW OF THE RED CANDLE AND 76.4,61.8,50,38.2 AND 23.6% LEVELS FALL ABOVE THE LOW OR BOTTOM OF THE RED CANDLE.THAT'S IT.WE WILL JUST DO THIS .WE WILL NOT BOTHER ABOUT ANY THING ELSE.WHATEVER WAY YOU CHOSE IS ABSOLUTELY OK JUST PLEASE DRAW THESE LEVELS.
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ONCE THE ABOVE IS DONE PLEASE PLOT THEM ON A 5 MINUTE CHART AND WE ARE DONE.
TOMORROW WE ARE GOING TO FOLLOW ONLY THIS WEEKLY FIB LEVELS AND NOTHING ELSE.ONCE WE UNDERSTAND THIS WE WILL TAKE UP NEXT ONE.
----------------------------------------------------------------------
Kindly finish the above noted task. Pls do not bother about anything else .We will talk about them once the above noted things get cleared.
Once you all say that you are clear about all the concepts I have elaborated, I will proceed further.So now this excercise will be in pause mode.
No issues if it takes one more month to start.But lets be clear about what we are going to do.
------------------------------------------------------------------------
1.Fib and Pivot techniques -we are not starting any new method.
2.We are using these 2 tools ALONGWITH our original method to make it more powerfull.
3.Why we are using these tools?We are using it to gauge potential resistance and supports.
Weekly Fibs
1.When I say weekly fib we consider only one last weekly candle.That is we open weekly chart(One candle per one week chart)
2.The weekly Candle we are considering is either red or green.Green candle means prices have gone up during the week.Red means prices have collapsed.
Hence any green candle we consider as an presumed uptrend and any red candle we consider as presumed downtrend for THAT PARTICULAR WEEK
=========================================================
A.In case of GREEN WEEKLY candle :
WE CONSIDER THE BASE OF THE CANDLE AS 0 AND WE NEED TO GET 23.6,38.2,50,61.8.76.4,100,123.6,138.2,150,161.8,176.4% LEVELS.
WE CAN OBTAIN THESE VALUES BY ANY OF THE WAYS.NO HARD RULES. .BASE OF THE GREEN CANDLE IS"0"% AND TOP OR HIGH OF THE CANDLE WILL BE 100%.
123.6,138.2,150.161.8,176.4% ALL THESE LEVELS FALL ABOVE THE TOP OR HIGH OF THE GREEN CANDLE AND 76.4,61.8,50,38.2 AND 23.6% LEVELS FALL UNDER THE TOP OR HIGH OF THE GREEN CANDLE BUT ABOVE THE BOTTOM OR LOW OF THE GREEN CANDLE
THATS IT.WE WILL JUST DO THIS .WE WILL NOT BOTHER ABOUT ANY THING ELSE.WHATEVER WAY YOU CHOSE IS ABSOLUTELY OK.PLEASE DRAW THESE LEVELS.
========================================================
A.IN CASE OF RED WEEKLY CANDLE :
WE CONSIDER THE TOP OR HIGH OF THE CANDLE AS 0 AND WE NEED TO GET 23.6,38.2,50,61.8.76.4,100,123.6,138.2,150,161.8,176.4% LEVELS.
WE CAN OBTAIN THESE VALUES BY ANY OF THE WAYS.NO HARD RULES. TOP OR HIGH OF THE RED CANDLE IS"0"% AND BOTTOM OR LOW OF THE CANDLE WILL BE 100%.
123.6,138.2,150.161.8,176.4% ALL THIS LEVELS FALL BELOW THE BOTTOM OR LOW OF THE RED CANDLE AND 76.4,61.8,50,38.2 AND 23.6% LEVELS FALL ABOVE THE LOW OR BOTTOM OF THE RED CANDLE.THAT'S IT.WE WILL JUST DO THIS .WE WILL NOT BOTHER ABOUT ANY THING ELSE.WHATEVER WAY YOU CHOSE IS ABSOLUTELY OK JUST PLEASE DRAW THESE LEVELS.
-------------------------------------------------------------------------
ONCE THE ABOVE IS DONE PLEASE PLOT THEM ON A 5 MINUTE CHART AND WE ARE DONE.
TOMORROW WE ARE GOING TO FOLLOW ONLY THIS WEEKLY FIB LEVELS AND NOTHING ELSE.ONCE WE UNDERSTAND THIS WE WILL TAKE UP NEXT ONE.
----------------------------------------------------------------------
Kindly finish the above noted task. Pls do not bother about anything else .We will talk about them once the above noted things get cleared.
Last edited:
Code:
[B]Fib levels of week ended July 1[/B]
[B]Level Actual Rounded off[/B]
176.4 5897.31 5900
161.8 5860.12 5850
150.0 5830.70 5825
138.2 5800.02 5800
123.6 5762.83 5750/5775
Extension
0 5702.73 5700
Retracement
23.6 5642.63 5650
38.2 5605.44 5600
50.0 5575.39 5575
61.8 5545.34 5550
76.4 5508.15 5500
100 5448.05 5450
Code:
[B]WEEKLY PIVOTS[/B] (Week ending July 1)
WEEK HIGH 5702
WEEK LOW 5444
WEEK CLOSE 5633
Weekly Pivot Point 5593 (H + L + C)/3
Weekly R1 5742 (P X 2) - L
Weekly R2 5851 (P + H) - L
Weekly S1 5484 (P X 2) - H
Weekly S2 5335 (P - H) + L
[B]MONTHLY PIVOTS [/B] (Month ending June 30)
MONTH HIGH 5654
MONTH LOW 5182
MONTH CLOSE 5648
Monthly Pivot Point 5495 (H + L + C)/3
Monthly R1 5808 (P X 2) - L
Monthly R2 5967 (P + H) - L
Monthly S1 5336 (P X 2) - H
Monthly S2 5023 (P - H) + LNote: 23.6% retracement actual level (5642) has already acted as support today (as of 3 pm).
Last edited:
Code:
[B]Fib levels of week ended July 1[/B]
[B]Level Actual Rounded off[/B]
176.4 5897.31 5900
161.8 5860.12 5850
150.0 5830.70 5825
138.2 5800.02 5800
123.6 5762.83 5750/5775
Extension
0 5702.73 5700
Retracement
23.6 5642.63 5650
38.2 5605.44 5600
50.0 5575.39 5575
61.8 5545.34 5550
76.4 5508.15 5500
100 5448.05 5450
Code:
[B]WEEKLY PIVOTS[/B] (Week ending July 1)
WEEK HIGH 5702
WEEK LOW 5444
WEEK CLOSE 5633
Weekly Pivot Point 5593 (H + L + C)/3
Weekly R1 5742 (P X 2) - L
Weekly R2 5851 (P + H) - L
Weekly S1 5484 (P X 2) - H
Weekly S2 5335 (P - H) + L
[B]MONTHLY PIVOTS [/B] (Month ending June 30)
MONTH HIGH 5654
MONTH LOW 5182
MONTH CLOSE 5648
Monthly Pivot Point 5495 (H + L + C)/3
Monthly R1 5808 (P X 2) - L
Monthly R2 5967 (P + H) - L
Monthly S1 5336 (P X 2) - H
Monthly S2 5023 (P - H) + LNote: 23.6% retracement actual level (5642) has already acted as support today (as of 3 pm).
No doubt you are getting all the ideas.
.Good going. I think I have tried to put more than what all of us can grasp at this stage hence confusions. Hence had to amend my plans and make is slow. Now its only weekly fibs and weekly pivots...
Will come up with today's analysis....
Hello BIB BOYZ,,:lol:
You all are grasping things very quickly and making me proud.Keep going.....
Above is the nifty weekly chart.I will not say the fibo has given any great signals today what all it did was -it took support in between 38.2 and 23.6%
First evidence of Why it took support at 5640-5650
The second powerful evidence is above.We had a IB on daily today.So we have great opportunity to make some big trades in couple of days.Wait for pressure cooker to whistle.Then jump and catch it.
Do not take any opinion.We are not here for that.WE are here to trade.Whether market moves up or down -it does not make any difference to a trader....
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Again I would like to tell you something.
Please not be under the impression that we are starting a new method.No not all ..No way!!..
We are trying to make some value addition by bringing in to our team a couple namely- Mr Pivot and Mrs. Fib :lol::lol:
The chart in the previous depicts the power of price action trader.It also sends a message that if you are good at basics and have an eye for details you can succeed!!.
Please not be under the impression that we are starting a new method.No not all ..No way!!..
We are trying to make some value addition by bringing in to our team a couple namely- Mr Pivot and Mrs. Fib :lol:
:lol:The chart in the previous depicts the power of price action trader.It also sends a message that if you are good at basics and have an eye for details you can succeed!!.
Raghavji
Sorry to take precious space of TJ and your time also the time of other members.I could not stop myself to write this.It is quiet evident from your post that you are burdened with lots of work load.Still find time to write up for us.The subject is as I (dumb headed) try to understand is complex.
My pray is please take it easy.You may not know brother Devia Ramesh got heart attach and had to be operated upon,my believe due to excessive mental work load.Regards.
Partha Roy
Sorry to take precious space of TJ and your time also the time of other members.I could not stop myself to write this.It is quiet evident from your post that you are burdened with lots of work load.Still find time to write up for us.The subject is as I (dumb headed) try to understand is complex.
My pray is please take it easy.You may not know brother Devia Ramesh got heart attach and had to be operated upon,my believe due to excessive mental work load.Regards.
Partha Roy
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