Nifty Entry ,Exit ,Target levels with Median Line Charts

[Kavima]

19.11.2011_Monday

The intraday movement was in a range .A pause day after the deep fall.All cues are negative and we're looking towards more downside targets as price takes the path of least resistance.

 

[ketanss]

Hi Kavima,

I am relatively new here and have been reading your analysis for the last couple of days.
Must say that you are doing a very good job with the objectivity of the analysis.

I am a trader who does not rely on any source, broker or any tips. Use various technical analysis tools to carry out trades.

However it has always been to pleasure to see your analysis. Not that I would be following it as I believe in each one following his own trading methods. What has been surprising is that at most times it reflects what I have been analysing, albeit with different methodolgy.

Keep up the good work.

 

[LivetoTrade]

19.11.2011_Monday

The intraday movement was in a range .A pause day after the deep fall.All cues are negative and we're looking towards more downside targets as price takes the path of least resistance.

Kavima,
The Blue ML at around 4640 levels is R, and you mentioned that we are looking downside.

Does this downside view get negated if we close above 4640 since that becomes support?

If above 4640, then are we looking at 483x levels to contain? Or is there something inbetween?

Would like to hear from you please.

 

[Kavima]

Hi Kavima,

I am relatively new here and have been reading your analysis for the last couple of days.
Must say that you are doing a very good job with the objectivity of the analysis.

I am a trader who does not rely on any source, broker or any tips. Use various technical analysis tools to carry out trades.

However it has always been to pleasure to see your analysis. Not that I would be following it as I believe in each one following his own trading methods. What has been surprising is that at most times it reflects what I have been analysing, albeit with different methodolgy.

Keep up the good work.

Thks for your supportive feedback and welcome here!
Ketan I agree with you about each trader has to form his own methodology to trade the market.Every trader comes full circle when after reading ,learning about indicators of all kinds,systems/methods of all shades/mechanical systems / discretionary systems etc realises that he's comfortable with certain elements and formulates his own rules based on his style / timeframe/comfort level , tests his system and trades on his own.That would be the best path to success instead of relying on other's analysis.However this forum is wonderful to share one's thoughts,learn from so many traders who selflessly share their methods .I enjoy my postings here and hope to share whatever I know and same time learn from others too .A saying in tamil " katradhu kaiyalavu...kallaladhu ulagaluvu"meaning what we have learnt is just a handful...what we have not learnt is as vast as this earth!!!

 

[Kavima]

Kavima,
The Blue ML at around 4640 levels is R, and you mentioned that we are looking downside.

Does this downside view get negated if we close above 4640 since that becomes support?

If above 4640, then are we looking at 483x levels to contain? Or is there something inbetween?

Would like to hear from you please.

Hi LOT

The resistance at the parallel line is more in the area close to 4670-80 area.
This level if reached is a trigger zone to close my shorts if it reaches there.I would wait for a retracement normally when it reached a resistance zone and then close my shorts.
If price moves down further tommorrow, I will shift the downsloping swing line to the recent low and the parallel line i draw for my resistance zone also will shift.In effect it's a dynamic parallel lines to keep in pace with the trend and chart a channel to give allowance for minor retracements.

I am preparing a writeup on a swing trading method with median lines and will post in in my other thread soon which will help to follow my method of analysis.

 

[4xpipcounter]

Your whole statement is right on the money, but I ended up focusing on that last part. The more you learn, the more you realize you don't know.

One of the thing I enjoy about your thread is that it shows me how much I don't know. I've studied copious (Too many to mention.) indicators, taken numbers and turned them inside out in order to have a firm mathematical grasp of the markets, and studied various combinations of indicators and S&R's.
Almost 2 years ago I got introduced to the pitchfork by someone who claimed to be an expert, but really did not have a clue. I brushed the indicator off as garbage (Long story short.). I come to this thread and enjoy your outstanding analysis based on sole indications of your pitchfork.
It helps me to further understand the vast informational resources there are for traders, and there is not enough time in one lifetime to learn it all.

Thks for your supportive feedback and welcome here!
Ketan I agree with you about each trader has to form his own methodology to trade the market.Every trader comes full circle when after reading ,learning about indicators of all kinds,systems/methods of all shades/mechanical systems / discretionary systems etc realises that he's comfortable with certain elements and formulates his own rules based on his style / timeframe/comfort level , tests his system and trades on his own.That would be the best path to success instead of relying on other's analysis.However this forum is wonderful to share one's thoughts,learn from so many traders who selflessly share their methods .I enjoy my postings here and hope to share whatever I know and same time learn from others too .A saying in tamil " katradhu kaiyalavu...kallaladhu ulagaluvu"meaning what we have learnt is just a handful...what we have not learnt is as vast as this earth!!!

 

[Kavima]

Your whole statement is right on the money, but I ended up focusing on that last part. The more you learn, the more you realize you don't know.

One of the thing I enjoy about your thread is that it shows me how much I don't know. I've studied copious (Too many to mention.) indicators, taken numbers and turned them inside out in order to have a firm mathematical grasp of the markets, and studied various combinations of indicators and S&R's.
Almost 2 years ago I got introduced to the pitchfork by someone who claimed to be an expert, but really did not have a clue. I brushed the indicator off as garbage (Long story short.). I come to this thread and enjoy your outstanding analysis based on sole indications of your pitchfork.
It helps me to further understand the vast informational resources there are for traders, and there is not enough time in one lifetime to learn it all.

Paul
I take offense at Pitchfork being brushed aside as garbage:annoyed:
Just joking!!!I guess the way of explanation matters while studying an indicator( like a complex subject in school is made easy with a good teacher ..(I'm not claiming to be one..As our methodologies are similar --you seem to have a preference for trendlines ,S/ R levels , the attraction to similar methodology is there.I realised at one point I have to stop looking further and instead refine and understand my preferred set of tools.

 

[SaravananKS]

Paul
I take offense at Pitchfork being brushed aside as garbage:annoyed:
Just joking!!!I guess the way of explanation matters while studying an indicator( like a complex subject in school is made easy with a good teacher ..(I'm not claiming to be one..As our methodologies are similar --you seem to have a preference for trendlines ,S/ R levels , the attraction to similar methodology is there.I realised at one point I have to stop looking further and instead refine and understand my preferred set of tools.

Kavima,
I agree with You. I tried lot of complex methods in technicals at last stayed with simple Moving averages. I Know Using Trend lines it would give better result! But since there is no clear rule for drawing trend lines there is a danger of misuse it.( for example if one has in Bullish Mode He like to draw trend lines supporting bullish views)
Kavima, Do you have any clear rule to Draw Pithfork??( ie one Particular Time Frame and which Peak or through would selected)
if You have then sharing would very usefull for Your followers to understand your analysis:thumb:

here I attached an Image

if u see the Image the price is above median Line (taking support) (it is automatic Pithfork )
and it is some what different from your pithfork

 

[4xpipcounter]

After whom I saw it in action with, and now watching the queen (I hope you take that strictly complimentary.), it's like seeing the indicator taken out of the garbage can, and added like a pearl to a basket of precious stones.

The cornerstone of my methodology is the ichimoku cloud, but like you, I did notice the similarity of my TL's and S&R's to your pitchforks.

Also, like you, I have stopped looking, because my methodology has brought me success. But, I'm a sponge for new knowledge. I understand how much I do not know. In my own eyes, I think I'm pretty good, but then I also realize I am only a pebble at the beach. This is why I'm always open to leaning new tricks. Also in general conversation, I can at least give someone a conceptual knowledge of how the pitchfork works, even though I would probably never use it as an active part of my trading. You've given me that conceptual knowledge.

Paul
I take offense at Pitchfork being brushed aside as garbage:annoyed:
Just joking!!!I guess the way of explanation matters while studying an indicator( like a complex subject in school is made easy with a good teacher ..(I'm not claiming to be one..As our methodologies are similar --you seem to have a preference for trendlines ,S/ R levels , the attraction to similar methodology is there.I realised at one point I have to stop looking further and instead refine and understand my preferred set of tools.

 

[Kavima]

@ Saravanan

What you've drawn is correct...4650 / 4600 zone is being supported at the ML.At the same time we have earlier been supported here.So a breakdown will lead to new lows.Price normally reacts to the ML by pausing if there are other pivots at the same levels.Now it can reverse / zoom through downwards / consolidate.at this zone.What path it will take we have to study the next few bars.Trading methods are worked around these rules and will follow up with more explanation soon.TC..