Charts for the Day

Although Nifty is down half a percent...Many stocks have been punished today...
Steel-Aluminium got hit...

Sail -8.69%
TataSteel -5.78%
hindalco -5.93%
VEDL -4.86%
NMDc -4.21%
HindZinc -4.16%

Next is Auto too got some hits on downside...

TATAMOTORS -6.80
TATAMTRDVR -6.32
CEATLTD -4.0
EXIDEIND -3.4
 

NANDAMAD

Well-Known Member
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
sir unable to follow without chart can you please educate with the help of chart? ofcourse at your leisure. I did not see any tool.
 
sir unable to follow without chart can you please educate with the help of chart? ofcourse at your leisure. I did not see any tool.




Dear Nandamad,

I had attached old charts above...Its nothing but similar like pivot levels, Camarilla levels...etc...

Here we take first 5min bars range project it up/down with 0.618 fibonacci ratio...I dont follow such method now...its just used to arrive at likely s/R levels...I tried to backtest it but didnt succeed...so cant verify the productivity of that method...

For your ref, i am posting below two charts, wherein i had shown calculations for today and in next chart , levels for past few days...