Charts for the Day

Dear manoj,

Thanks for added confirmation from your studies. The other day i was telling a1b1trader you guys are doing a excellent analysis on the wolfe wave thread running. Keep it up. I am a regular visitor there.
Continue your good work.
I am yet to work on targets. will post it once finalised.

Hi Friends,

Going out of station. Will join on Wednesday.
Trade light. As market may give some cooling off.
On monthly resistance at 6036 / 6085-90
Support at 5920 / 5840

hi sir,
should we wait for a higher pivot low to be formed, before entering?

Titan Double TOP!!!

Anil

I am really liked the images that you've created with metastock. I did not know MS could create such charts. Were all that arrows, lines manually in photoshop or something or were they thru some custom EA of metastock?

Some text explanation would have been ideal

hi prst,

I generally dont wait for higher pivot to formed, if the support is on higher timeframe proven and tested, also there is a momentum divergence appealing, and you can go long with few favourite bars of yours. Search on the net like trading on pin bars. You will get how to enter and exit, set your stoploss.

You can also enter on lower timeframe like with hourly charts. As price action is more demanding and if its a turn on daily, i am sure it will be shown on hourly too early with engulfing bars or bullish bars.

I am having my archives of some good reading, while going on last friday, i am trying to get on it. You may have heard it, its a 3 day high low method. Its a good study just go through it. It can be used for position initiation or changing price action reversals.

Dear mastermind,

charts are from metastock, but the colouring part is done through any imaging software. Thanks for appreciation, yes indeed i need to add more text explanation of charts.

Thanks

Hi Friends,

Levels still valid this week. Markets did act on those levels. The more it holds of 6036 zone, it may inch higher and higher.

A closing for a day or two above this zone is highly bullish.
Need to see how it reacts closer to 6085-90 zone.
Momentum still up on daily, but short term felling fatigue, so a correction is in offing, a time correction is a stronger one.
The concern point of rally was, very few stocks participation, will put rally on doubt.

First sign of weakness on intraday is, below 6050. On positional front first sign of weakness is hourly closing below 6036 zone.

The falling pattern looking like a falling wedge, if its a FW, its yet to complete.
Anyway, The second fall is a loosing strength watch ADX, also MACD challenge with loosing downtrend strength.

Appearance of lower tail bars started to appear, a sign of halt or reversal nearby.

Whats the strategy..??

Closing wise weekly closing not good. Any attempt to catch bottom here is purely on price action and momentum divergence playout.
On daily strength will come if closes above 71.
Stock trading below 200 sma, and any long will be of bounce nature only.


Ideal downtrend arrest level as per lower trendline if extends comes to 62-63. so Any longs there will have stoploss 60-61 on closing basis.

Oops stock is a IDBI bank.

Hourly chart showing loosing momentum sign, a caution for longs here. Have a tight stoploss. First sign of weakness below 6045.
Below 6035-30 it can correct till 6000 / 5970 levels.