iCharts Discussions

[SwingTrader]

NIFTY FUTURES Trading Levels for 18.08.2009

R5 4526.90
R4 4476.90
R3 4459.60
R2 4426.90
R1 4415.10
BULL 4396.00
LOC 4371.00
BEAR 4346.00
S1 4326.90
S2 4315.10
S3 4282.40
S4 4265.10
S5 4215.10

[dilesh]

Dear SwingTrader,

I have become a regular user of your Nifty levels. Thank you for giving this great service.
If time permits, I request you to post all the possible trades according to you in today's trade. I had some doubts in trades taken after 2:00PM.

Thanks & regards,
Dilesh

[SwingTrader]

Dilesh,

Have you gone through Jimmie's "Price Action" thread under "Market Direction" section of the forum? Here is the link: http://www.icharts.in/forum/price-und-action-t1822.html I think the trendline method suggested by him is a good one to initiate trades. Do note that he suggests using trendlines in combination with various levels including mine. It does take some practice / experience / judgement to start taking these trades but they can be very successful once you get the hang of it.

The guidelines I have mentioned in my section of the forum here are mainly for pushing you into thinking about your own strategy to use with my levels. I mainly use these levels for stops/targets and initiating trades in the direction of the trend as indicated by two moving averages. I have explained this in one of the "sticky" threads in this forum. I also do counter-trend trades when the distance between moving averages and/or price becomes too large (based on judgement) combined with a bounce or reversal off a levels. Please go through examples, I will try and see if I can post few examples again as refreshers.

[dilesh]

Dear SwingTrader,
Many thanks for the reply to my querry yesterday. As suggested by you, I went through Jimmie's thread and I find it interesting. The combination of your levels and trendlines helps a lot in following the trend.

Regards,
Dilesh