Retracement strategy, a must for traders.
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor...
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I 'll always be there for you. To make you feel that you're secured. And even if the rain is pouring hard and the sky is almost dark... -
5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ... -
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor...
6 comments:
sir...how about dollar index ..i have read some blogs saying that a 5th wave to final lows is pending...which might fuel a breakout ...nifty has also moved past 4.5k now as i write..
Hi..Shaq,
Dollar index has bounced off its low of 77.43 to 79.39. A decisive move past 80 will most likely to confirm a short term reversal.
As the weekly chart & daily charts are weakening, we are witnessing only a bounce for the "oversold" hourly technicals.A fall of 4730-4398 may necessitate a rally of 100-150 points. A 61.82% retracement comes @ 4604. We may reach there or we may not. From 4550-4585 area is a strong resistance.
Let us see in the coming days the strength & weakness of both bulls & bears..
I would prefer to trade as per EW..Sell into the strength when larger(daily) trend is down..And buy into weakness as Weekly trend is up..A weekly close below 4400...will be more bearish.
In sum, we are now trading 4350-4400 to 4550-4600..So sell near the upper band and buy near the lower band with a smart S&R at the break out ..
Best regards.
ilango
Hi..Shaq,
There is a small correction. The 5-week avg which was @ 4413 last week has moved up sharply to 4485 and it may vary as per Friday close. However, the 5-week ema which was @ 4471 is more critical. So will watch that point.
thank you for all those levels sir..there is alternate view developing that a strong dollar need not should mean a fall in equity...the reasoning being that commodity index has not fallen with the rise in dollex in past 2 days..for which a improvement in US economy is warranted...but thats not happening..so its a bit premature i guess to say co relation btwn $ and equity will fall...i somehow cant help but feel that S&P is heading to 1100 after consoliadting..lets see how this goes
Hi..Shaq,
You are right about the co-relations. It need not work all the time. Infact, the last 2 days, US mkts and dollar is moving up in tandem.
Our Nifty price action is the primary factor for trading decisions. All the rest EW/ TA/ fundamentals/ Overseas cues/ dollar index/ VIX - fear index, etc.,etc are all only secondary.
Yes..It is possible based on the current price behaviour, S&P500 can go higher to 1100 as you have mentioned. Similarly, we, too, if hold above 4350, can move higher too..
How do you utilise EW on an intraday basis with so amny fluctuatuins and whipsaws?
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