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NF Trading Levels for 17.04.2009 |
SwingTrader
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Post: #1  Posted: Thu Apr 16, 2009 10:26 pm Post subject: NF Trading Levels for 17.04.2009 |
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NF Trading Levels for 17.04.2009
R5 3561.49
R4 3504.09
R3 3484.23
R2 3446.69
R1 3433.15
BULL 3411.22
LOC 3382.52
BEAR 3353.82
S1 3331.89
S2 3318.35
S3 3280.81
S4 3260.95
S5 3203.55
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Srikanth Kurdukar
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SwingTrader
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Joined: 11 Aug 2006
Posts: 2903
Location: Hyderabad, India
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| Post: #2 Posted: Fri Apr 17, 2009 4:01 pm Post subject: Followup |
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Below is today's NF chart marked with relevant levels
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Srikanth Kurdukar
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ravin_06
White Belt
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Posts: 31
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| Post: #3 Posted: Fri Apr 17, 2009 8:28 pm Post subject: NF Trading Levels for 17.04.2009 |
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Sir,
Todays NF Trading Levels ie 17.04.2009 .very nice.
Thanks.  [/b] |
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NORBE_1958
White Belt
Joined: 11 Feb 2009
Posts: 36
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| Post: #4 Posted: Fri Apr 17, 2009 10:59 pm Post subject: |
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Sir,
What is the method to use these lines is from the first 5minute bar -or+ filter to be used if so for Nifty which filter to be used . Secondly the SL
for each line |
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SwingTrader
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| Post: #5 Posted: Sun Apr 19, 2009 9:32 am Post subject: Re: NF Trading Levels for 17.04.2009 |
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| ravin_06 wrote: | Sir,
Todays NF Trading Levels ie 17.04.2009 .very nice.
Thanks. |
Thanks.
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Srikanth Kurdukar
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SwingTrader
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Joined: 11 Aug 2006
Posts: 2903
Location: Hyderabad, India
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| Post: #6 Posted: Sun Apr 19, 2009 9:47 am Post subject: |
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| NORBE_1958 wrote: | Sir,
What is the method to use these lines is from the first 5minute bar -or+ filter to be used if so for Nifty which filter to be used . Secondly the SL
for each line |
Please go through the guidelines I have given for my levels, they are available in this forum. Look for "How to use the trading levels" topic. I will be elaborating much more in that same topic soon.
Basically after the market open, you will have to wait for the 1st 5 mins bar to complete and then see if the price is encountering support or resistance at a certain level and then trade based on that. In some cases one will have to wait for 2 or 3 more 5 min bars to complete to come to a better conclusion of the level at which sup/res is being encountered. I do not have mechanical trading rules for this market opening trade. I have mentioned in the trading guidelines that this trade is for experienced users only. The reason for this is that there is some judgement required to do this trade and that comes from experience of watching and trading these levels within minutes after market open. But do note that this trade when mastered is rewarding.
As far as stop loss levels are concerned the best stop loss is going to be beyond two levels. I mean, if price breaks above R2 then the ideal stop loss would be beyond R1. The minimum it has to be us beyond the midpoint of R2 and R1. As levels break (close above a certain level), stops have to be moved as mentioned in the guidelines. Do note that during sideways moves this method stops you out with minor profit/loss. This trading method is designed to capture major moves so obviously sideways moves would create few scratch trades (minor profit/loss).
Most importantly, these levels are excellent profit taking opportunities. As levels are achieved/hit in the direction of your trade one can lighten the positions (if trading multiple lots) and stops can be moved in the direction of the trade beyond a level.
There are quite a few things about these levels that I have not been able to put in the guidelines, I plan to add it to the guidelines soon.
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