Nifty Entry ,Exit ,Target levels with Median Line Charts

[Kavima]

16.09.2011
Hour chart Update

Price has reached the expected target at the Blue median line .One more attempt till 5150 possible if 5050 holds.Otherwise expect it to fall down towards 4900 -4850 band.

Link to
Trading with Median lines

 

[EagleOne]

Hi sunny

Being an Architect by profession helps !!! in drawing my median lines for trading :lol:

You got that right, Kavima! It is a great help in visualizing the 'completed' landscape! Before getting into trading full-time, I was into CAD-based 3D Architecture model designing. (Still I design - on my own once a while, just for fun!).

And yes, you were right in your response to my post in your other thread. This thread of yours also is very interesting. Keep up the good work, friend.

 

[Kavima]

Hourly chart Update_19.09.2011

Resistance at 5073.
Breakdown at 5000-4975
Target 1 - 4900 at Median Line

 

[Kavima]

20.09.2011 Hourly chart update

The band 5050 - 5020 gave support at the Blue Median Line of the larger Pitchfork and climbed up throught the resistance expected at 5073.
The immediate downmove is negated till it breaches 5020 on the downside.
The momentum looks good today and it can continue and price can reach the upper side at 5320 - 5340 band in the coming days.
The rise is worked out assuming the ongoing wave DE will be equal to wave BC.
I've removed the pitchforks done earlier which were pointing to the downside levels as the downmove has got negated for now after the price has moved past the resistance and reached 5150.
This chart has a combination of the trendline channel and the Andrews Pitchfork channel also.

 

[Kavima]

21.09.2011 Hourly Update

Enlarged chart view with projected supports , breakout and breakdown levels
5073 - Support level
5020- Breakdown level
5168 - Breakout Level

 

[4xpipcounter]

Kavima, I'm enjoy your posts. You're the real deal. I have to post something just to make sure I'm subscribed.
Thanks!

 

[sujittalukder]

Thanks.
regards
Sujit Talukder

 

[Kavima]

What a day!!
The fall expected has come a few days later , and the intensity was so fierce and raced downwards to ultimately stop near 4900 levels.
22.09.2011 _Hourly chart Update

What do my median Lines indicate for the next moves.Obviously the down move is going to extend further but worked on the probabilities of the pattern in which this downmove may unfold.

Referring my chart, marked the important pivots as A,B,C,D,E,F,G till the recent height at 5168.
after the gap down, first blue downsloping pitchfork was drawn.Price bar has moved past the LMLH of the blue median line.Going to the next higher swing pitchfork, the magenta downsloping Pitchfork is drawn.Here the price bar has met the magenta ML and paused today.
What next?
Probabilities...
1.Median lines are possible support points .So after the deep fall, a minor bounce can happen.If so it can reach upto 5000-5020 levels.From there , the price can go down towards 4700-4680 range.
2.Price gaps down on Friday, reaches the Warning line parallel of the blue APF at say 4850 levels, bounce till 4900 and fall down further towards 4700-4680 .

I work out my levels as round numbers only around the parallel lines of the pitchfork and finetune based on chart patterns around them as the prices unfold.Fibonacci numbers for swings are also projected and when they match the median line levels, it is a double confirmation like other systems where 2-3 indicators are used to confirm signals.

 

[4xpipcounter]

Nice! I'm getting a really good PF education from you. I was looking at your chart before I read your analysis. My question to myself was, "Would the magenta median herald a correction to circa 5000 before a move lower?"

BTW, you are the 1st person I know of that has a firm grasp of pitchforks. Enjoyable reading!

What a day!!
The fall expected has come a few days later , and the intensity was so fierce and raced downwards to ultimately stop near 4900 levels.
22.09.2011 _Hourly chart Update

What do my median Lines indicate for the next moves.Obviously the down move is going to extend further but worked on the probabilities of the pattern in which this downmove may unfold.

Referring my chart, marked the important pivots as A,B,C,D,E,F,G till the recent height at 5168.
after the gap down, first blue downsloping pitchfork was drawn.Price bar has moved past the LMLH of the blue median line.Going to the next higher swing pitchfork, the magenta downsloping Pitchfork is drawn.Here the price bar has met the magenta ML and paused today.
What next?
Probabilities...
1.Median lines are possible support points .So after the deep fall, a minor bounce can happen.If so it can reach upto 5000-5020 levels.From there , the price can go down towards 4700-4680 range.
2.Price gaps down on Friday, reaches the Warning line parallel of the blue APF at say 4850 levels, bounce till 4900 and fall down further towards 4700-4680 .

I work out my levels as round numbers only around the parallel lines of the pitchfork and finetune based on chart patterns around them as the prices unfold.Fibonacci numbers for swings are also projected and when they match the median line levels, it is a double confirmation like other systems where 2-3 indicators are used to confirm signals.

 

[Kavima]

23.09.2011 - Hour chart update

Median lines encased today's levels perfectly!Todays low was 4830 and high was 4930 ....
Another retest is possible to the 4930-4950 range before further fall down.Breakdown of the the pivot formed at 4830 will be another entry for Short position.