Diary of a 315 Trader
- Thread starter trade4putuval
- Start date
- Tags fibo levels ichimoku smc swing trade
Fibonacci Levels
Sorry for the delay. I was busy at work and I do not have access to traderji at office.
It is not tried and tested, but I sometimes use this technique to see where this price goes.
For your question on how I started at 2281, that is the nearest deep correction that has happened in nifty on its trend upward.
For your question on how I arrived at 8169, I use the Fibonacci tool and drag the tool where the levels are closely considering all the consolidation candles. If you notice when I consider one consolidation level at 4850, the other level got automatically adjusted at 6920. So I stopped dragging and the last level I see at 100% is 8169.
Sorry for the delay. I was busy at work and I do not have access to traderji at office.
It is not tried and tested, but I sometimes use this technique to see where this price goes.
For your question on how I started at 2281, that is the nearest deep correction that has happened in nifty on its trend upward.
For your question on how I arrived at 8169, I use the Fibonacci tool and drag the tool where the levels are closely considering all the consolidation candles. If you notice when I consider one consolidation level at 4850, the other level got automatically adjusted at 6920. So I stopped dragging and the last level I see at 100% is 8169.
Re: Fibonacci Levels
You may be right.
What I am trying to find out, is where the price can go at the most. The levels that you have shown has already been achieved.
I am not using exact Fibonacci series. I am trying to use Fibonacci to suit an alternate way of finding the destination of this bullish trend at the moment by setting the levels as shown in my graph. If at all the price reaches this level, I will short at this level.
As I said already, it has not been back tested. This is only my view.
just by aliening swing high of 5920 to 61.8% it declares that you believe that 61.8% the magical ration work as stronger res than 80% of fib 
any way, according to me this is correct interpretation of your idea! please see....
any way, according to me this is correct interpretation of your idea! please see....
You may be right.
What I am trying to find out, is where the price can go at the most. The levels that you have shown has already been achieved.
I am not using exact Fibonacci series. I am trying to use Fibonacci to suit an alternate way of finding the destination of this bullish trend at the moment by setting the levels as shown in my graph. If at all the price reaches this level, I will short at this level.
As I said already, it has not been back tested. This is only my view.
Pnb
Time to look out for stocks that can give decent gains in the short run.
PNB has run its course downside, and yesterday's daily candle became a long candle that broke swing low. So target is next swing low, 110. But it does not necessarily mean that it should touch swing low because if it touch or break the next swing low with a big candle, we will have to go again for the next swing low which is further down.
Look at the weekly candle.
Weekly Fibo levels have been marked and red candles shows consolidation along the levels. Fibo level is shown at 118. So I drew a virtual red candle till the Fibo level after which it will target the ichimoku cloud top, 180, or at best (in current global situation) go till the cloud bottom, 148.5, which is still nearly 25%.
What is the stop loss for this trade? Looking at monthly, there is a big white candle that broke swing high. It is my view that the low of this candle will never be broken if it does not want to go down. So low of the candle is 107.5. We can treat 107 as SL.
Time to look out for stocks that can give decent gains in the short run.
PNB has run its course downside, and yesterday's daily candle became a long candle that broke swing low. So target is next swing low, 110. But it does not necessarily mean that it should touch swing low because if it touch or break the next swing low with a big candle, we will have to go again for the next swing low which is further down.
Look at the weekly candle.
Weekly Fibo levels have been marked and red candles shows consolidation along the levels. Fibo level is shown at 118. So I drew a virtual red candle till the Fibo level after which it will target the ichimoku cloud top, 180, or at best (in current global situation) go till the cloud bottom, 148.5, which is still nearly 25%.
What is the stop loss for this trade? Looking at monthly, there is a big white candle that broke swing high. It is my view that the low of this candle will never be broken if it does not want to go down. So low of the candle is 107.5. We can treat 107 as SL.
Lt
LT has taken a beating from the high of 1893.8 to make a low of 1519.95. Can this be a candidate for an upside of 150 points (considering the current global condition of course).
However, yesterday's candle broke the swing low and the target will be the next swing low which is near to 1450.2. But there is a fibo level at 1433. I would prefer that this not getting broken because that will then take LT to 950.
Lets look at the weekly candle.
Strategy would be to buy between 1450 and 1500 as close as possible to 1450 with 1430 as SL. Let's see.
LT has taken a beating from the high of 1893.8 to make a low of 1519.95. Can this be a candidate for an upside of 150 points (considering the current global condition of course).
However, yesterday's candle broke the swing low and the target will be the next swing low which is near to 1450.2. But there is a fibo level at 1433. I would prefer that this not getting broken because that will then take LT to 950.
Lets look at the weekly candle.
- 100 EMA: Last touched in October 2013. It can be judged from the speed of the down fall. Pity, I did not see this earlier or would have recommended a short at that time. This should act as the support for the bounce back. But...
- Fibo levels shows 1433, which I guess will be respected.
- But there is a swing low at 1450. If this gets broken, target will the next swing low, which is 1401. So i doubt if 1450 will be broken.
Strategy would be to buy between 1450 and 1500 as close as possible to 1450 with 1430 as SL. Let's see.
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