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Analysing NF using iCharts levels - Aug 2011
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Author Analysing NF using iCharts levels - Aug 2011
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Post: #1   PostPosted: Tue Aug 09, 2011 12:02 pm    Post subject: Analysing NF using iCharts levels - Aug 2011 Reply with quote

Please see the attached NF 5 mins chart today with iCharts levels (as of 11:50 AM). The reason for posting this chart is to explain what to look for when price opens far away from the key sup/res bands - BULL-R1 / BEAR-S1. Today NF opened at S5, got supported there and rallied immediately. NF is now in the BEAR-S1 band. How price reacts to the strong resistance here is important. If it breaks through BEAR it is bullish, a reversal from here will be very much bearish.

Yesterday & day-before-yesterday too were similar and the trading strategy would be the same - if price is too far away from the key bands then trade for a move in the direction of a key band as price will tend to go there. Once price is near a band watch out for a breakout or reversal for further trend confirmation.

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Post: #2   PostPosted: Tue Aug 09, 2011 12:08 pm    Post subject: Reply with quote

Thanks a lot for such example. How did you calculate (obtain) various bands? Please explain.
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Post: #3   PostPosted: Tue Aug 09, 2011 12:10 pm    Post subject: Reply with quote

Even as I wrote it made a high of 5107.90. What is the permissive deviation from S1, reversal from which still indicates bearish trend?
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Post: #4   PostPosted: Tue Aug 09, 2011 12:11 pm    Post subject: Reply with quote

Sorry, not from S1 but from Bear line (5107)
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Post: #5   PostPosted: Tue Aug 09, 2011 12:20 pm    Post subject: Reply with quote

vinay28 wrote:
Thanks a lot for such example. How did you calculate (obtain) various bands? Please explain.


Vinay,

The levels are available below your chart on JCharts (Premium) & JCharts (Basic) pages. Whichever scrip you select, you get the levels for it below the chart.

The key sup/res bands I am talking about are BULL-R1 (the price range between bull & r1 level) and BEAR-S1. These two price ranges are key price support/resistance bands where one can expect significant support/resistance. So how price behaves in these bands and what happens here is of importance. Today price was rising into BEAR-S1 since morning and now when price is in this band I am observing what happens here. A reversal down from here (a break down below S1) will be bearish and a breakout above BEAR will be bullish (until price reaches BULL-S1 band or at least LOC).

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Post: #6   PostPosted: Tue Aug 09, 2011 12:24 pm    Post subject: Reply with quote

Thanks ST. When you say break below S1, is it even if it goes well above 5107 intra-day?
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Post: #7   PostPosted: Tue Aug 09, 2011 12:28 pm    Post subject: Reply with quote

vinay28 wrote:
Thanks ST. When you say break below S1, is it even if it goes well above 5107 intra-day?


No...if price hits LOC then a reversal from LOC can be bearish. If price moves upto BULL-R1 then a reversal from there also is bearish. Above bull it is bullish until a previous level (below last broken level above bull) is broken.

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Post: #8   PostPosted: Tue Aug 09, 2011 12:32 pm    Post subject: Reply with quote

Price right at the point from where it reversed yesterday (in terms of levels, not price. it reversed y'day from just below LOC).
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Post: #9   PostPosted: Tue Aug 09, 2011 12:34 pm    Post subject: Reply with quote

Thanks but sorry for harassing you since questions keep on coming in my head. Also, sorry for what you think as stupid questions. e.g what is LOC? Also, is what you have said for today only or its it even if it breaks on lower side tomorrow or later? This is because you have posted today's intraday chart.
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Post: #10   PostPosted: Tue Aug 09, 2011 12:42 pm    Post subject: Reply with quote

Well....well....well....NF in BULL-R1 band. What a move!!! Major resistance here in BULL-R1 band. A break above R1 can be very bullish....of course, watchout for fake moves here. A reversal from here will be quite bearish in the near term.
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Post: #11   PostPosted: Tue Aug 09, 2011 12:45 pm    Post subject: Reply with quote

vinay28 wrote:
Thanks but sorry for harassing you since questions keep on coming in my head. Also, sorry for what you think as stupid questions. e.g what is LOC? Also, is what you have said for today only or its it even if it breaks on lower side tomorrow or later? This is because you have posted today's intraday chart.


LOC separates bullish & bearish areas. Above LOC is bullish, below LOC is bearish....this is in general terms.

The levels for today are valid for today only, tomm we will have to watch tomm's levels.

No prob with your questions, always welcome.

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Post: #12   PostPosted: Tue Aug 09, 2011 12:50 pm    Post subject: Reply with quote

Thanks for the support from you and others like Casper who have never hesitated to respond to my queries. My problem is that it is too late in the day to study TA, FA, etc. and have to depend on spoon feeding, although I am a young boy trapped in an older body. Wink But I never miss reading each thread and post and try make some sense of it.
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Post: #13   PostPosted: Tue Aug 09, 2011 1:02 pm    Post subject: Reply with quote

NF reversed from BULL-R1, now watch BEAR-S1 very closely as this band is now a significant support. If NF manages to stay above R1 then we may see higher prices. If NF breaks below S1 then it is a quick ride down Very Happy
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Post: #14   PostPosted: Tue Aug 09, 2011 1:05 pm    Post subject: Reply with quote

It just broke S1
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Post: #15   PostPosted: Tue Aug 09, 2011 1:29 pm    Post subject: Reply with quote

vinay28 wrote:
It just broke S1


Now BEAR-S1 is going to be tough resistance above, the probability of moving further down is higher.

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