Nifty - Andrews pitchfork

Nifty
I have been experimenting with andrews pitchfork strategy. attached is todays 30 min chart.
today's close has reached median line of AP drawn from 2/06/10.
also - ve divergence in CCI .So expect a drop till atleast 5140.Will wait to see tomorrow's action to unfold.
There is a Three Indian Soldiers pattern - which Linda Bradsky mentioned in street smarts book - in this chart.A long rise - peak and two more peaks is normally followed by a swift fall.Will it work out tommorrow??

Kavima

30 min EOD chart for 16.06.10
drawing the possible support if a reaction starts from today's high @ 5246, we have possible supports at 5150- 5140 and further down @ 5070 levels on the parallel median lines and the outer support median line.These levels correspond to 61.8 and 38.2 levels of the wave from 4787-5255 .

KAVIMA

daily chart 17.06.10
Andrews median lines and schiff lines overlay.
have we reached the top of this wave??

Kavima

nifty chart 18.06.10 30 min chart

Support at 5150 for short term correction.Above 5300 upward move continues.



Kavima

nifty 30 min chart 22.06.10

Next support at 5250 zone?
http://img339.imageshack.us/img339/1208/nifty30min220610.png


kavima

Hi Kavima, nice to see you using median lines for trading. There are very less traders who use this tool for tech analysis and I am one of them. I was searching for someone who is also following this kinda approach and found a link to your post.

It would be great if a group of traders who are using same tool for trading come together and exchange their views and conclusions so as to support one another in trading. I would like to join you in for the same. Do you know any other traders who are also using median lines?

My gtalk id is sachin.demat and will be online for talk. Feel free to add me if you are using gtalk.

- Sachin

16.07.10 30 MIN CHART

Downward slope of APF.So looking at a short trade.H & S formation possibility @ 5400.Fib projs point to 5316 range.Prev downmove from 5364-5234 = 130 points.projecting -130 points from 5450 gives 5320 .this is also an abc wave from prev 5 wave .The price projection is crossing ML support at 5335 area.two possibilites - if it fails 5315 supports then further downfall to 5233 levels.
Waiting to see how the market will unfold

http://img199.imageshack.us/img199/9480/nifty30min160710.png

Kavima

hi sachin

I am interested in APF concept because of the simplicty.But still trying to understand more and work out trading strategies and setups for this concept.Pl do post yr charts also so we can learn together.

Kavima

Gr8! My blog is mon3ymultipli3r dot blogspot dot com

-Sachin

Andrews Pitchfork and Schiff pitchfork on daily chart 22.07.10. Target to touch upper median line after breakout today.