Nifty - Andrews pitchfork

[Kavima]

my latest charts for nifty...
4.11.10 hourly

11.11.10 hourly,
past 15 days has helped me get 560 points in 2 lots !!

15.11.10 hourly

I started a blog niftytradeswithpitchfork.blogspot.com to record my outlook and this is what i noted...
Nifty supported itself after falling through 6160 at 6060 levels at the green parallel line drawn parallel to the main median line from 5350.6060 was the 50 sma range also.The levels noted on 11.11.10 were held.
As the stoch indicator is falling , my view is the correction will continue till it reaches oversold levels.

Looking at the hourly chart,the price fell through the red pitchfork and was supported on the descending green pitchfork.This junction is the culmination of Warning line drawn from 5350.

Now if this point breaks expecting prices to move south to 5890 levels.This level is calculated with parallel sliding line ( distance 50 % of B- C range from point C).But the path whether it will be a sideways move or faster fall will have to wait and watch....
And it happened on Tuesday 16th!!

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[sujittalukder]

Really,very interesting.
Whats the view of NIFTY now?

 

[Kavima]

Nifty is indecisive...
The choppy action today is not very convincing to me to confirm the end of the down move.

Daily chart :Todays price low reached the 50 % range between Median line and lower median line This level- 5907 was very close to the 5887 level expected.The swing low can be confirmed only after tomorrows price move.The STS indicator is still heading down and not reached oversold levels.Till then down trend holds.

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60 min chart:
The price is still below the descending green pitchfork with resistance at 6025-6050 levels.
Drawing a blue minor pitchfork from previous wave pivot points,lot of up and down action near the median line is seen.

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15 min chartrices are contained within the recent minor pitchfork descending down.The 50 sma / 100 sma are overlayed to verify trend .On prices moving above MA's , resistance and support levels 6150 and 6050 will have to be used to close short trade and initiate long trades on breakout above 6150 levels.

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For 19.11.10 robability for reversal based on global cues will meet resistance at 6050 / 6150 levels.Will have to watch the action around these points.Will hold shorts till 6150 levels and go long above that range.

 

[Kavima]

pl see next post

 

[Kavima]

Nifty falling down further...
The day was quite choppy one as the prices moved up and down during the mid morning session..When prices moved upwards after reaching 5930 levels ( without going down to 5900 as expected) , it was a feeling of apprehension that shorts not closed earlier at lower levels during the day were still open and whether they would turn out to be losing trade.But holding on to the belief in the system, that till 6025 levels were cleared ,i stayed put....After 2 hrs from 12.30 - 2.30 prices hovered above the pitchfork line and looked like it was going to break out above....
And what a surprise! prices fell thro so fast in the last hour it zoomed thro my target levels...reconfirming my belief in the median line .
Two days of a great trade with 450 points in 4 lots.:clapping:
60 min chart-19.11.10

15 min chart:The prices stayed below the 50 sma and was a tough resistance.I keep drawing the mini median lines to judge whether they are breaking out.The red pitchfork was drawn to observe the prices moving in the upward direction.But the failure at the lower median line finally gave way to the great fall for today.The levels reached were the two parallel warning lines drawn with the 50 % range of the previous wave of the Pitchfork.Probability is very high that it can reach the 3rd parallel line at 5800 levels which correspond to our targets from the 60 min / daily charts.

Outlook for next week:
Can reach 5800 levels and make a reversal.Will head upwards to 6000 / 6150 levels.The previous wave support and resistance levels will be looked out for entering positions.
Weekly trend is down so it will be sell on rises.So short term long trades after daily chart stoch indicator turns up.

 

[sujittalukder]

Kavima, More update please!

 

[Kavima]

here are my charts of past two days.Not able to post my outlook in detail as tied up....
chk out my blog at niftytradeswithpitchfork

22.11.10 chart 15 min

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23.11.10 60 min

23.11.10 15 min chart

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[Kavima]

Nifty ending the downmove

Nifty met the resistance at 5950 levels yesterday at the red ascending pitchfork.Today moving up further could not pass thro 5960 levels and came down further to reach the Lower median line pierced thro and closed at 5851.Expecting the price to halt at 5775 levels and REVERSE.
This is the confluence of longterm median line support and lower median line of the major pitchfork being followed during this downtrend.Looking out to close all shorts in the morning hours of 25.11.10.
24.11.10 15 min chart

60 min chart show divergences in stoch and prices which is indicating strength and possible end of downmove.

Daily chart The stoch readings are oversold and ready to turn up.

Outlook:

Confirmation of upward prices and strong moves tommorrow will turn the short term trend up.
Strong global moves in world markets at the time of this post is a positive sign.
Looking forward to a great day tommorrow
visit my blog at niftytradeswithpitchfork blogspot com for your comments.

 

[vladimir1]

kavima thanks for the effort u r taking...i'm absolutely a newbie..totally different profession ..would please tell me from where i can start studying interpretation of these these charts

 

[Kavima]

hi vladimir

i have many links in my blog " niftytradeswithpitchfork dot blogspot dot com"for trading concept of median lines /pitchfork.Its a totally different approach ,more visual method / strategy for trading .I have been using it for the past year and really happy with the results!!