Charts for the Day

[anil_s_trivedi]

Hi Anil,

I guess red continuous line is hrly pivot & red dashed line is 5 HEMA, right?
If yes, what's the logic of making 5 HEMA horizontal line instead of curvy one.

Dear Mangup,

Yes you are right, as stated in chart, continuous red line is hourly pivot, and dashed red line is 5 hourly EMA. Reason form making taking it as a constant line, is for ex, if hourly bar at 10 AM got completed, its pivot will remain same for whole next hour upto 11 am on 5 min chart, an in 5min chart it will appear as a constant line.
Observation is if prices are in trending mode, it will trade above pivot and ema, if its getting into rangebound it will hour near to both the levels, while in downtrend, it will keep prices below pivot and ema.
people having knowledge of market profile can also used POC on hourly basis, instead of classic pivots, which is i am using it here.
Whenever prices try to turn from bull to bear, it will test this zone of strength, and if it fails to hold then prices are due for next move,else it will go on its previous trend impact.
Regarding your second question, search on net, formulas are available for weekly and daily, hourly pivots.

 

[mangup]

Dear Mangup,

Yes you are right, as stated in chart, continuous red line is hourly pivot, and dashed red line is 5 hourly EMA. Reason form making taking it as a constant line, is for ex, if hourly bar at 10 AM got completed, its pivot will remain same for whole next hour upto 11 am on 5 min chart, an in 5min chart it will appear as a constant line.
Observation is if prices are in trending mode, it will trade above pivot and ema, if its getting into rangebound it will hour near to both the levels, while in downtrend, it will keep prices below pivot and ema.
people having knowledge of market profile can also used POC on hourly basis, instead of classic pivots, which is i am using it here.
Whenever prices try to turn from bull to bear, it will test this zone of strength, and if it fails to hold then prices are due for next move,else it will go on its previous trend impact.
Regarding your second question, search on net, formulas are available for weekly and daily, hourly pivots.

Hi Anil,

I have pivot formula for daily on ID chart but not the weekly & hrly on ID chart. I searched it on net as well but couldn't get it.

If you could pl share the same will be helpful to me.

 

[anil_s_trivedi]

Nifty taken support at 20 sma on 5min chart, also its a confluence zone, of trendlines, abc projection,a test of 50% done, if its a upside for 5800 then it should hold 5660 zone,else more weakness will creep in
Real test will be clearing of 5698 zone for upside, and breached of 5660 for downside

 

[internet_fanbboy]

Nifty taken support at 20 sma on 5min chart, also its a confluence zone, of trendlines, abc projection,a test of 50% done, if its a upside for 5800 then it should hold 5660 zone,else more weakness will creep in
Real test will be clearing of 5698 zone for upside, and breached of 5660 for downside

Sir,

Any particular reason you prefer referring to SPOT rather than Futures for analyzing NIFTY chart ?

- IF

 

[anil_s_trivedi]

Sir,

Any particular reason you prefer referring to SPOT rather than Futures for analyzing NIFTY chart ?

- IF

Dear internet_fanbboy,

Please dont call me sir, only anil will do.
Regarding your question, i prefer spot as only serious money engaged in spot, i mean, it reflects what it happened and it is less prone to adjustments...
In futures the ugly game of premium/Discount make it vulnerable to break key levels and eat away stoplosses...some may argue in spot too that happens, but tell me is it not absurd to buy Nifty futures at 50 points premium, analyst argue it is a sign of extreme bullishness, and 5-7 days later they eat away premium...this happens every months, and go on...
Spot reflects true picture, and i am in loved with it!!

 

[anil_s_trivedi]

Hi Friends,

Usually i heard, where to look for resistance/support on 5min charts, while intraday trading.
For this i am using an supporting tool of my fibonacci, which is like a must in my chart.
Now how to use it on 5min.
What i did is i take first 5min bar of chart under study, then project some levels above/below to have an idea of likely formation of day
The levels above/below are fibonacci multiples of range of first 5min bar, and adding to highs for above levels, and substracting to lows for below levels.
If you liked this tool, i will post a daily chart of same, to have a study till we make it tradeable.
Lets see the past two days chart on the same lines, with my moving averages of 3,6,ema's and 34/50/200 sma's...
so without wasting time, have a look, and please try it...if you liked it...infact many dont know it is tool many used on monthly opening day, or for jan month high-low to project levels for the year...so you can have multiplicity of usage...

Uploaded with ImageShack.us

Please note:
I uploaded chart, with 100 sma and it should be 34 sma for our analysis

 

[anil_s_trivedi]

 

[mangup]

Hi Anil,

This is reference to the Relative Price Comparison Discussion. I wanted to seek ur views on -

http://www.traderji.com/advanced-trading-strategies/75002-arbitrage.html

Pl share ur views on this.

 

[prst]

dear anil sir,

please look at the crisil daily chart..
to my untrained eyes, it looks like a bear flag , indicating that the downtrend will resume again.
please confirm if am correct .

 

[anil_s_trivedi]

Dear prst,

Your trendlines are looking more like a rising wedge...But yes it is a bear flag.