The Third Eye: daily chart

Showing posts with label daily chart. Show all posts

Tuesday, June 21, 2011

Interesting Charts - Nifty

This is a follow up of some of the relevant charts posted earlier, that have changed the structure in today's rally. The Markets gives some message with each day and each trade.

Trading is a Business of managing uncertainities. If there was a certainity in the Maket ,it will cease to exist . Acceptance of uncertainity is a virtue and reacting to it is the way to trade . We all trade our beliefs in the arena and have no control over the markets , but importantly we can control our actions and be hedged against our own beliefs . The most difficult part of trading is to manage oneself in realtime , trade the screen , control the risk and leave the bias when price action says it to . All this can only come if the rules of the trading system are set in place and above all are followed with discipline. Let no loss go without a lesson and be able to shake the confidence .Probabilities have to be traded but with proper risk management. Easier said than done, but that is why only a few succeed here.

You Cannot Change The Direction of the Wind , But You Can Adjust Your Sails !!!

Technical Analysis for Nifty

Nifty has been trading largely in the 5400-5600 range since last five Weeks. This Week may also see the larger part of the trade in this band . Let us have a Technical watch through various methods and co-relate to get a Trading Strategy for coming Week.

Technical Analysis for Nifty Trading

Analyizing Nifty through a combination of Technical analysis methods as Trendlines, Moving averages , Fibonacci , Volume Profile, Elliott waves and Options data to get a Trading Plan for the next week.

Nifty Trading for Next Week

This Week is a trucated one with only three trading sessions. Plan accordingly.
Trade as per the charts below keeping important volume and price levels in sight.

Nifty Update

Here are few observations updated for trading Nifty this week.

Nifty Trading Analysis for Next Week

Nifty has shooted up from the recent lows whole of the last week and before. It is an important Week ahead to test the Supports and Price action there . Lets see what is in store for the next Week.

The Good ,The Bad & The 'Googly'

These are the three likely Trading Probabilities for Nifty as per Elliott Wave Theory, that may occur in near future on a broader perspective.

Game Changer Levels for Nifty

It becomes easy to follow 'Levels only' which are the result of corelation of some Technical Analysis methods. Here are a couple of them to help in Swing or Positional trading for Nifty in the Short Term.

Nifty Trading for 25-03-11

Today's close was with a Bullish undertone, yet not decisive as it failed to close above the important price level of 5540. But importantly Prices have closed above the Weekly volume resistance of 5510 level as well as 50dma.

How to Trade the Next Week ??

Weekly Review :

1. The Week was rangebound throughout on both sides of the SAR 5480 , as indicated in the detailed Weekend analysis below.

2. The broader Range suggested of 5400-5600 couldn't be resolved this Week.
As analyzed in the Mid week Review ,The markets couldn't trade above 5525 levels to show strength and gave some gains below 5500/5480 in later half of the Week.

Break-Down

Yet another range break on the downside. It was expected that Nifty may trade in the 5400-5600 range till expiry today ,it did trade in the range till yesterday but gave a good breakout trade below 5400 today.

Dances with ' Wolfes '

We had a discussion on'Gaps' the other day in the comment section of a past post.
Recently I was watching the 1990 classic , 'Dances with Wolves' (starring Kevin Costner), It struck me to check out the 'Wolfe Waves' as the Daily chart flashed in front of me. Let's check it out .