Trend Reversal???

S

smartshahezad

Active Member
#1
#1
I am starting this thread for just posting the recent finding on daily chart for NF. This aint a long term thread but short term just for discussing the latest finding. Din't know a place to put it so creating a new thread.





The prices moving up and making a new high but a triple divergence seen on MACD.

Also MACD forming a double top signals that the market is overbought.

Should we be very cautious and expect a U-Turn??

Jump in at the first sign of Short Sell?
 
S

smartshahezad

Active Member
#4
#4
bpr said:
IMHO Market has to close below 5560 EOD basis then may be we can open new short position.
CMP 5585
these are nifty future price not spot
Click to expand...
I don't exactly follow levels.. But technically don't see any shorting right now.. Bulls are too strong at the moment.. Right now market is going through consolidation and correction.. Doesn't really see any trend to be forming below it.. People following trends should just wait and watch.. There are plenty of opportunities in the market.. Its just like the bus or rickshaw in case of India.. There's always one around the corner..
 
bpr

bpr

Well-Known Member
#5
#5
bpr said:
IMHO Market has to close below 5560 EOD basis then may be we can open new short position.
CMP 5585
these are nifty future price not spot
Click to expand...
smartshahezad said:
I don't exactly follow levels.. But technically don't see any shorting right now.. Bulls are too strong at the moment.. Right now market is going through consolidation and correction.. Doesn't really see any trend to be forming below it.. People following trends should just wait and watch.. There are plenty of opportunities in the market.. Its just like the bus or rickshaw in case of India.. There's always one around the corner..
Click to expand...
the levels I mentioned is just something I saw in chart today and it is not written in stone either I will keep changing my views and levels as the chart develops.
I am assuming u r not a intraday trader as u have posted daily chart.
Bulls will only add to their position when the recent high is taken out. Currently 30/40 points down the line it will take out a lot of the bulls tsl and that will start the retrenchment rally or may be not.
 
S

smartshahezad

Active Member
#6
#6
bpr said:
the levels I mentioned is just something I saw in chart today and it is not written in stone either I will keep changing my views and levels as the chart develops.
I am assuming u r not a intraday trader as u have posted daily chart.
Bulls will only add to their position when the recent high is taken out. Currently 30/40 points down the line it will take out a lot of the bulls tsl and that will start the retrenchment rally or may be not.
Click to expand...
True.. I am a fan of daily charts and prefer them over others especially for NF as in lower TFs the range is too small.. Your level might be correct, its just that i don't follow levels.. True many bulls' SL would be hit.. Luckily traders like me booked profits couple of days ago and are waiting for entering again.. It's just that i believe that it's gonna be an entry in the long side and not short.. But wherever it might go, go with the markets..
 
a1b1trader

a1b1trader

Well-Known Member
#7
#7
Hi SS
Are you going to post your technical reading/findings here on daily basis
 
S

smartshahezad

Active Member
#8
#8
a1b1trader said:
Hi SS
Are you going to post your technical reading/findings here on daily basis
Click to expand...
Nice idea but not sure as of now.. I am following SH's Swing trading system and just keeping my eye on SH's 315.. I am testing the Impulse System and Dr. Alexander Elder's Triple Screen Trading methods for NF.. I started this thread for the finding i mentioned as i wanted to share that important thing and didnt know of the future but i dont mind to put up my studies and some things i find if it can be helpful.. I just think i am still amateur and dont wanna guide people in a wrong way.. But if i get support of some experienced member then it would be a great learning curve..
 
S

smartshahezad

Active Member
#9
#9
Daily MACD is at a 7th Month High telling us that BULLS are exceptionally strong and markets can get even higher.. Also SHORTING is not permitted at all in any situations.. Daily and Weekly Impulse is not allowing us to go SHORT.. Slope of MACD and MAs on both WEEKLY and DAILY charts is UP..


A good sentence by Dr. Alexander Elder, "I don't try to catch runaway trains and similarly I don't try to get on runaway trends."
 
a1b1trader

a1b1trader

Well-Known Member
#10
#10
smartshahezad said:
Nice idea but not sure as of now.. I am following SH's Swing trading system and just keeping my eye on SH's 315.. I am testing the Impulse System and Dr. Alexander Elder's Triple Screen Trading methods for NF.. I started this thread for the finding i mentioned as i wanted to share that important thing and didnt know of the future but i dont mind to put up my studies and some things i find if it can be helpful.. I just think i am still amateur and dont wanna guide people in a wrong way.. But if i get support of some experienced member then it would be a great learning curve..
Click to expand...
Hi SS
When you are following SH's Swing trading system and SH's 315, you can't be on wrong foot. Just put your studies and observations here on a daily basis and hope that these will be useful for all. I am sure that the readers here will surely discuss and filter out the wrong observations/studies sooner or later.
 
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