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Trading Levels for 26.03.2009

 
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Author Trading Levels for 26.03.2009
SwingTrader
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Joined: 11 Aug 2006
Posts: 2902
Location: Hyderabad, India

Post: #1   PostPosted: Wed Mar 25, 2009 11:17 pm    Post subject: Trading Levels for 26.03.2009 Reply with quote

My strength in trading lies in reliably identifying and going with the current trend, but this is possible only live during market hours. I personally feel trend trading is still the most powerful way to trade the markets as you tend to stay with the flow most of the time. This, of course, creates lots of problems on trading range days. This is where intraday levels come into picture. My mentor who coached me on trading in US had taught me a way to generate levels for the next trading day based on previous day's moves. The method to generate these levels is manual (studying each chart and computing the levels in a spreadsheet), so I will start with NF and then later post for few other scrips too. Though my whole approach to trading is based on trends, I always keep an eye on these levels. Breakouts/breakdowns from these levels either create new trends/confirm current trends/end current trends. Each of this level is a support/resistance based on where the current price is. If the price is below a level then it acts as resistance and if the price is above a level then it acts as support.

I will begin with levels for NIFTY FUTURES for now and in the near future will also start posting levels for various popular scrips.

Terminology used : R1, R2, R3, R4 & R5 are resistances, S1.....S5 are supports. BULL level is a level above which the current uptrend gets stronger (and below which the current trend gets weak, but still an uptrend). BEAR level is a level below which the current downtrend gets stronger (and above which the current downtrend gets weak, but still a downtrend). LOC (line of control) is a key level, above this level it is bullish and below this level it is bearish.

Trading Levels for 26.03.2009

NIFTY-1M

R5 3166.55
R4 3102.55
R3 3080.41
R2 3038.55
R1 3023.45
Bull 2999.00
LOC 2967.00
Bear 2935.00
S1 2910.55
S2 2895.45
S3 2853.59
S4 2831.45
S5 2767.45

NOTE: Levels provided here are not trading recommendations, these are only supporting tools for your main trading method.

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Srikanth Kurdukar
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amitkbaid1008
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Joined: 04 Mar 2009
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Post: #2   PostPosted: Thu Mar 26, 2009 1:52 pm    Post subject: Reply with quote

Hello Sir,

I have attended your One Day course at New Delhi. I want to ask you questions about these levels:-

1.Are these are Pivot Point Calculations or some thing else.

2.Please also tell me that which formula you use for calculation of Pivot Points
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SwingTrader
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Joined: 11 Aug 2006
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Post: #3   PostPosted: Thu Mar 26, 2009 2:11 pm    Post subject: Reply with quote

Amit,

1.Are these are Pivot Point Calculations or some thing else.

These are not pivot points. These levels are based on computations made on previous day's price levels.

2.Please also tell me that which formula you use for calculation of Pivot Points

For pivot points you can use the formula given here: http://www.mypivots.com/calculators/pivot-point-calculator.aspx

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dilesh
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Post: #4   PostPosted: Thu Mar 26, 2009 4:18 pm    Post subject: Thank you Reply with quote

Dear Swing Trader,
Many thanks for starting your Trading posts. It will help me a lot in following the trend in my day trading. I will look forward to reading your posts everyday.
Pl. inform whether these levels can be followed even in Gap up/down openings.

cheers,
Dilesh
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amitkbaid1008
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Post: #5   PostPosted: Thu Mar 26, 2009 5:57 pm    Post subject: Reply with quote

Sir,

I was asking about which of these 3 formulas namely 1. Classic, 2.Woodie or 3. Camarilla

This is due to difference in values given by each formula.

Thank You for your prompt reply
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SwingTrader
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Location: Hyderabad, India

Post: #6   PostPosted: Thu Mar 26, 2009 7:20 pm    Post subject: Reply with quote

amitkbaid1008 wrote:
Sir,

I was asking about which of these 3 formulas namely 1. Classic, 2.Woodie or 3. Camarilla

This is due to difference in values given by each formula.

Thank You for your prompt reply


Please monitor the levels for few days and see which ones you are comfortable with. We provide Classic, Camarilla and Fib Pivot levels here (on our upcoming stock glance page): http://www.icharts.in/stock-glance.html?symbol=RELIANCE (just change the scrip symbol in the url to view levels for the scrip)

I personally think Fib pivots provide the best levels.

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SwingTrader
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Post: #7   PostPosted: Thu Mar 26, 2009 7:22 pm    Post subject: Re: Thank you Reply with quote

dilesh wrote:
Dear Swing Trader,
Many thanks for starting your Trading posts. It will help me a lot in following the trend in my day trading. I will look forward to reading your posts everyday.
Pl. inform whether these levels can be followed even in Gap up/down openings.

cheers,
Dilesh


Thanks Dilesh. Yes, actually these levels apply much more when there are gap up/down openings as one cannot use technical indicators for a while after gap up/down openings. Technical indicators need to factor out the gap before you can start using them again. Levels apply anytime.

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tulsian1107
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Joined: 03 Jan 2009
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Post: #8   PostPosted: Thu Mar 26, 2009 7:33 pm    Post subject: Thanks Reply with quote

Dear Sir,
Many thanks for starting your Trading posts. It will help me a lot in following the trend in my day trading. I will look forward to reading your posts everyday.


Tulsian
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SwingTrader
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Post: #9   PostPosted: Thu Mar 26, 2009 7:38 pm    Post subject: Followup Reply with quote

I am attaching NF chart with relevant levels marked.
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Last edited by SwingTrader on Thu Mar 26, 2009 11:25 pm; edited 1 time in total
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GAJRAJ
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Joined: 02 Sep 2007
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Post: #10   PostPosted: Thu Mar 26, 2009 7:44 pm    Post subject: Reply with quote

ST Sir thanks for sharing your experience & daily levels after RR sir a vacuum in experienced & reliable guidance was felt which you have filled. We look forward more of value addition in future.
Regard
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