Nifty Entry ,Exit ,Target levels with Median Line Charts

[Kavima]

Charting with 5 minutes TF
Shorts look good near upper channel line

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@12.15 pm

Price has moved out of the channel ...still to wait and watch for suitable entry.
@1.15 pm
Drawn a regular downsloping median line with the recent swings ( orange) ..Price has moved up to test the UMLH..Breakdown of 5155 /5127
triggers for short.. moving out of umlh view is negated.

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[Kavima]

5 min charts updated
Entered short at 5155 spot SL 5180

@3.15pm
power cut - was stopped out...looks like a good rally with all early shorts scrambling to cover ....

 

[Kavima]

31.1.2012 Tuesday
Posting an EOD 5 min chart with notes on my thought process intraday on seeing the price moves and the result....

60 min EOD chart

 

[timepass]

Where is that downsloping TL coming from in 60min ?? From the Daily ??

 

[Kavima]

@TP
it's the major DTL from swing tops in daily / weekly bars

 

[reachchirag]

Dear Kavima,

Which are the stocks for good shorting candidate?

 

[vikrit]

kavima, i was experimenting with pitchfork, two images wanna show-

these are 60 min charts, in 2nd image, downward potential pitchfork is not right, i think so.

drew upward pitchforks from those points, because there was gap up there. any comments.

 

[Kavima]

Hi vikrit
Nice to see yr charts
Ok..1st chart the ML set - ...we choose pivots which are important turning points of the trend / swing.(using pivots from gaps are little more advanced I think)However the point u have chosen is almost at 50 % of the swing from the prev low to the immediate swing high.When a ML is drawn from such a point it's known as Schiff median line.This is also used when the slope of swings are very steep.You can notice this ML set has been giving good support and resistance at the LMLH and been consolidating around the ML and moving up..yesterday's low is also seen at LMLH support.So still the uptrend has not been broken...Upside today's swing if extended towards the UMLH gives us a target of 5265 ++. Downside when price moves out of / below 5150 ( i draw a perpendicular line from the current high towards the LMLHto get the approx support level) the trend could reverse.

Now 2nd chart, the downsloping PF is correct and not the upsloping one.The pivots of Upsloping PF may not be appropriate to the method.
wheras the downsloping PF- we can assume it asa temporary PF as the last high is yetto be confirmed as a pivot point where price has reversed.Now, tommorrow, if price hovers near today's high, consolidates within a few bars, bearish set of bars / a WRB closing at its low near the UMLH, then a short can be considered.However it'll be a high risk , till we move out of the channel

 

[vikrit]

hi, okkie... actually started reading tim article etc since monday, first ones was on gaps. felt they are advance, but was trying my luck

 

[sudris]

Double top possible