iCharts Discussions

[SyndicateTrader]

Hi all,

I would like to post my trades of Nifty here. I only use price action as my basis of my analysis.. 'I want to be on winning side' this is the foundation of my theory.. I dont give Targets but I use trailing stoplosses for my exits.. I only trust on previous supports and resistances to trade.. no indicators...

Below listed are some of my recent trades for your reference..

27th Oct 10: opened short postion on opening below imp support level of 6095-6070. S/L 6096.

28th Oct 10: Resistance levels for the day 6052-6078 S/L 6079.

29th Oct 10: Resistance levels for the day 6010-6042 S/L 6044.
In the second half of the day maket witnessed a steep rally from the pivotal support of 5933 to our resistance zone.. hence exited short position at 6014 and gone long with S/L 5984.

1st Nov 10: Market openedgap up well above imp resistance zone of 6059-6074. After seeing the opening S/L revisedto 6044.

2nd Nov 10: Support zone for the day 6111-6078. S/L for the day 6070.

3rd Nov 10: Support zone for the day 6117-6100. S/L 6090.
Another gap up day... above imp resistance zone of 6130-6150.

4th Nov 10: Support zone for the day 6151-6130. S/L 6127.

Happy & Prosporus Diwali to all...

Regards,
Syndicate Trader.

[drsureshbs]

Syndicate Trader ,can u pl tell how these levels r arrived at

Thank you

[SyndicateTrader]

Sure drsureshbs,

If you see 6151 was previous Swing high which was made on 25th Oct 10. And if you see high for 2nd Nov was 6138, and that of 1st Nov was 6132,Also yesterdays low was 6146 Yesterdays opening was 6150.6. from all this points we get a zone of 6130 on lower side and 6151 on higher side.


Regards,
Syndicate Trader

[SyndicateTrader]

Hi all,

Another gap up High range high volume day...Support levels are now moved to 6203-6179.. Now if you analyse supports are nearly 100 points away from todays closing, the reason for this is market is witnessing too steep movement hence we should give some space for consolidation or cool off..

Caution: Some times important market tops takes place in a similar fashion, the way market has rallied in past few trading sessions. ( Buying climax) Now no one can think of shorting this market.. I also dont have that much guts.. But I will closely monitor the price action in coming trading sessions...

Happy Trading...
Regards,
Syndicate Trader

[drsureshbs]

Thanks SYNDICATE TRADER.I Will come back to u after trying to under stand it.It will b nice of u if u present it with couple of charts

[SyndicateTrader]

Dear drsureshbs,

Please find below charts attached for better understanding.
And yes you are right a "Picture speaks more than thousand words.."

Daily and weekly charts along with analytical comments..

Regards,
Syndicate Trader

[SyndicateTrader]

Hi All,

Happy Muhurat Trading...

Today market closed above previous Pivot high of 6284.
So now our support zone for monday will be 6280-6250. My stop loss will be closing below 6250..

I will post weekly analysis soon... Watch out for this space...

Regards,
Syndicate Trader.

[leo15175]

Its classical of All TA ,who buy on top and short at bottom.
Avoid such dumb trades if you want to make money in market.

[SyndicateTrader]

Thanks for your suggestion leo15175.

Now we go ahead with weekly support levels.

The support for recent uptrend is around 6220-6205 levels on weekly basis, below which we can expect 6100 and 5996.

Explanation for support levels..
6220: The next pivot high after 6284 is 6223 on weekly charts.

6205: The 50% retracement of previous week ( middle of the big green candle) comes around 6210. Hence it seems to be good support around 6220-6205. If market breaks this level it can test opening of previous week which is 6085. and below which directly to the imp support zone of 6000-5950. On upside enjoy profits....


Regards,
Syndicate Trader

[nonchalant zooid]

nice thread,detailed explanations,thanks

[SyndicateTrader]

Thanks for your post sudaya3,

Many times while explaining to others your own concept gets clear..

"Gyan Batne se bhadata hai"...

Regards,
Syndicate Trader

[SyndicateTrader]

Today market took a breather... it has not broken our support level for today which was 6280-6250. For tomorrow if Market opens and trade below 6290 I would like to exit my long position which was taken at 6014. If market breaks 6250 I may go short with S/L 6290 and Target of 6200-6180. Dont go aggressively short, go short 50% of your capacity.. it means if you have margin for 2 lots short only one lot..

For upside market should decisively cross 6320 and CLOSE above it..


Happy Trading

Regards,
Syndicate Trader

[ridinghood]

thnx for ur update

regs


ridinghood

[casper]

nice observation syndicate trader.

[newinvestor]