Just curious. I see these levels etc all over the forum. Despite having heading of being weekly I presume they are for for day trading. Which timeframe they apply to? More importantly how do you trade through this tight maze of supports and resistances for substantial gains which to me having neglegible odds in favour compared to hitting of stoplosses because as per my study the whole market is in a state of distribution/accumulation therefore not worth diving into? I am not a fulltime day trader so please enlighten me as to how one manages to trade such tight markets.
Anillal..
The above levels given by me are Weekly Pivot levels, calculated based on Spot nifty Weekly Open ...High ...Low.. and closing prices.
There are Few other method to calculate Possible Res. and Sup. are..
Gaan Square...and Camarilla.
If the Input taken from previous day then it gives you levels for the next day. like this it goes for weekly and monthly.
For intra-day Average trading price of 1st 30 minutes taken for Gaan Square calculation.
There are free calculators available on Net...
As for trading with these levels are concerns one have take these levels with other Technical Indicators to asses for booking profits and to keep stop loses as per this levels.
The above levels given by me are Weekly Pivot levels, calculated based on Spot nifty Weekly Open ...High ...Low.. and closing prices.
There are Few other method to calculate Possible Res. and Sup. are..
Gaan Square...and Camarilla.
If the Input taken from previous day then it gives you levels for the next day. like this it goes for weekly and monthly.
For intra-day Average trading price of 1st 30 minutes taken for Gaan Square calculation.
There are free calculators available on Net...
As for trading with these levels are concerns one have take these levels with other Technical Indicators to asses for booking profits and to keep stop loses as per this levels.
Thank you sir. All this pivot calculation etc using different techniques is fine but what I was intrested in knowing which TF one should use to trade these levels without getting hurt and how. Pardon me for saying so but one can see without getting into complicated calculations that on weekly chart there is no sign of these levels as such, only a box of notrade zone of 250 points with a bias towards breakdown. Day chart showing nifty in the middle of S and R, hourly chart the same story. Below these TFs the noise starts which is very hard to trade as one can not leave monitor unattended. That is what got me curious as to how one manges to trade on daily basis when according to me there sometimes is nothing to trade for days unless one is happy to go for quite risky trading in lower TFs which to me are erratic and pathetic and good only for eating up SLs.
Dear Anillal
Pivot point calculation explained how it is used Illustration with charts
Please go through this .
http://stockcharts.com/help/doku.php?id=chart_school:technical_indicators:pivot_points
Pivot point calculation explained how it is used Illustration with charts
Please go through this .
http://stockcharts.com/help/doku.php?id=chart_school:technical_indicators:pivot_points
Friends
Just a random calculation to trade on Monday.
Spot closed at 5685 if you -50 we arrive at 5635 and that is almost at great support till now..
on break of this we take another -50 that gives us 5585.
5720 is sealing for now on the upside.
Some points - By Vivek Patil, expert in Elliot Wave Analysis.. This is last weeks colum
We may, therefore, consider Thursday’s high-low levels of 18581 and 18848 (5636 and 5725 on Nifty) as crucial levels, decisive moves beyond which could provide directional indications for the coming week.
In a “ Normal ” Impulse, 4th should not overlap the area covered by the 2nd wave. Since the top of the 2nd was at 17972 (5448 on Nifty), 4th should not drop below this level.
Just a random calculation to trade on Monday.
Spot closed at 5685 if you -50 we arrive at 5635 and that is almost at great support till now..
on break of this we take another -50 that gives us 5585.
5720 is sealing for now on the upside.
Some points - By Vivek Patil, expert in Elliot Wave Analysis.. This is last weeks colum
We may, therefore, consider Thursday’s high-low levels of 18581 and 18848 (5636 and 5725 on Nifty) as crucial levels, decisive moves beyond which could provide directional indications for the coming week.
In a “ Normal ” Impulse, 4th should not overlap the area covered by the 2nd wave. Since the top of the 2nd was at 17972 (5448 on Nifty), 4th should not drop below this level.
DOW Crash Black Monday: 25 years after the crash
It was 25 years ago today when Wall Street suffered one its biggest market crashes in history.
On October 19, 1987, the Dow Jones industrial average (INDU) tumbled 508 points, losing more than 22% of its value and marking the second-largest percentage loss in a singly day. (The worst was when the Dow lost 24% on December 12, 1914, when the New York Stock Exchange reopened after having been closed for most of the previous 3-1/2 months due to increased selling at the onset of World War I.)
It was 25 years ago today when Wall Street suffered one its biggest market crashes in history.
On October 19, 1987, the Dow Jones industrial average (INDU) tumbled 508 points, losing more than 22% of its value and marking the second-largest percentage loss in a singly day. (The worst was when the Dow lost 24% on December 12, 1914, when the New York Stock Exchange reopened after having been closed for most of the previous 3-1/2 months due to increased selling at the onset of World War I.)
Sensex
The index can move lower to 18,428 or 18,291 in the week ahead. The 18,000 zone will be the key support that investors need to watch out for. Close below this level will cause a severe dent in the prevailing sentiment. Short-term resistances for the index will be at 18,933 and 19,137.
The Nifty(5,676) too closed the week 71 points lower making the short-term outlook negative. The index could decline to 5,614 or 5,546 in the short-term.
Nifty is in a short-term decline but the medium-term view remains positive. However, as we have been reiterating, the zone between 5,800 and 5,870 is an important long-term resistance zone for the index. Decline from this zone can pull the index down to 5,420 or 5,180 over the medium-term.
The hindubusinessline
The index can move lower to 18,428 or 18,291 in the week ahead. The 18,000 zone will be the key support that investors need to watch out for. Close below this level will cause a severe dent in the prevailing sentiment. Short-term resistances for the index will be at 18,933 and 19,137.
The Nifty(5,676) too closed the week 71 points lower making the short-term outlook negative. The index could decline to 5,614 or 5,546 in the short-term.
Nifty is in a short-term decline but the medium-term view remains positive. However, as we have been reiterating, the zone between 5,800 and 5,870 is an important long-term resistance zone for the index. Decline from this zone can pull the index down to 5,420 or 5,180 over the medium-term.
The hindubusinessline
Addition to Seven Stars with an excerpt on Black Monday Crash from MarketWatch
Quote :
While Black Monday made it into the record books, crashes are fairly common throughout history.
After 1987, large-cap stock prices rose about 12% in 1988, and about 27% in 1989. Investors who used the crash as a buying opportunity took full advantage of those recoveries.
Use that extreme volatility to your advantage. Nike is a prime example. In the two trading sessions on Oct. 19 and Oct. 20, 1987, Nike shares fell to 94 cents a total decline of 26%. The stock recovered to pre-crash levels by late January 1988, and 25 years later trades at close to $100 a share.
This supports the view that if you just stick with the long-term portfolio youll be okay.
Quote :
While Black Monday made it into the record books, crashes are fairly common throughout history.
After 1987, large-cap stock prices rose about 12% in 1988, and about 27% in 1989. Investors who used the crash as a buying opportunity took full advantage of those recoveries.
Use that extreme volatility to your advantage. Nike is a prime example. In the two trading sessions on Oct. 19 and Oct. 20, 1987, Nike shares fell to 94 cents a total decline of 26%. The stock recovered to pre-crash levels by late January 1988, and 25 years later trades at close to $100 a share.
This supports the view that if you just stick with the long-term portfolio youll be okay.
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