iCharts Discussions

SwingTrader · Posted: Thu Aug 18, 2011 12:02 pm Post subject:

BTW don't go long based on divergence without confirmation by price itself. Divergence is valid only on confirmation by price. At the moment the trend is down...a reversal may be possible only on confirmation by a break above a recent swing high. If S3 breaks we may see S4 quickly.

vinay28 · Black Belt Joined: 24 Dec 2010 Posts: 11748

Dear ST

You mentioned "close above". Is it not enough for it to cross above 5011.60 and S2 for intraday view?

SwingTrader · Posted: Thu Aug 18, 2011 12:04 pm Post subject:

guru.july · White Belt Joined: 13 Jul 2010 Posts: 82

It just demolished S3..

SwingTrader · Posted: Thu Aug 18, 2011 1:02 pm Post subject:

If NF breaks above 4997.45 (a short-term swing high) then we may test S2 (until S2 we have some resistance). If we manage to clear S2 we may quickly see S1 & BEAR where there is major resistance. Do note that if one takes a long trade above 4997.45 the SL is a bit far (below the recent low - 4967). Below 4967 and mainly S4 we have major trouble.

SwingTrader · Posted: Fri Aug 19, 2011 9:31 am Post subject:

NF at R3 which is an important level. If we are to reverse then it can be from here....so watch the price action here. If R3 does not stop the fall then obviously more down...

vinay28 · Black Belt Joined: 24 Dec 2010 Posts: 11748

R3 is 5018?

guru.july · White Belt Joined: 13 Jul 2010 Posts: 82

Should be S3...

guru.july · White Belt Joined: 13 Jul 2010 Posts: 82

Hi ST.. NF is between S2 and S3.. Please advice

SwingTrader · Posted: Fri Aug 19, 2011 9:44 am Post subject:

SwingTrader · Posted: Fri Aug 19, 2011 9:47 am Post subject:

Watch price action around S2...if NF clears S2 and goes above it then we may see BEAR-S1 range.

SwingTrader · Posted: Fri Aug 19, 2011 9:49 am Post subject:

A reversal down from S2 may take us below S3....Watch the price action around EMA 13 on 5 mins and S2....it will give clues to near term direction.

SwingTrader · Posted: Fri Aug 19, 2011 9:56 am Post subject:

The 9:50 bar high 4890.85 is a short-term swing high. If NF breaks above this and also clears EMA 13 we could see an up move soon. S1 would be the near-term target, later probably BEAR. BEAR-S1 will provide stiff resistance in case of any up move.