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Analysing NF using iCharts levels - Jul 2011

 
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Author Analysing NF using iCharts levels - Jul 2011
SwingTrader
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Location: Hyderabad, India

Post: #1   PostPosted: Mon Jul 25, 2011 9:15 pm    Post subject: Analysing NF using iCharts levels - Jul 2011 Reply with quote

Trying to start posting the sort of analysis that I was posting earlier for NF. I will try and do this as and when I find time. Lots of users have been pushing me to do this....so here it goes:

Attached is today's 5 min NF chart with iCharts levels marked.

The most important thing I look for is if NF opens near one of the key sup/res bands - BULL-R1 or BEAR-S1 - and if it does then how price reacts to the sup/res offered by the bands? Price opened right at the BEAR level and got supported right away, then bounced sharply to break above LOC. There are one or two ways to trade here itself at the start of the day but I will leave that for a future discussion. I will concentrate for now on how to go about doing analysis using the levels. Once price has broken above LOC I would be keen to see if price stays above it. The next best thing (if price does not stay above LOC) is to see if it gets supported by the key 89 EMA. Today NF took the 2nd option, price was supported by 89 EMA indicating probable bullishness. If price would not got supported by LOC itself then it would have been bullish too. Price then just broke above and the uptrend continued.

It is rarely this clear cut & convenient but as I will show you in the next few days the key sup/res bands BULL-R1 and BEAR-S1 come into play almost on a daily basis and would help in analysis of near-term probable direction of NF.

NOTE: Even though one can probably use iCharts levels exclusively to trade, I strongly urge you to use these as supporting tools along with other indicators more as confirmation tools for your trades and also for targets/SLs.

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buffet71
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Post: #2   PostPosted: Tue Jul 26, 2011 12:25 am    Post subject: Reply with quote

To, SWING TRADER,Thanks a lot for detailing todays NIFTY movement in a very simple way.Reading many times you,I want to share my todays strategy..................................I entered Nifty at 9.22amat 5623(which is the daily pivot) level after watching that 5613 (which is the weekly pivot)is not broken & my SL is 5613.I book profit at 5651 level (since I am a defensive trader). From 11.06 am to 1.14pmNifty does not cross below 5623 & MACD is forming crest and turf with zero line.I wait for clear break out.At 1.15pm 5640 level finaly MACD break out with strength & at the same time 100ema & 200 ema separate each other.I step in for 2nd time at5640 with SL5623.When Nifty at 5690 I revised my SL at5674 (which is R1).When Nifty is at days high my plan is to revised my SL at 5704 ( which is my R2 ),but I failed & finaly book profit at 5700 downward.I use Intraday and 5 days charts simulteniously because many times in intraday chart MACD crossed up or down but at the same time in 5days chart it does change it direction so protect me from whipsaw.So,regarding my strategy if any alteration required,your advice is highly acceptable.Regards,Buffet71
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sonila
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Post: #3   PostPosted: Tue Jul 26, 2011 12:52 am    Post subject: Details Reply with quote

Mr buffet,can u pl give ur detailed strategy?
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vinay28
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Post: #4   PostPosted: Tue Jul 26, 2011 9:06 am    Post subject: Reply with quote

Many thanks to swing trader for starting this post. I have a humble query since I didn't understand a lot of your (and buffet's) statements or terms.

Is it possible for me to learn trading and its terms by reading various threads in icharts or will I have to study it from books or some courses?
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SwingTrader
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Post: #5   PostPosted: Sun Aug 07, 2011 5:00 pm    Post subject: Reply with quote

vinay28 wrote:
Many thanks to swing trader for starting this post. I have a humble query since I didn't understand a lot of your (and buffet's) statements or terms.

Is it possible for me to learn trading and its terms by reading various threads in icharts or will I have to study it from books or some courses?


Missed answering your post. Sorry. Books may help but I think main learning will come from watching the charts closely day in / day out and experimenting your own ideas and ideas posted in this forum. Take ALL strategies posted here with a pinch of salt, prove to yourself that they really work, only then try to trade the idea. Even the best strategy posted here may not work for you, eventually you will have to build your own strategy to suit your own personality.

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nsinojia
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Post: #6   PostPosted: Sun Aug 07, 2011 6:58 pm    Post subject: Reply with quote

SwingTrader wrote:
vinay28 wrote:
Many thanks to swing trader for starting this post. I have a humble query since I didn't understand a lot of your (and buffet's) statements or terms.

Is it possible for me to learn trading and its terms by reading various threads in icharts or will I have to study it from books or some courses?


Missed answering your post. Sorry. Books may help but I think main learning will come from watching the charts closely day in / day out and experimenting your own ideas and ideas posted in this forum. Take ALL strategies posted here with a pinch of salt, prove to yourself that they really work, only then try to trade the idea. Even the best strategy posted here may not work for you, eventually you will have to build your own strategy to suit your own personality.
really a fact you have posted about strategies st sir thanks
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vinay28
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Post: #7   PostPosted: Sun Aug 07, 2011 7:51 pm    Post subject: Reply with quote

Thanks swingtrader. It's never too late for me for any reply.
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The game
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Post: #8   PostPosted: Tue Aug 09, 2011 12:13 am    Post subject: Request Reply with quote

Dear ST sir ,


we want to see more posts ...........posted by you ......





Regards The game ( Pramesh ) Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy Very Happy
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MOHANTY
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Post: #9   PostPosted: Sun Nov 23, 2014 1:33 pm    Post subject: strtegy Reply with quote

Dea Swing Trader

Your analysis on NF strategy is very helpful for new traders .Please keep on regularly.
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MOHANTY
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Post: #10   PostPosted: Sun Nov 23, 2014 1:40 pm    Post subject: trading strayteg Reply with quote

We request Mr.Buffet Sir to post a strategy for day/short period trading in NFand BNF , which he himself has traded as per the day levels of icharts.
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