iCharts Discussions

[rk_a2003]

Yes!as per chart it appears Nifty may head for a relief rally next week.Doji formation supports that and friday US markets too seconding it.
Let us see what Global markets do on Monday.

Good shot Casper & Vinay

[vinay28]

Many thanks Casper. I was observing the nifty chart for one year period and found this trendline. I will be all the more happy if market goes up, not only because I have investments but also because of some satisfaction that I am on the right track.

Clearly I did not understand your chart much but what I really want to know is why you did not draw a line that joins lows of end Nov, end May and last friday (or thursday)? Or is it that you did and thought it needed a change?

[vinay28]

I am sorry casper. I mean end june and not may.

[casper]

ok

seen it , but that tl will not be very stronger one

but still , now we have two tls, and one shock in form of sbin result

if some how we manage to stay afloat on tues day over sbin news [its a heavyweight] then may be we will make a pull back from here. let see what happens on tues day

[casper]

another holiday, its a longggggg weekend, lets party, what else???

[singh.ravee]

Casper bhai, hello

as far as my limited knowledge goes, the lower tl in this chart is incorrect.

thanks and regards

ravee

[casper]

[singh.ravee]

Casper Bhai,
acc to my ltd knowledge a trendline passes through two or more pivot points. in this case only one pivot point is there.
i have tried to mark 2 more pivot points on chart.
thanks and regards
ravee

[casper]

[casper]

hi brother rk

plz see the attached charts, jcharts 1 is 60 min, 2 is weekly and 3 is monthly version, i lack eod, that u posted already



lets start from weekly, see a smaller head and shoulder was developed and eventually broken down, its target can be aprx 1200, (head at 1800 some thing and neck line is at 1500 some thing so target is 1800-1500=300pts, so target price= 1500-300=1200aprx) h/s does not act so good when they form in lower side, in fact it should be at top to be called a true h/s by definition, so we can discount this version too

but bad news is in monthly we see even bigger h/s,that too,on top, so its a live bomb!
here top is at 2200 and neck line is around 1475...say 1500 so below 1500 we have a 700pts downfall at least in theory..... got it?

now these are longer tf charts, it shows down fall and we all know it was falling already, so its nothing new..... a newer thing will be an up move from here,means a total change of trend

if it ever happens then that will be shown in lesser tfs first
so lets see in 60 min for a faster up move

as i mentioned to u already, any upmove will come if there is a divergence in rsi..... almost every time it happens, so lets check for rsi divergence in 60 min

in 60 min price made a low of 1348 and rsi was OS, now next low was 1355, so no lower low has formed yet

thats why i want to see another low below 1348 and then will check rsi for + div, if it comes i hope what u posted will become true

[rk_a2003]

Thank you so much casper!

You not only answered my question ?! Handed over me a Methodology.It's so precious for me.

Thanks a lot.

RK

[casper]

welcome brother

whenever u take a trade in higher tf, such as eod/weekly, always look for divergence in rsi in smaller tfs like 5 ore 60 min


a 5 min div can give u one day long move, which we normally say "unexplained(!!!!) spike within a longer trend"

a 60 min div can go for several days, making them ideal for btst like approach

whereas an eod div or higher tf div means continuing trend is over!!!

[rk_a2003]

Casper!

Please find attached Nifty Futures Chart on 10 minute time frame.I request your comments from TA point of view.

There are 14 consecutive green candles which started around 1 p.m and lasted till the end.what does it indicate.( Is it short covering? ).

I keep on watching for the formation of possible -WW in LTF'S but invain. After watching this 10 minute TF I came to know that there is a continuous and comprehensive demand which sucked out all the supply thus no question of ww formation.

Regards
RK

[casper]

hi brother


first of all, sorry for a late reply, i saw ur post almost when u posted but was very busy

i thought to reply u in details, but it seems that i might remain busy a lil more

so i am pointing out some features


1. presently i have no access to real time stock/index fut chart, so i cant say for sure that it was real buying or a short covering buy, as OI should be seen before taking a call in this regard


2.for me, the reason of this move was the following two charts

one is real time 60 min chart which gives a target around 5150, which coincidentally the monthly pivot or associated level, (which level exactly that i forgot )


and another chart is eod chart of nifty spot, it shows a divergence in rsi which, i think fueled the upmove and hopefully will take us to 5200 spot

reason of targeting 5200 is

1st.... its a sort of double bottom resistance, which, if cleared, will take us up to 5800-5900

2nd....the presence of gap, which should provide strongest resistance and a fresh chance of sell off from this level, by big shots can not be ruled out


now finally i would say....... well i must admit that i am in deep love with RSI ...... and thats why i believe, RSI tells every thing first, now going by this idea, i would say the major portion of short covering by big boys already came around 4700 ...... thats why RSI created a div thr and now what we r watching, should be plainly fresh longs
(personal opinion )

[casper]

ps

wrote hurriedly, so if any point is missed or any more explanation is needed, plz feel free to point out