Charts for the Day

prst

Well-Known Member
#21


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  • It seems USD-INR marked short term top, and now a corrective leg is on, need to watch closer to 55 levels, although momentum indicators are saying a corrective action in progress, prices need to break 55 for greater confirmation
    Ideal first TGT should be 53.5-53 zone
    Watch ADX peaking out with +DMI divergence and -DMI also cleared above its recent peak with great length, so this are signs of retracing pattern(on chart it is wrongly shown plz spare me for this one)(REad chart as red is +DMI and green -DMI)
hi
i have a query about the uptrending trendlines as in the chart..
is it always a safe bet to buy when price touches the trendline?
 

kaly422000

Well-Known Member
#23


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  • It seems USD-INR marked short term top, and now a corrective leg is on, need to watch closer to 55 levels, although momentum indicators are saying a corrective action in progress, prices need to break 55 for greater confirmation
    Ideal first TGT should be 53.5-53 zone
    Watch ADX peaking out with +DMI divergence and -DMI also cleared above its recent peak with great length, so this are signs of retracing pattern(on chart it is wrongly shown plz spare me for this one)(REad chart as red is +DMI and green -DMI)
i saw metastock eod data vailable locally(from local venders) , where usd/inr chart is different with netdania
 

prst

Well-Known Member
#26
@PRST

Trendlines dont give the exact point of turning, its the region or some pattern coinciding with trendline touch will give better high probability trades...

pattern can be any a simple bar reversal or fibonacci zone or previous support-resistance zone...or a standard moving average number....
Thanks anil bhai..
it would give more weightage if the price is touching the trendline, and also its crossed above some 15EMA or 50EMA.
hope i am right.
 

anil_s_trivedi

Well-Known Member
#27


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  • Both of srips witnessing falling wedge pattern
    Pattern requires prior trend setup and it has been in downtrend
    The difficult part is lower lows getting formed, which implies downtrend, but in falling wedge shallowness of newer lows implies buyers coming in and supply lacking
    Ideal breakout pattern if volume supported
    sometimes, their is a pullback after a breakout,just to test falling upper trendline as support and then uptrend resumes
 

anil_s_trivedi

Well-Known Member
#28


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I wanted to post this chart yesterday itself at 2pm but unable to as my positions shifting taken a bit of time
Anyways reason for posting this chart is watch how gaps acts as support and if combined it with trendlines and moving averages it will be a golden trade sometimes

Now according to same gap theory resistance now for today at 4950 and 4990