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