Trading Strategies Using Technical Analysis
- Thread starter SwingKing
- Start date
- Tags trading strategies
Rahul,
Calculating Support and resistance does not vary with methods. Calculation is done the traditional way. I can give you some pointers which I use.
1. Look for WRB (wide range bars) in that particular time frame
2. Look at the volumes and the respective price action
3. Look around which levels we witness NRB (narrow range bars), inside bars.
4. Advanced users can also use market profile.
5. Look at the pivot high/low.
Support/Resistance which I draw on charts can be completely different from what someone else might draw. Hence, spotting support and resistance is very subjective and depends on the skill of the user.
Tc
Calculating Support and resistance does not vary with methods. Calculation is done the traditional way. I can give you some pointers which I use.
1. Look for WRB (wide range bars) in that particular time frame
2. Look at the volumes and the respective price action
3. Look around which levels we witness NRB (narrow range bars), inside bars.
4. Advanced users can also use market profile.
5. Look at the pivot high/low.
Support/Resistance which I draw on charts can be completely different from what someone else might draw. Hence, spotting support and resistance is very subjective and depends on the skill of the user.
Tc
Raunak bhai
The current Put Call Open Interest and the movement of Nifty is indicating to me that there has been some short building occurred in the Nifty during the past couple of days.
As per my little understanding, Nifty may face troubles in maintaining the 6000 levels and even 5900 levels are not secured. While 5800 levels are having very good support, which will keep the current uptrend active. Nifty may face strong resistance at upper levels ie. 6100 during intraday session.
This interpretation of mine holds good only for tomorrow session; thereafter further movement can only be decided on the basis of tomorrow's data. Overall, I am expecting a highly volatile session tomorrow.
The current Put Call Open Interest and the movement of Nifty is indicating to me that there has been some short building occurred in the Nifty during the past couple of days.
As per my little understanding, Nifty may face troubles in maintaining the 6000 levels and even 5900 levels are not secured. While 5800 levels are having very good support, which will keep the current uptrend active. Nifty may face strong resistance at upper levels ie. 6100 during intraday session.
This interpretation of mine holds good only for tomorrow session; thereafter further movement can only be decided on the basis of tomorrow's data. Overall, I am expecting a highly volatile session tomorrow.
Sintex is looking good. Stock has had a WRB today, statistically it should not do well tomorrow. But let's see. I would be looking to enter this stock either tomorrow or in days to come only in equities segment. Current SL is near 360, which is pretty far from the current price and hence this particular scenario vouches for a probe test to be carried out.
Tomorrow, I will be carrying out a probe test on the stock.
Tc
Tomorrow, I will be carrying out a probe test on the stock.
Tc
Dear Crown,
Even I was having sense of correction today. However, i have not seen updated charts for todays session so did not comment anything...
My analogy is - with many counters Disproportional Displacement is failing to achieve target and it is my general observation that when DD fails to achieve target, it goes into correction... again it is too early to say but looking at your post got a thought of sharing my opinion...
Raunakji, your opinion?
Bests,
Apurv
Even I was having sense of correction today. However, i have not seen updated charts for todays session so did not comment anything...
My analogy is - with many counters Disproportional Displacement is failing to achieve target and it is my general observation that when DD fails to achieve target, it goes into correction... again it is too early to say but looking at your post got a thought of sharing my opinion...
Raunakji, your opinion?
Bests,
Apurv
One of the most eminent qualities of a flamingo is that it never loses its vision or focus even while standing on one leg. It knows it's prey will eventually come to it and it maintains perfect poise to strike at the right moment. Surprisingly, it never anticipates the movement of its prey.
As traders, we need to have that right balance in our approach, which in this case would be to wait for the right moment to re - enter (increase positions) in the market. Thoughts about correction should not even cross our minds. As I said before, India is at the brink of something really really special. Lets be prepared to enjoy it.
Tc
As traders, we need to have that right balance in our approach, which in this case would be to wait for the right moment to re - enter (increase positions) in the market. Thoughts about correction should not even cross our minds. As I said before, India is at the brink of something really really special. Lets be prepared to enjoy it.
Tc
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