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Analysing NF using iCharts levels - Aug 2011
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Author Analysing NF using iCharts levels - Aug 2011
SwingTrader
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Post: #46   PostPosted: Thu Aug 11, 2011 9:44 am    Post subject: Reply with quote

This morning NF has bounced up from BEAR-S1 level which will be the main support level for today (until it breaks). The trend is up until S1 breaks. If price goes below BEAR the trend will be sideways-to-up, below S1 the trend will be down.

A strong move above LOC now will take us to BULL-R1 area where there would be significant resistance.

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guru.july
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Post: #47   PostPosted: Thu Aug 11, 2011 9:48 am    Post subject: Reply with quote

SwingTrader wrote:
This morning NF has bounced up from BEAR-S1 level which will be the main support level for today (until it breaks). The trend is up until S1 breaks. If price goes below BEAR the trend will be sideways-to-up, below S1 the trend will be down.

A strong move above LOC now will take us to BULL-R1 area where there would be significant resistance.


Thanks ST


Last edited by guru.july on Thu Aug 11, 2011 10:35 am; edited 1 time in total
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guru.july
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Post: #48   PostPosted: Thu Aug 11, 2011 10:32 am    Post subject: Reply with quote

Hi ST,

Today again price failed to move beyond LOC and made a double top between 9:30 & 9:50 with rsi and STS both showing negative divergence 0n 5TF. Price quickly moved from LOC to bear. Shorted at 5160 and bought at 5130 for quick 30 points profit.
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SwingTrader
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Post: #49   PostPosted: Thu Aug 11, 2011 11:45 am    Post subject: Reply with quote

guru.july wrote:
Hi ST,

Today again price failed to move beyond LOC and made a double top between 9:30 & 9:50 with rsi and STS both showing negative divergence 0n 5TF. Price quickly moved from LOC to bear. Shorted at 5160 and bought at 5130 for quick 30 points profit.


thumbup great!!!

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SwingTrader
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Post: #50   PostPosted: Thu Aug 11, 2011 12:59 pm    Post subject: Reply with quote

As long as we stay above LOC we are bullish....below LOC bearish.
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SwingTrader
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Post: #51   PostPosted: Fri Aug 12, 2011 9:20 am    Post subject: Reply with quote

NF opened up, hit resistance right at BULL. Trend will be sideways to down until R1 is cleared. BULL-R1 is going to be, as always, tough resistance.
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Post: #52   PostPosted: Fri Aug 12, 2011 9:31 am    Post subject: Reply with quote

On the way down, first stop is LOC. Next significant support around BEAR-S1 from where reversal is possible (if LOC does not reverse the price first).
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guru.july
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Post: #53   PostPosted: Fri Aug 12, 2011 9:42 am    Post subject: Reply with quote

SwingTrader wrote:
On the way down, first stop is LOC. Next significant support around BEAR-S1 from where reversal is possible (if LOC does not reverse the price first).


Hi ST

If price bounces off LOC, is Bull-R1 a tough resistance?
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SwingTrader
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Post: #54   PostPosted: Fri Aug 12, 2011 9:59 am    Post subject: Reply with quote

guru.july wrote:
SwingTrader wrote:
On the way down, first stop is LOC. Next significant support around BEAR-S1 from where reversal is possible (if LOC does not reverse the price first).


Hi ST

If price bounces off LOC, is Bull-R1 a tough resistance?


Yes, BULL-R1 will be the main resistance on the way up, if that clears then we move up fast. LOC to BULL-R1 will be slow / sideways to up move. Above R1 we can move up fast.

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Post: #55   PostPosted: Fri Aug 12, 2011 10:41 am    Post subject: Reply with quote

SwingTrader wrote:


Yes, BULL-R1 will be the main resistance on the way up, if that clears then we move up fast. LOC to BULL-R1 will be slow / sideways to up move. Above R1 we can move up fast.


Shorted just below LOC at as price crossed LOC downwards came back & touched LOC and again back down. Also STS is going down on 5tf and 15tf and RSI too...
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Post: #56   PostPosted: Fri Aug 12, 2011 11:56 am    Post subject: Reply with quote

NF just hit BEAR level....BEAR-S1 range we have significant support as this is a key sup/res band. Watch for reversal in this area. Below S1 fast ride down....
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guru.july
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Post: #57   PostPosted: Fri Aug 12, 2011 11:57 am    Post subject: Reply with quote

guru.july wrote:
SwingTrader wrote:


Yes, BULL-R1 will be the main resistance on the way up, if that clears then we move up fast. LOC to BULL-R1 will be slow / sideways to up move. Above R1 we can move up fast.


Shorted just below LOC at as price crossed LOC downwards came back & touched LOC and again back down. Also STS is going down on 5tf and 15tf and RSI too...


Finally patience paid off....
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SwingTrader
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Post: #58   PostPosted: Fri Aug 12, 2011 12:11 pm    Post subject: Reply with quote

guru.july wrote:
guru.july wrote:
SwingTrader wrote:


Yes, BULL-R1 will be the main resistance on the way up, if that clears then we move up fast. LOC to BULL-R1 will be slow / sideways to up move. Above R1 we can move up fast.


Shorted just below LOC at as price crossed LOC downwards came back & touched LOC and again back down. Also STS is going down on 5tf and 15tf and RSI too...


Finally patience paid off....


Great!!!

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vinay28
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Post: #59   PostPosted: Fri Aug 12, 2011 12:20 pm    Post subject: Reply with quote

Dear ST

Did it not go below S1 also?
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Post: #60   PostPosted: Fri Aug 12, 2011 12:27 pm    Post subject: Reply with quote

Hi ST..

Closed my short at 5087 and thats 50 points profit with 8points loss for today.

Overall 180 points profit and 28poins loss this week following this strategy. Thanks to ST and his wonderful strategy.
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