iCharts Discussions

SwingTrader · Posted: Sun Jun 21, 2009 9:44 pm Post subject: Trading Levels for 22.06.2009

Trading Levels for 22.06.2009

R5 4499.80
R4 4441.80
R3 4421.75
R2 4383.80
R1 4370.15
BULL 4348.00
LOC 4319.00
BEAR 4290.00
S1 4267.80
S2 4254.15
S3 4216.20
S4 4196.15
S5 4138.15

SwingTrader · Posted: Mon Jun 22, 2009 4:43 pm Post subject: Followup

Below is today's 5-min NF chart with relevant levels & important points marked:

CT1 : Counter-trend short trade (Trend is bullish with 13EMA above 34EMA) with price far above 34EMA hitting resistance at the BULL level.

CT2: Counter-trend long trade (Trend is bearish with 13EMA below 34EMA), only to be taken as an example. Price was far below 34EMA and then broke above S2 but it did not go too much further. Would have been a marginal scratch trade if taken.

C1: Confluence of 34EMA and LOC. Usually such a confluence (where LOC is involved) is significant as it was proven later. A short trade is signalled on a break below LOC out of confluence.

C2: Confluence of 34EMA and S1. A short trade is signalled on a break (strong move) below S1.

There are many regular short trades and a regular long trade in the morning too. Do note that short trades in the morning (where 13EMA was above 34EMA) and long trades in the afternoon (where 13EMA was below) are ignored as they are against the trend.

Stops & targets are as per the "regular" trades strategy described in the "Trading Guidelines" post.