Nifty Entry ,Exit ,Target levels with Median Line Charts
- Thread starter Kavima
- Start date
- Tags median lines nifty levels nifty targets pitchforks trading strategy
- Status
tradeforjoisar
here's the chart
We'll have to keep a watch with stoploss as markets are unpredictable and we'll have to plan the risk.
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here's the chart
We'll have to keep a watch with stoploss as markets are unpredictable and we'll have to plan the risk.
11.01.2012 Wednesday
A dull day with range bound movement . As expected a mild tug of war between bulls and bears trying to test each other's support and resistance levels.
Earlier in the morning the 5 min chart indicated a double top where I entered a Short for intraday.
Price moved further sideways out of the blue Median line channel .The breakdown did not happen .Instead price went up further , tested the LMLH and reversed down again.The mood is of indecision on both sides I presume - bears want to go down but bulls are still gunning for an upmove till 4900 .We'll know which side wins tommorrow.
My bias is a retracement towards 4830-4800 level before the next upmove.This corresponds to Fib R % levels 4825 - 4807 ( 23.6 % and 38.2 % R of low on 8th january to today's high.
So holding shorts also for short term to manage the retracement.
5 min chart
60 min chart
A dull day with range bound movement . As expected a mild tug of war between bulls and bears trying to test each other's support and resistance levels.
Earlier in the morning the 5 min chart indicated a double top where I entered a Short for intraday.
Price moved further sideways out of the blue Median line channel .The breakdown did not happen .Instead price went up further , tested the LMLH and reversed down again.The mood is of indecision on both sides I presume - bears want to go down but bulls are still gunning for an upmove till 4900 .We'll know which side wins tommorrow.
My bias is a retracement towards 4830-4800 level before the next upmove.This corresponds to Fib R % levels 4825 - 4807 ( 23.6 % and 38.2 % R of low on 8th january to today's high.
So holding shorts also for short term to manage the retracement.
5 min chart
60 min chart
- Status
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