iCharts Discussions

[chetan83]

[casper]

hi rk

thanks and welcome

[vinay28]

Thanks once again casper. I have two questions

1. I have been hearing some experts talking about nifty going to 4000. Is it because they trust 61.8% retracement of the full move more than others or is it a given fact?
2. The fibo I had sent was 50,0, being a default. Why this default and how does it alter interpretation if we use different values?

Thanks also for your philosophical gospel. Encouraging.

[rrang438]

I greatly appreciate you casper, only few people are in the market to teach their knowledge to others. I strongly believe, you are one among with them... India will go upward directions in technology using experienced knowledge persons like you....

me too learner and looking last three years for finding or getting info from others... till now i did not reach them.. ( in my circle no one market, if i succeeded sure i will teach the secret to everyone to get rich and make rich India like USA

Here i would like to tell one thing which India has very valuable medicine like Ayurveda (Pachila marunthu ) which is very less now because lack of knowledge transfer

Keep good work! ..... Appreciated Again ~!!!

[casper]

hi vinay

lets see what is fib numbers actually....

its a series of number, discovered by leonardo fibonacci (not very sure... i may forget the name also)

he saw some numbers are just sum total of their previous two numbers, the series goes like following

0,1,1,2,3,5,8,13,21,34,55,89,........... up to infinity

pick up any two consecutive number and add up, u will have the 3rd number, and this series, when it was developed in medieval time created much hype but that was all.

then following the advancement in science it was noted that right from statistics up to modern genetics this series has a say in almost every thing, and specially when it comes about a population or mass behavior ( right from mortality rate and cell division up to reproduction and reproductive cells production) it works like a magic

that was not all, another surprise was waiting for researchers, when u divide most (other than 0,1,2.3) fib series number with its predecessor, u get a result of .615/.617 or some thing like that, where .61 is almost a constant entity


and that .61 or 61% is most strong level for any applied field of study .... thus it is known as "golden ratio" in fib
and it is also time tested in market , so no wonder peoples sought after it


and 50 % is not a fib level actually, it is just meridian of previous move, being meridian and getting noted by none other than W.D.Gann ( i really dont understand his and Elliott's theory) peoples prefer this 50 % too


now that was the theory part

let us see nifty long time chart again

see now we are not in a position to draw any oblique trend lines, we have , at the best a flat trend line around 4700 ( flat lines are more imp than oblique one, jut rem it for now, i will explain why, if needed)

but we have a huge gap, the great famous "election gap" gaps are known to provide great support/ resistance and the gaps level is coinciding with 61% the golden ratio

i guess that's why every one is taking it very seriously and expecting it to be the hardest support available

[casper]

[ramamoorthi]

verunocci annae vanakkam.....

nifty monday and weekly levels explain.....

[vinay28]

Thanks Casper once again. I knew about fibo the guy and the background history behind those numbers and that his numbers apply a great to all aspects of nature and the markets but not how they were used. Good learning

[rk_a2003]

Nifty opened with a Gap down and mostly trading flat till this time.

Now If the margin selling takes place it may nosedive any time to recover later.

RK

[casper]

hi rk, vinay and all

as i told u to see in real time what happens, i still dont know what u did, but here i am showing u what i did and finished just now

chart number 55 shows us a + div, there is a possibility of upmove and a long can be initiated with a sl at days low- 5 nifty points

chart number 56 (vinay its for u, otherwise i dont use fib extensively, it was purposely done to show u fib's use)

we took a retracement study from friday's top point to days lower point so far and checked the fib levels of resistance

by this, we could find presence of resi around 5095, so we can take it as our target of long (it may or may not go beyond this, but given general bearish atmosphere, we should be careful)

so as we expected, div worked out and price faced resi at 5097 making a high and immediately came down, i could not book there

then again, price rose, after taking support at the tl we hv drawn and made a high around 5092.... i went out, now typing this and seeing nf running a lil higher, but im happy wid what i cud make

if u guys are intra players and did some thing like this then a big "thumbs up" other wise.... well we will see it next time and on that time we will b better prepared to face it!



and if any one is long, they can watch out for 34 ema in 5 tf which is around 5102 nf, if we clear it then no prbs, otherwise, we should exit longs there

[vinay28]

Hi Casper

I was looking at the chart and felt like buying 5300 call when NF was around 5070. I bought it at 44.76 and sold at 50.30 when NF was around 5105. Lucky me!

[rk_a2003]

Hi Casper!

Thanks for that.
I prefered to stay away. I did not trade today.
Even away from terminal and net from past 1 1/2 hour.

Thanks &Regards
RK

[casper]

hi all

i am convinced that nifty fut was feeling heavy under my weight (!!!), the moment i descended it went up

ok, such thing happens and will happen, cant get them all




looks like nf darling is planning to offer us another ride. here we go,

rk

when u r otherswise free but dont want to risk, then take paper trade at lest, it will enrich u

vinay
congrat!

[casper]

ok, enough of nf business for me

now no more nf for rest of the day, i will watch movie now

it had a - div along wid a inv hammer candle ... so shorted and booked

if it comes down any more..... let it come down, but i am again happy wid what i got

vinay, rk and any other who is looking or may look,

just notice how this time we have took the earlier long move as main trend and how got fib level of it (chart no 58 ) (ignore the fib of chart number 57 plz)

[vinay28]

Thanks casper. But what is the verticle line? Is it just to cut a big (long) chart into a small one? Also, how did you draw fibo for 6th (5th) aug chart?