Do you have a market for me to forecast?

4xpipcounter

Well-Known Member
#31
Nifty



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The accompanied chart is a brief summary of what was already forecasted and what happened today. I mentioned the strong R, in using the analogy of walking in snow as opposed to dry land.I said this week's peak might be the WR2 at 5493.
A look at the chart shows how price action wanted to take off but all that R was in the way.
The nice thing is the cloud has been touched and even slightly penetrated. Today's peak was 5494, one point above my WR2. Because of that strong move, it produced some high volatility. Anytime that, in this case WR2 is hit without a correction at WR1, that is what I call a continuation pattern, and invariably, there is a move back to the WR1. Also the cloud was hit for the first time, so it is also strong R. The tenken and kijun are also strong R, as we are still awaiting the close above it.
I did say the WR2 would act as possible containment for this market this week. With it being hit the first day and with the weekly cloud acting as strong support, there is now some conjecture. We need a close for the week above 5272 in order for the interim bullish bias to remain. It will help to further confirm the bias by getting a close on this chart above 5377, which is the tenken, and then the cloud, currently at 5450. From there, it should be a strong move towards 5687, and the suspense is over.
A further downside move towards the WS1 at 5236 cannot be ruled out.
 

4xpipcounter

Well-Known Member
#32
Leo, if I understand you right, then you are saying that because of the MT4, I need to add 5 points to my S&R's.
If that is the proper understanding of your comment, then let me 100% dispel that notion.
My S&R's are not built around nor derived form someone's canned formula or chart view. My S&R's are derived solely from a proprietary formula that also measures a trend's range, and the interactions within that range.
Also, today's action identifies the accuracy of my S&R's as the peak was 5494, and my WR2 was 5493
Please feel free to correct me if I misunderstood you.



Hi 4xpipcounter:

Good to know that you are from Ohio. I lived in Toledo, Ohio, for a year.

Just wanted to let the members know that since he is using Metatrader, you need to add 5 points to the value that is given here. Example if WR is 5494, it is actually 5494+5 = 5499. Just to avoid confusion, let him give his chart value and we can add 5 points...

Thanks for your analysis.:thumb:
 
#33
Hi again:

"Also, today's action identifies the accuracy of my S&R's as the peak was 5494, and my WR2 was 5493. Please feel free to correct me if I misunderstood you."

Today's actual high from nseindia.com website of Nifty futures is 5498.9 (5494+5 = 5499). This 5 points has nothing to do with your S/R.

There are two things to be noted when we are using MT4 for nifty futures. The price shown in MT4 is 5 points off from the actual nifty fut points (5494 in MT4, actual nifty fut price is 5499). I don't know why the difference of 5 points is, but there is a difference. Probably this has to do with the bid/ask and bid is plotted rather than LTP, not sure though. Second point is it doesn't show the decimal points 5498.9 is considered as 5499 (corrected to the nearest decimal point) by MT4 and hence you have 5494 in MT4 chart.

Again, just to avoid confusion, it will be better for the users to add 5 points to your weekly/monthly values, rather than me confusing you.
 

4xpipcounter

Well-Known Member
#34
Then, why did my trade close at the 5493 level on my demo?


Hi again:

"Also, today's action identifies the accuracy of my S&R's as the peak was 5494, and my WR2 was 5493. Please feel free to correct me if I misunderstood you."

Today's actual high from nseindia.com website of Nifty futures is 5498.9 (5494+5 = 5499). This 5 points has nothing to do with your S/R.

There are two things to be noted when we are using MT4 for nifty futures. The price shown in MT4 is 5 points off from the actual nifty fut points (5494 in MT4, actual nifty fut price is 5499). I don't know why the difference of 5 points is, but there is a difference. Probably this has to do with the bid/ask and bid is plotted rather than LTP, not sure though. Second point is it doesn't show the decimal points 5498.9 is considered as 5499 (corrected to the nearest decimal point) by MT4 and hence you have 5494 in MT4 chart.

Again, just to avoid confusion, it will be better for the users to add 5 points to your weekly/monthly values, rather than me confusing you.
 

4xpipcounter

Well-Known Member
#36
My high is what it is, as can also be confirmed on the Nifty intraday thread, as some of the people had marveled at the astonishing accuracy of my S&R's. That rate, 5494, is also confirmed on another demo of mine.
You cannot jump to conclusions like this and take up a lot of time with idle rhetoric, when all the facts are present. If your broker is giving 5498 blah blah blah, then have him check his feeder. Ask him why everyone else, except you, got a peak of 5494.

Now, let me respectfully summarize for the benefits of the followers of this thread, as I, in no way want my S&R's tarnished.
There is no need to tinker with my S&R's. Plot them on your personal platform, demo or live, and then see them for yourself. This puts action rather than rhetoric behind them.

Leo, let me say another thing. I'm almost certain you did not initiate a trade at 5493, or 5498, nor were you in a long and your TP was at 5493 or 5498. If that was the case, and let's say your long had a TP at 5493 rather than 5498, would you not have still been a very happy camper? Let's say you initiated a short trade based on my 5493. It wold have backed up on you 5 points, then had a strong move DOWN. Again, would you not have been real happy with that trade?

Bottom line, if the problem at your end is continuous, then check the feeder.






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NSE INdia website chart



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MT4 high in my chart is 5494; nifty futures high is 5498.9; not sure how you have 5493 as high...
 
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4xpipcounter

Well-Known Member
#38


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I just wanted to post my chart that shows the peak was 5494, with my WR2 plotted on here at 5493.

I'll stand corrected on whatever the Indian rates say this is supposed to be. That is not my line of expertise, just viewing charts and using indicators to make my forecasts.

Thanks for your concern, Leo. Even though I'm still in the dark about whatever it is, your effort is appreciated.
 

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