Nifty Intraday Pivot Points

[sanjosedesi]

Over at "Ichimoku Kinko Hyo trading system...!", the originator is Linkon. He has a very good and in depth knowledge of the ichimoku.

Thanks, this was good enough to find that thread. Weird I did not know we are not allowed to post links. Wonder why. If there is a spammer, he/she can be easily banned. Links to the same website (TJ) could easily be allowed.
Anyway, this is good material for me to read for a few days. Will come back ...

 

[Dawood]

Dear 4xpip the gci charts actually stopped today in the mid way and the closing is around 5450 in real

 

[4xpipcounter]

Danwood, you have me questioning my charts, as others have expressed that GCI is inaccurate.
Could it be that GCI end their charting day before other brokers? I know the broker for my real account starts the trading week at 2200 GMT, and my chief demo account starts at 2300 GMT.

Dear 4xpip the gci charts actually stopped today in the mid way and the closing is around 5450 in real

 

[Dawood]

Danwood, you have me questioning my charts, as others have expressed that GCI is inaccurate.
Could it be that GCI end their charting day before other brokers? I know the broker for my real account starts the trading week at 2200 GMT, and my chief demo account starts at 2300 GMT.

You can check the H1 candles it should be seven but today only six.Just for info but not to question.

 

[4xpipcounter]

Mine has 6 too. Look at the recent chart I posted, then see if it looks like mine, because that is the hourly.
I've been questioning if my charts are correct, because as you mentioned earlier, the closing rates are different.

 

[Dawood]

Mine has 6 too. Look at the recent chart I posted, then see if it looks like mine, because that is the hourly.
I've been questioning if my charts are correct, because as you mentioned earlier, the closing rates are different.

Mine also stopped at 5474 before 45 minutes the original closing time but the actual closing was around 5450 in the markets and today it started working nicely.

 

[4xpipcounter]

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I got to do some review in order to bring us up-to-date.
Feb. 11th--It dipped at predicted level, and then the strong predicted upmove ensued afterward that took us to the peak on Feb. 17th. Afterward, the consolidative move taking us east happened, which was also predicted, and takes us to the current point.

My original view was the market would peak at the daily tenken which was at 5687. Since then, the tenken has dipped and is now acting as support. 5687 is still my projection. We will probably continue going sideways for awhile longer, but the nice thing is that we have seemingly gotten clearance from the 4-hour cloud.
Right now, the daily is in uncharted waters as it is nearing the bottom of the cloud. That should eventually be broken as we had to the projection of 5687. As we look into the future, the top of the daily cloud is also 5687.

We need to dispel a fallacy, and this is part of the reason I posted the 4-hour. You could draw a line straight across the top and say that is R, and so we are headed back DOWN. You could draw a TL and say we are making higher lows, and so we are going UP. The point is S&R's are made to eventually be broken. This is why all TF's have to be evaluated in order to ascertain a proper trading decision. The weekly's stochastics has a wide open mouth, and is camped on top of a bullish cloud. That is the overriding TF right now, with the exception of the daily that will be meeting with R at the bottom of the cloud.
So, just because we have the essence of a triple top being formed, that does not make it impenetrable, just like the TL below is not impenetrable. The evidence points to the fact the triple top eventually gets taken out.

After having said all that, I'm hoping 5473 holds up, because things will start looking sticky again, as the candle will be back inside the cloud. Also, the WR2 at 5552 still has not been hit, so we have that to look forward to. What could happen on Thursday is that the WR2 gets hit, and then we get a correction of it, and then continue back in the UP. OTOH, markets are a lot more fun when they travel north or south, as opposed to east.

 

[4xpipcounter]

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The most overriding TF right now is the daily. The 4-hour finished exactly at the top of the cloud, and the TK is following close behind. That, of itself signals we are just waiting on a move higher. The daily is showing that the cloud R is still fresh. In other words, it gets hit, and then we get a bounce. The top, in the future is our 5687 target before the reversal. Yesterday, the market came within 5 points of my 5552 level, as the peak was 5547.
The favorable scenario is that the candle is going to sneak in the side of the daily cloud, continue sideways before a burst of energy that takes it to 5687.
As always, in an eastward market, got to give the flip side. It is a possibility, we got another headfake on top of the cloud on the 4-hour. With the TK following, it will have to be a strong move that will take everything out, and then take the market below the bottom of the daily cloud to under 5447, and then we will be in for even more sideways action, as the bottom of the cloud will be R.

 

[aabhi06]

Wishing you a very Happy, colourful and safe Holi

 

[4xpipcounter]

Here are the weeklies:
5554, 5474, 5426, 5329, 5281, 5201