Nifty - Andrews pitchfork

[Kavima]

Nifty gearing up..

60 min chart

It was a dream move today!!Monday the price was close to the Blue median line.Expected a sideways movement around that line.Tuesday morning there was a good drop and hovered around the long term Lower median line parallel support.The hour bar breaking out thro the blue median line was so strong it indicated of great moves to follow.Added a long position at 5890 NF levels to the earlier position taken at 5780 levels.
On wednesday the path which nifty took was awesome.Exactly on the line i had charted ).And it has touched the Downsloping median line .What next?Consolidation and then further upmove towards 6075 levels .

15 min chart

The violet pitchfork was drawn on tuesday to analyse the S / R.The price did stop at the violet median line and zoomed thro the UML /Blue ML and retested the median line at close.Was very positive about the price move.Today the orange pitchfork was drawn and prices stayed above the median line rising steadily touched my target of 5935 / 5960 and then ++....The price has touched the Larger downsloping median line and closed above it.However expect some consolidation or retest of these levels even if there is a strong move tommorrow.


Daily Chart

A beautiful green candlebar crossing the median line !!Stoch reading turned up.Looking out for a very good upmove next few days..

 

[Kavima]

As expected the price hovered around the Blue Upper median line in a range after gapping up.
If price pullbacks to 5950 will add a position or else hold the current positions till it reaches 6075 / 6090 / 6100 levels.
15 min chart

/ 60 min chart

Daily chart

 

[Kavima]

Nifty resisted at 6070 levels

Though the mood was positive on the uptrend continuing , the sideway consolidation for 2 days did not result in upward momentum. 6075 levels at the upward green median line noted on thursday's EOD analysis was touched today.Stoch indicator was at oversold levels , so to ascertain probable direction the blue pitch fork was drawn during trading hours in the 15 min chart .The prices slowly moved sidewards and came down towards todays blue median line and crossed it forcefully . The target expected down is at 5947 levels.target calculation is 2 ATR of pivots 6025-5964.As the previous wave is a 5 wave structure this can be corrective 3 wave ending at 5890.

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More levels are projected in 60 min chart for downside targets.The levels are marked at junctions of median lines with slope lines of probable waves.

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DAILY CHART 6.12.10


Expecting support at 5890 - 5870 levels for next upmove .If prices move below 5850 levels then scenario will become negative .

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[Kavima]

My 60 min charts on 6th,7th & 8th December showing the prices with interaction with the median lines and targets projected were reached on all days!
6th Decemeber 60 min chart

7th December 60 min chart

8th december 60 min chart

 

[Kavima]

On 9th December ,price went down and closed at lows EOD.Highly oversold expected a relief rally / upmove for friday and it did move up smartly.Posting 60 min charts of 10th December
Nifty entered reversal zone..

Good strong move for a positive close on Friday .However Monday's followup action is critical for the momentum to continue..
Resistances expected at 5930 -5950 where some consolidation can happen.Strong moves above 5950 will push prices to next level of 6110 marked in daily chart.Time taken for consolidation near 5950 will give clues about breakout or breakdown towards earlier lows.
15 min chart 10.12.10

Projections for next week- Daily chart

happy trading!Welcome your feedback...

 

[aniket_tyagi]

Hi,

Don't understand much of it. Liked it.

 

[Kavima]

hi
you can google median lines trading / chk ut links at my blog niftytradeswithpitchfork dot blogspot dot com for info on how to analyse / trade with median lines / pitchfork concepts.

 

[dayder]

Hi Kavima,
I'm following APF, from the first time I saw your thread.
When we join the fork lines of the past two or three setups,
where they cut each other and connect the two points,
it seems we can find out where the next move will be.
Did you try this way and what is your finding ?
Pl. let us know.

 

[Kavima]

Nifty at Median line resistance


Monday's action must have been a rude shock to traders due to the sudden down spike in the morning.My long posittions were closed at stop loss levels near the lows of the day by just a few points!!And was amazed at the reversal above 5840 levels.As was not accessible could not enter again at lower levels so kept myself out of this swing.
15 min chart

60 min chart

Was looking out for the resistance level to short which happened today.Though the upper levels expected were above at 5967 / 6000 levels , following observation made me enter the short trade:
1.Closed lower at first target of 5930 - 5950 below 50 sma.
2.The swing has met the Schiff median line and reversed .
3.Price not reaching median line ( in blue) and reversing today gives a projection of lower targets equal to previous swing.
4.Stoch indicator has given sell signal in 60 min chart which I follow.
Targets for this swing - 5780 -5760 levels and further down to 5720 ( prev swing low ) 5605 ( equal to prev down swing from 6068 -5721).
EW outlook: I don't track the waves long or medium term with EW rules but study the wave patterns within the swings only - 6069 - 5721 is an impulsive wave , 5721 to 5954 - abc reaction wave , next wave could be an impulsive wave.

What if?
If todays action was just a reaction wave and swing continues its upward move by crossing 5950 levels then the original target of 6100 levels should hold.

 

[Kavima]

Nifty at Crossroads...

Daily chart 22.11.10

The pivots are marked on the daily chart .P0 is the anchor and P1-P2 is the swing line through which the first major descending pitchfork is drawn.Subsequent pitchforks are also show with pivots P3,P4,P5 .The median rules specifically
- the prices will reverse to meet the median line 80% of time is illustrated very well in this chart.
- Prices get supported at Lower Median line Parallel(LMLH) and resisted at Upper median line parallel( UMLH) is also seen.
All pivots are still within this major red descending pitchfork in the short term.
Today's price meets the UMLH , and this could be a probable pivot P6.Confirmation of this level as a pivot would be a lower close for the next two days .Supports probable at 5960 - 5930 levels.After support the prices move upwards of the red UMLH with strong close the trend upwards can continue for higher targets.

60 Min chart

The price today broke down from the mini median line pitchfork drawn within the current swing.Supports expected at the ascending green pitchfork drawn on 60 min chart at 5950 - 5930 levels.

15 min chart
Connected todays high and the previous swing high with a trendline.The parallel to this trendline drawn from previous low and red pitchfork confluence gives a target 1 of 5930 and target 2 of 5850 for this downmove.