iCharts Discussions

[shekharinvest]

Hi,

Charts for NF and Tatamotors are posted below.

Today NF went below 34 EMA and came back for rejection and hence gave a valid entry type -2 with SL 4908 and price went down until 4830-26 level it was good for intra. The position was in the profit so one can take overnite short positions also, but it is not advisable since downside pivot is still not taken out which at 4808, once it is taken out with momentum shorts will be confirmed and new short position can be created below 4808. Type -1 entry.

Tatamotors went below 34 EMA did not came up for rejection, hence who have taken aggresive short might be holding shorts as of now, here also pivot is below at 673, we need confirmation for swing shorts.


SHEKHAR

[Speculator]

Price action is still sandwiched between the pivots shown in blue arrows. We had a valid Type II rejection today for a good daytrade. Overnight we still have a gap-up risk as we continue to hold the upswing pivot at 4807. We broke the uptrend line from Jan 29 lows and closed below it. So the setup is slightly in favor of bears. Since the Type II shorts from today are in substantial profits, holding overnight for a Type I reversal tommorow is not a bad idea. But that's a call each trader needs to make, based on his objectives.

Good luck !
- Speculator

[shekharinvest]

Hi,


Not much was required to be done on Friday, except to book profits, at ones liking.

Trend is confirmed to be down. Wait till Monday on rejection from 34 ema one can initiate fresh shorts for intra and may carry overnite if it moves sufficiently in ones favour.

SHEKHAR

[shekharinvest]

Hi,


Charts of Banknifty -1m and Tatamotors-1m attached.

Latest Swing point to reverse on the upside for BNF is 8655 and for tatamotors is 724.


Charts have identical formations that is- both are just above the 34 EMA and indicators in the overbought position, we might get price rejection on the downside on Monday, thereby initiating the fresh short positions. Well, no guessing right now, only the price action on Monday should decide the action.

Trend is downward.


SHEKHAR

[sandew]

Shekhar and others,
Pls do check two things
1. Saturday trade was only 1.5 hours, so charts capturing this data will be misleading. Also, we have a preceding huge gap down whose data still needs to get factored in.
2. So, we go up the higher Time frame, 60 minutes and to usual rather than fast/lower settings. Here the RSI, CCI, STS, and W%R - none seems to be overbought still.
In end, i agree action is in the price on Monday. Correct my Gujarati "Bhav Bhagwan Che"
Else pls do keep posting nifty charts. Thank You.

[Speculator]

After rejection from 34 ema on Thursday, the prices were parked near the prior upswing pivot support. When prices are parked near important supports/resistances and the day session fails to take those same supports/resitances out, they typically take it out by a gap-down/gap-up. This is called Jump-the-creek in Wycoffian terms. That's precisely what happened on Friday. Current swing pivot remains at 4949 and we remain in a downtrend. Until we reverse this configuration, continue to short the rejections from 34 ema.

[sredhar]

Dear Shekar/ Speculator,

Will you please advise what are the selection and setting to get the charts that you have posted.
J charts premium if i use, displays only candles for 2-3 days and that too if you use daily option. If u use 15m chart, just a day is displayed.

Pls advise if we need to use J charts premium or J charts Plus Premium and what are the settings.

Your reply will be highly appreciated.

Regards

[shekharinvest]

[shekharinvest]

Hi,

Today nifty made a new low and 4761.15 became the new swing pivot to reverse for longs.

Later Nifty was able to move above 4761.15, and once the candle closed above it Long position was created with SL below the low of previous candle @ 4724, we saw increased momentum above the pivot and the Hrly was able to close above the pivot, this was enough confirmation to carry swing longs.

Tomorrow we might get a pullback to 34 EMA and price rejection to add/open new long position.

Tatamotors has moved above 34EMA and price has come back to it and got rejection, tomorrow one can initiate fresh long type -2 entry with SL 667 and then pray for confirmation, pivot is still at 684

SHEKHAR

[Speculator]

That was one heck of a swing. It was nearly 630 points long. The system which went into a sell on Jan 19, finally gave a reversal today. Shekhar already mentioned about the pivots below. Now ride the upswing as long as it lasts.

A safe SL woudl be below the hourly breakout candle at 4703.

[sredhar]

Dear Shekar,

Thank you for helping me out with the Charts setting. Finally configured out.

Regards

[shekharinvest]

Hi,


We are in longs and price made new high, hence the swing pivot is now @ 4735 which is now SL for longs as well.

Tatamotors gave an entry type two and went on to make a marginal high above the previous pivot, but failed to sustain there, showing weekness one could have booked longs their as intra, position was not advisable to carry overnite. Those who might have can only hope that it takes out the swing high tomorrow.


SHEKHAR

[rajabharani]

dear swing trader and shekhar, a very simple method of trading with the least number of indicators to look at. very good. keep up the good work, regards raja

[Speculator]

It's a glass half full, half empty situation. We are in a range. We established a new upswing pivot today at 4754, but it was taken out later in the day. Now technically we in a downswing. So look for rejection from 34 ema to go short. In case we gap-up and move above 34 ema tommorow, look for longs again.

The last short trade was good for 200+ points. This time we were not so lucky. The long entries from 4765 got stopped out today at 4754 for 11 points loss. It's good to make these 10-30 points sacrifices once in a while and collect the big 100-200 point gains when the swing works out.

Good Luck !

[smsmss]

thanx again spec for the updates...