iCharts Discussions

SwingTrader · Posted: Thu Mar 10, 2011 9:00 am Post subject: Examples (March 2011)

Starting with yesterday's (09.02.2011) NF chart...

Please see the image attached. I have indicated key sup/res bands - BULL-R1 and BEAR-S1. On sideways days like yesterday the price usually reverses around these bands/areas. On trending days price cleanly breaks through these bands early in the day.

Yesterday price hit resistance in the BULL-R1 band immediately after market open and reversed down from there. Price then went below BEAR-S1 band and reversed from S2 (S2 was 5479 - not drawn on the chart). Around market open and then during the day whenever price is near these key bands I watch carefully for reversals or breakthrough beyond the bands.

Reversals around the bands

Now how you capture these reversals is up to you. One will have to test various indicators and stick to a combination. One idea is to just keep it simple and use a couple of moving averages and use their crossover as an indication of reversal. One can experiment with oscillators too but it is always tricky. I tend to rely on moving averages.

Breathroughs beyond the bands

Many times price consolidates once price moves beyond the bands which is a good entry point. If there is no consolidation, which indicates a strong breakout, one may have to enter and place a stop beyond an iCharts level below (or above for shorts). The decision here also depends on how mature the trend is - giving a mechanical rule is difficult in this case (like it was possible for reversals above). I will post examples of these in the near future to make things more clear - in few cases the decision is easy and in others it is difficult.

pinoo99 · White Belt Joined: 23 Apr 2009 Posts: 13

Dear ST: Thanx for the insights. Just a thought: can one trade based on the Slow D and Fast D indicators vide attached chart...please give your views on the pluses and minuses of using the Ds. Thanx n Regards

SwingTrader · Posted: Sat Mar 19, 2011 8:37 am Post subject:

Everybody....I will start posting regularly starting mid next week, I am tied up with some personal work until then.

krg · White Belt Joined: 10 Aug 2009 Posts: 13

ST sir
Happy to see u .. eagerly waiting 4 ur views

donatello

girishhu1 · White Belt Joined: 17 Aug 2009 Posts: 316

welcome back
waiting for your posts eagerly.
regards,
girish

nsinojia · Yellow Belt Joined: 21 Dec 2009 Posts: 624

SwingTrader · Posted: Thu Mar 24, 2011 9:31 am Post subject:

SwingTrader · Posted: Thu Mar 24, 2011 9:37 am Post subject:

NF is above the BULL-R1 area. Things are going to be bullish today until NF stays in or above this area.

seshareddy · White Belt Joined: 06 Jan 2009 Posts: 95

Happy to c here again ST

God blessings with you

seshareddy Very Happy

Arul Zen · White Belt Joined: 23 Jan 2008 Posts: 38

Rounds in sb or Raids in sb?? Very Happy

ST welcome back Cool

SwingTrader · Posted: Fri Mar 25, 2011 9:53 am Post subject:

SwingTrader · Posted: Fri Mar 25, 2011 9:55 am Post subject:

SwingTrader · Posted: Fri Mar 25, 2011 10:02 am Post subject:

NF - 25.03.2011

NF has opened and still is in the BULL-R1 band which is a key sup/res band. In and above this band I am bullish, below BULL I am bearish until BEAR-S1 band where there may be significant support.

rvg · White Belt Joined: 31 Oct 2006 Posts: 279

Dear ST.. Welcome back to routine work...

May the almighty bless you with a good health, wealth and prosperity..

deepakms · White Belt Joined: 13 Aug 2009 Posts: 194

Dear ST,

WELCOME BACK !
Pls keep posting and I think you had posted in the forum a few days back on starting a new topic on various settings to read charts.
I had requested in the same post to show in detail the chart used by you,meaning the settings and specific values like EMA (89 and 34).
Its been some since I have been using icharts but its always different to see what the expert uses.

So awaiting that new discussion............

Rgds
Deepak