Simple 28M high/low Band

M

manish01

Member
#1
#1
Hello, have been tracking Nifty for a while with 28 minute averages plotted using high's and low's, the resulting averages look like a band and have been effective for Intraday trades



The upper band (28m high) acts as a resistance whereas the lower one (28minute low) acts as a support level



Your views .. :)
 
K

krishan prakash saxena

Well-Known Member
#2
#2
manish01 said:
Hello, have been tracking Nifty for a while with 28 minute averages plotted using high's and low's, the resulting averages look like a band and have been effective for Intraday trades



The upper band (28m high) acts as a resistance whereas the lower one (28minute low) acts as a support level



Your views .. :)
Click to expand...
Please provide some examples to comment.
 
M

manish01

Member
#3
#3
As viewed in the attached chart, Nifty was struggling to cross its upper average (28 high) and was trading in a narrow range (between 28 minute high and low), A breakout from either of these can be considered for long/short position

Gives good results when used with RSI

 
R

rkkarnani

Well-Known Member
#4
#4
Just before 11:02 it seemed to have broken out on the long side.
Between 11:02 and 11:32 it seems to have broken southwards.
Between 11:32 and 12:02 it seems to have broken out towards Long again.
After 12:02 it gave a breakout on the downside and gave HUGE profit!!

Just what I see in the chart, very difficult to understand fully without having the actual chart and not just the Image.

Do post the rules of trading , in case you are trading it and also your results with this strategy.
Thanks for sharing!!
 
G

gacsekar

Member
#5
#5
manish01 said:
As viewed in the attached chart, Nifty was struggling to cross its upper average (28 high) and was trading in a narrow range (between 28 minute high and low), A breakout from either of these can be considered for long/short position

Gives good results when used with RSI

Click to expand...
Is it 28EMI, 28SMA, or other ? Please Clarify..
This looks Promising.
gacsekar
 
M

manish01

Member
#6
#6
rkkarnani said:
Just before 11:02 it seemed to have broken out on the long side.
Between 11:02 and 11:32 it seems to have broken southwards.
Between 11:32 and 12:02 it seems to have broken out towards Long again.
After 12:02 it gave a breakout on the downside and gave HUGE profit!!

Just what I see in the chart, very difficult to understand fully without having the actual chart and not just the Image.

Do post the rules of trading , in case you are trading it and also your results with this strategy.
Thanks for sharing!!
Click to expand...
Hello, I have made a few trades, tough this system looks simple its effective.

While going short, you may keep a sl at the 28 M (high) moving average, if it manages to give a close above the 28 M (high), exit from your short. The same applies to long (wherein you keep a Sl at 28 M (low).

Also, one should keep in mind the Intraday resistance and support levels (as you mentioned that I might result into flat trades)

Nifty Today faced a Intraday resistance at 5540-50, support around 5530-20

You can track the live chart at http://chartink.com/realtime/nifty.html



Hope this helps for day traders
 
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