Nifty Intraday Pivot Points

[Dawood]

Closing price spot - 5520.80,
Closing price future - 5536.25.

5532 is the closing price in GCI charts

 

[4xpipcounter]

I tend to not be a clear as I like at time, so I'm glad you asked for clarification.
The 1st part, 5570 and 5655, are correct, as long as this is not a headfake. If it is a headfake, all bets are off, and we are headed lower.

At this point, that is the only thing in question, as we barely got over the cloud with the close at 5532, and the top of the cloud being 5525. This is why I would look for any move above 5543, and then the move gets really positive, as we wing our way to 5570, 5655, and 5687.

I'm not sure where you got 5628 from or the fact it is support, as we are under it now. There has to be a mistake somewhere.

Danwood, thanks for making that point in your previous post. I use GCI as my demo for Nifty among other markets I don't trade, like Tata, Reliance, and others.

Got a positive news just now so we should look for 5570 and 5655 this week. as you mentioned about the headfake next candle will be bearish or what? i see very very strong support in 5628 in my H4 chart(not ichi).

 

[Dawood]

Dear 4Xpip
I use support resistance indicator in my chart which shows 5628 as a strong support...... as we are under it obviously it is the resistance. Thanks for your reply. Actually I lost 2500$ with in a week in forex which is my first account in online trading six months back. That is when I started learning technicals. Now Iam following your levels in EURUSD and continuing in demo. Will again enter into forex after four months.Now its learning phase.Thanks again for your contributions for the trading community.

 

[4xpipcounter]

With the spike on the opening 4-hour candle to yesterday's peak at 5543, this confirms the move towards 5687. There will be R at the WR1a level at 5570, and then the WR2a level at 5655, and then we will see the push to 5687. The final level will be a decision point. We could get a move to the weekly kijun at 5756, but nothing is confirmed yet.

 

[4xpipcounter]

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It was a quiet day for Nifty. WE did get a spike back into the cloud. That is always allowable. You know it is obeying all the rules as long as the candle closes above the cloud, and that is exactly what has happened, so the original forecasts stands. It is only subject to a 2nd look if it finishes back in the cloud. LOL- I guess another way to look at it is that the possibility of my original forecast is wrong only if it finishes back in the cloud.

 

[4xpipcounter]

5487 is strong S as it is the top of the hourly cloud and the kijun. This has to hold and provide for a strong bounce back over the top of the 4-hour cloud, or the move towards 5687 will take on a different look. That point is also TL support coming off the 4-hour chart, so 5487 has now become a decision point. We get either a strong bounce or a strong continuation.
If the area is taken our convincingly, then we probably head back to the daily kijun at 5388. 5487 has to be broken before my original view changes.

 

[Dawood]

5487 is strong S as it is the top of the hourly cloud and the kijun. This has to hold and provide for a strong bounce back over the top of the 4-hour cloud, or the move towards 5687 will take on a different look. That point is also TL support coming off the 4-hour chart, so 5487 has now become a decision point. We get either a strong bounce or a strong continuation.
If the area is taken our convincingly, then we probably head back to the daily kijun at 5388. 5487 has to be broken before my original view changes.

As 5487 had been taken out and bounced back now what would be the next move.Last candle has opened and closed above the H1 cloud without wick . Will there be a uptrend or downtrend or sideways market tomorrow ?

 

[4xpipcounter]

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Danwood, you must have been talking to Tucker, because I was going to take the opportunity to address that.
I had to post the chart this time to give a more picturesque view of what I am talking about it. There are reasons to still be optimistic that this leg is headed to our objective at 5687. The light blue circled area shows what possibly could be a headfake out of the cloud. It barely made it out, and then once out, it went nowhere. There are times where I have to make an allowance for that, because even the ichimoku is not perfect 100% of the time. The other thing that leads me to be optimistic is the light green encircled area. It is not very common to draw a TL from the low, to the first swing low, and not have a bounce off of it. It is also not very long. The longer the TL, the more valid it becomes.(Just something I've noticed in the short time I've been using TL's). Assuming all this diatribe is correct, then what we have is the candle not really breaking lose out of the cloud, and a TL that never really existed. This means it is a matter of time when we get a true break out of the cloud, because a headfake simply constitutes it never left the cloud. This is my prevailing view, because Danwood also pointed out something. Even though we are still under the TL, the day finished above the original support. If that is a true break of the TL, then we are motoring further south.
Now, if I don't sound too convincing this time, it is because I didn't mean to--lol. The opposite scenario is we get a move to the bottom of the cloud and the kijun combination at 5417. That would be initial strong S, and if broken, things get ugly.
The lack of confirmation to the downside tells me to hold to my original view, and then we will be bullish on Friday. The unsure part of me says we get the strong move to 5417, and it will contain the price action for the day.
Also, I think I was clear in why I am using my "A" levels for my S&R's this week. So, as far as they are concerned, there is only one way to interpret them, and that is we get the clean bounce off of the WS1a at 5399, and we are headed to the WR1a at 5570. What this also means is that 5485 is a key level and we are above it.
In summary, my personal bias is still UP, as we have had no confirmation otherwise. But, if I traded Nifty, and was daytrading, this is one market I would stay away from, because there is not a degree of high-confidence in my view.

As 5487 had been taken out and bounced back now what would be the next move.Last candle has opened and closed above the H1 cloud without wick . Will there be a uptrend or downtrend or sideways market tomorrow ?

 

[VJAY]

Dear 4X,
my chart giving deferent feeling.....

 

[4xpipcounter]

VJAY, there could be a myriad of reasons why we are not matching up:
1. Your settings. Are they 9,26,52?
2. I can tell the beginning time of your candle is different from mine (Not implying either way who is right or wrong.). This is why the shape of all your candles are different from mine. The first candle of the day, for me, starts at 22:45, and the next candle is 2:45.
3. The feeder will sometimes make for a difference, but this is a time it is not an issue.

If I had to guess, our settings are not the same.

Dear 4X,
my chart giving deferent feeling.....