My intraday learning

[shareking]

Short NF 6077
about buying---NF has support at 6065

 

[shareking]

stopped at 6085

 

[shareking]

bought 6103

 

[shareking]

hold it for the next day

 

[shareking]

trading using slow stochatics.

Buy/Sell in clear setups. %k was in overbought for 4 bars and %d was in overbought for 3 bars. The close of the next bar with normal %d was below the overbought bar.

Short when not more than 2 bars are in overbought region.

 

[shareking]

How to trade with an oscillator
http://www.traderji.com/day-trading/30182-how-trade-oscillator.html

At first point bar came back to normal region with a close below the previous bar's close. Hence, shorted.

 

[shareking]

 

[shareking]

Nifty on a 30 min is in downtrend. It has a good support at 5970 (coming from way back) and another support at 5940.

So, Nifty is going to find it's support at 5970 but what if does not happen.
Let's say it breaks the support and goes down then people will start selling on seeing the breakout and in the hope of buying at 5940 which is also a support.

But, what I think is going to happen over here is the break out will be a false breakout i.e. it will be a probe just to find out if the support is strong. A good reversal pattern will appear (piercing pattern,hammer,bullish engulfing,doji etc...you might know some more) and the price will reverse back from there and a new support will be formed.

So, be cautious breakout can be a false breakout and don't trade on the basis of my prediction because trading on prediction is a gambler's game. Trade what you see and believe.

 

[manojborle]

A bullish wolfe wave is forming and Gap has to be filled, so Nifty spot can move downward till 5844

 

[shareking]

Hi Manjor,

What's the exact value at point 5? How can I calculate this ?

if it breaks the 2nd support looks like it will go there.
I have read somewhere that gaps acts as resistance. What's your understanding ?