iCharts Discussions

[SwingTrader]

My strength in trading lies in reliably identifying and going with the current trend, but this is possible only live during market hours. I personally feel trend trading is still the most powerful way to trade the markets as you tend to stay with the flow most of the time. This, of course, creates lots of problems on trading range days. This is where intraday levels come into picture. My mentor who coached me on trading in US had taught me a way to generate levels for the next trading day based on previous day's moves. The method to generate these levels is manual (studying each chart and computing the levels in a spreadsheet), so I will start with NF and then later post for few other scrips too. Though my whole approach to trading is based on trends, I always keep an eye on these levels. Breakouts/breakdowns from these levels either create new trends/confirm current trends/end current trends. Each of this level is a support/resistance based on where the current price is. If the price is below a level then it acts as resistance and if the price is above a level then it acts as support.

I will begin with levels for NIFTY FUTURES for now and in the near future will also start posting levels for various popular scrips.

Terminology used : R1, R2, R3, R4 & R5 are resistances, S1.....S5 are supports. BULL level is a level above which the current uptrend gets stronger (and below which the current trend gets weak, but still an uptrend). BEAR level is a level below which the current downtrend gets stronger (and above which the current downtrend gets weak, but still a downtrend). LOC (line of control) is a key level, above this level it is bullish and below this level it is bearish.

Trading Levels for 26.03.2009

NIFTY-1M

R5 3166.55
R4 3102.55
R3 3080.41
R2 3038.55
R1 3023.45
Bull 2999.00
LOC 2967.00
Bear 2935.00
S1 2910.55
S2 2895.45
S3 2853.59
S4 2831.45
S5 2767.45

NOTE: Levels provided here are not trading recommendations, these are only supporting tools for your main trading method.

[amitkbaid1008]

Hello Sir,

I have attended your One Day course at New Delhi. I want to ask you questions about these levels:-

1.Are these are Pivot Point Calculations or some thing else.

2.Please also tell me that which formula you use for calculation of Pivot Points

[SwingTrader]

Amit,

1.Are these are Pivot Point Calculations or some thing else.

These are not pivot points. These levels are based on computations made on previous day's price levels.

2.Please also tell me that which formula you use for calculation of Pivot Points

For pivot points you can use the formula given here: http://www.mypivots.com/calculators/pivot-point-calculator.aspx

[dilesh]

Dear Swing Trader,
Many thanks for starting your Trading posts. It will help me a lot in following the trend in my day trading. I will look forward to reading your posts everyday.
Pl. inform whether these levels can be followed even in Gap up/down openings.

cheers,
Dilesh

[amitkbaid1008]

Sir,

I was asking about which of these 3 formulas namely 1. Classic, 2.Woodie or 3. Camarilla

This is due to difference in values given by each formula.

Thank You for your prompt reply

[SwingTrader]

[SwingTrader]

[tulsian1107]

Dear Sir,
Many thanks for starting your Trading posts. It will help me a lot in following the trend in my day trading. I will look forward to reading your posts everyday.


Tulsian

[SwingTrader]

I am attaching NF chart with relevant levels marked.

[GAJRAJ]

ST Sir thanks for sharing your experience & daily levels after RR sir a vacuum in experienced & reliable guidance was felt which you have filled. We look forward more of value addition in future.
Regard