iCharts Discussions

[SwingTrader]

Trading Levels for 18.06.2009

R5 4674.80
R4 4574.80
R3 4540.20
R2 4474.80
R1 4451.20
BULL 4413.00
LOC 4363.00
BEAR 4313.00
S1 4274.80
S2 4251.20
S3 4185.80
S4 4151.20
S5 4051.20

SORRY, NO LEVELS FOR OTHER SCRIPS FOR A WHILE, I AM TOTALLY TIED UP WITH OTHER WORK, SO NO TIME FOR DOING THIS.

[SwingTrader]

The trend was firmly down as indicated by the 13/34 EMAs so we would have looked only for short trades. The only fake would have been at the point #1 indicated on the chart. It was a confluence of 34 EMA & LOC. The perfect fake happened when initially there was an upside breakout above LOC that we use to jump on a emerging trend. This trade would have failed and we would have reversed on a downside breakout below LOC away from the confluence which would have been successful. Price went on to hit S1.

Do note that any other long trades (regular longs) would be ignore as we were in a downtrend. The only counter-trend trade permitted is the break out/down out of confluence of 34 EMA & a level.

For risk-traders & experienced traders there were two counter-trend trades indicated by points #2 & #3. These are the points at which price moved to an extreme level away from the 34 EMA. The point to note is that these extreme levels where supported by levels giving us convenient confluence to go for counter trend trades. Do not attempt such trades until you are trading comfortably with my levels as these trades are completely discretionary. SLs for such trades is just below the nearest level and the tragets are EMAs and other levels in the direction of the counter-trend.