iCharts Discussions

[SwingTrader]

NF Trading Levels for 29.04.2009

R5 3636.00
R4 3551.77
R3 3522.63
R2 3467.54
R1 3447.67
BULL 3415.49
LOC 3373.38
BEAR 3331.26
S1 3299.08
S2 3279.21
S3 3224.12
S4 3194.98
S5 3110.75

[SwingTrader]

Today's NF Chart (5 min) with relevant levels attached

[ravin_06]

[b]Sir,
Today i trade as SHORT as on bar to bar below, plz guide me if i am wrong in the trading.
1) @ 10.25 bar H- 3420.00,CL- 3417.15.Above-BULL
2) @ 10.30 bar H- 3417.90 CL- 3414.20.Below-BULL
3) @ 10.35 bar H- 3423.00 CL- 3418.50 Above-BULL
4) @ 10.40 bar H- 3418.35 CL- 3407.65 Below-BULL
5) @ 10.45 bar H- 3414.00 CL- 3411.00 Below-BULL
6) @ 10.50 bar H- 3412.80 CL- 3411.40 Below-BULL
7) @ 10.55 bar H- 3414.30 CL- 3411.90 Below-BULL

Above all are 5 min bar, bar 1&3 above BULL ,bar 4 5 6 7 Allare below BULL. I shorted NIFTY FUTURE @ bar 6 ie 10.50 bar @ RS-3411.85, With SL R1 3447.80.
Due to F&O expiry did not take LONG above R 1.

Is my SHORT trade was wrong ?

Awaiting your kind reply.

Thanking you.

[/

[gunaicf]

Hi srikanth i am watching ur nifty trading lvls past 3 days. Really ur lvls for nifty future is amazing . Your way of explanation to apply the lvl for trading is really superb. Everybody calculates somany lvls but ur way of apply the lvls is very useful to all traders . Bcoz if one trader uses once lvls he can enter only at some point say bullish r bearish .Whereas with ur lvls one can enter at any point on the trading day.Also the sl is very near if the trend turns aginst the trader.

[gunaicf]

Hi ravin_06
Yes ur short trade was wrong on 29.04.2009 swing trader nifty levels as per 5 mts chart it turned at 10.10 bar you shd go long at 3400. sl as per sw level was LOC r between LOC and BEAR After it crossed the BULL and close above BULL u shd change the SL to LOC r between LOC and BULL . And after it crossed the R1 u move the SL to BULL r between BULL and R1. one important thing to note is DONT MODIFY THE SL UNLESS NIFTY CROSSED AND CLOSE ABOVE NEXT LEVL

[SwingTrader]

ravin_06,

I think your confusion is because I probably have not explained the usage of levels very clearly. These next few days I will post more guidelines and probably a simple strategy to use the levels more efficiently.

Please ready my most recent post in the "How to use the levels" topic. I have talked there about identifying the "Key Level" immediately after market opens. For 29.04.2009 the key level was BULL because market hit there FIRST after market open. A key level means that your bias towards the market must change once the price crosses (closes) on either side of this level. If price closes above this level then you should be bullish (whether there is an expiry or not it does not matter) and when the price closes below this level you should be bearish. This concept is extremely important.

BULL turned a key level when price hit it on the 10:25 bar and it turned out to be a resistance on 10:40 bar. After this your bias should have been defined by whatever was happening with respect to the BULL level. After some sideways movement (close above and below BULL level) the bias shifted completely bullish after around 11:35, the bias did not turn bearish for the rest of the day after that. There were few other things I was looking at that I will clarify by posting few other guidelines with examples later this weekend.

There was no reason at all to be short on 10:25 bar. You have a valid short at 10:40 bar (two closes below BULL after a previous close above bull) but by 11:40 when there were two consecutive closes above bull it was a clear long signal. There were no short signals after that for the rest of the day.

Anyway, I will bring some more clarity to the usage of these levels by posting more info this weekend. So watchout for my forum post soon.

[SwingTrader]

[kishy99]

You said that for 29.04.2009 the key level was BULL because market hit support there FIRST after market open. Looking at the charts it seems like market had resistance at this level initially. I am a bit confused. Please correct me if i am wrong

[ravin_06]

[SwingTrader]

[rajeev_ranjan1974]

Hello Sir,
I was watching ur levels given but could not get what is loc. I have calculated pivot which comes to 3395. is it about pivot system or something else. please explain sir because it is not matching my levels.
it would be very kind of you to explain the same in details.
Thanks in advance.
Raj

[tripathi_manu]

ST Sir,
1) Please consider to post weekly and monthly levels too.
2) Kindly explain in detail with examples to use your levels for intraday and swing trading.
3) How to decide the exit point of the trade?
Regards.

Manu Tripathi

[rajurai]

[ *** LEVELS REMOVED *** ]

MESSAGE FROM ADMIN:

YOUR LEVELS HAVE BEEN REMOVED. PLEASE DO NOT POST YOUR LEVELS HERE. PLEASE CREATE A NEW TOPIC UNDER "Market Direction" or "Futures & Options" or WHEREEVER YOU WISH AND POST YOUR LEVELS THERE. --Admin

[GAJRAJ]

This forum may please be reserverd for ST Sir only others should not post there level at this place and confuse , they can do so at other forums like nifty directions etc , here we can discuss our doubts with ST insted of showing our knowledge.