Nifty Entry ,Exit ,Target levels with Median Line Charts

[reachjesal]

So Kavima have we reached the target for today or do we have deeper holes to penetrate? thanks

the big guys decided to sell!!!:lol:

 

[NANDAMAD]

Thanks tp, button missing

 

[Kavima]

12.01.2012 Thursday
Intraday 5 min chart posted in morning session

The initial entry point with the SL point would have been triggered but the next test of the UMLH of the blue PF at the same high zone was a good area to short and it fell right down to the projected target zone

EOD 5 min chart and projections for next day

War continues even more fiercely!!A gap down , pullback, massive fall and then again retracing more than 60 % R of the day's range from low..Phew!!

60 min chart

Longer term projections..If price breaks down from 4780 ( which is 50 SMA in hour chart and a resistance trendline which can become a support level) then we can see a greater fall .

My trades
( I'm carrying the shorts taken yesterday with the SL of 4900...Closed all my longs)
I had placed a target order for one lot at NF 4830 it was filled.Holding the balance for tommorrow for target NS 4780 and may add to position if price reaches entry zone.

 

[timepass]

Kavima, when you say "Reversal Bar Formation", how many bars would you look for (max), and on which TF ??


PS: Thanks button missing.

 

[trade4joisar]

Kavima,

Yesterday's high was 4889, today's high is 4888

So we already have double top (may not fullfill all conditions of double top).

In EOD 5 mins chart, you have drawn red lines on the middle top, what's that?

 

[LivetoTrade]

@tp, by saying reversal bar, i presume she meant, wait for proper candle confirmation.
So far as I understand, she includes candlestick patterns for confirmation, especially when at the S or R regions.

Kavima - is that a Gann Fan in Red?

 

[timepass]

@tp, by saying reversal bar, i presume she meant, wait for proper candle confirmation.
So far as I understand, she includes candlestick patterns for confirmation, especially when at the S or R regions.

Yes, I got that. My question is, how much time (max) is she prepared to give for confirmation. On 5 min TF - how many candles - 2, 5, ??? on 60Min : 1-2 ?? Just asked in case we have a gap up and downturn later.

 

[trade4joisar]

@tp, by saying reversal bar, i presume she meant, wait for proper candle confirmation.
So far as I understand, she includes candlestick patterns for confirmation, especially when at the S or R regions.

Kavima - is that a Gann Fan in Red?

What's that?

 

[LivetoTrade]

What's that?

@t4j, Gann Fan is a TA indicator.

THis link should be helpful to you : http://www.babypips.com/forexpedia/Gann_Fan

 

[Kavima]

@timepass

As LTT pointed out bearish candestick patterns near resistance zone will be the trigger for initiating short entry .
@ LTT,T4J
The red lines are part of the downsloping Temporary Pitchfork drawn to assess whether there is a probability of a reversal in direction.In the resistance zone ,when there is a congestion of bars , bearish pattern bars , to play out a what if scenario , assuming the top is formed a temporary pitchfork is drawn.If price falls down , and then climbs up ,tests the UMLH and within next few bars retests the UMLH, a short entry with SL above swing high will be a high probability trade.Targets would be previous minor swing ( part of the major swing)low, 50 % of previous swing , at the downsloping median line...
If the SL is taken out , we wait for the next resistance zone or support zone where another entry can be planned.