Pivot Trading, if applied in the last 5 Trading days.

Read about "Pivot Point Trading" here.

Nifty started the week with Hour Overbought readings but with trend of all Time frames in UP mode. Keep an excel file with these crucial numbers drawn as horizontal line or in your chart and move into trading and see how these numbers have helped in trading along with a simple addition of trendlines.

We also started with our analysis of 5935-5965 as a cluster of resistance points and watch how that has acted as resistances and Nifty after Monday's uptrend failed to move past R1 in all days; started to trade below Day pivots; closed below Pivot from Wednesday. Also notice that due to uptrend how when prices started to weaken, S1 gave support when Pivot was breached till Thursday and on Friday, it was exactly opposite of what happened on Monday that Nifty touched S3-5826(On Monday Nifty cleared R3-5904).

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Monday: Trend up in all time frames; Gaps up; ORB breaks but finds support @ Pivot-5832 and moves steadily up, rising on a trendline, pausing @ Day R3:5904, finally reaching Week R1:5918.
Tuesday: Hourly divergence starts to affect the prices at the open after a gap up; ORB breaks but supported by Pivot(5887) & bounces and the channel breaks down @ 5903, moves down breaking Pivot and moves down to take support @ Day S1 @ 5855; bounces off it, pauses @ Pivot for awhile, takes channel support and moves to Week R1:5918.

See all there is to see ..Do you ?

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Yet his voice was pleasant as he said, "Good evening. I've come to see if you've a room for just one night. I came for a treatment this morning from the eastern shore, and there's no bus til morning."

He told me he'd been hunting for a room since noon but with no success, no one seemed to have a room. "I guess it's my face... I know it looks terrible, but my doctor says with a few more treatments . . ."

Nifty retreats after persistent -ve div but closes above all weekly supports.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View.

Weekly range being "5833 to 5944", trading on Friday is likely to be within this zone only as a "pause week" within the uptrend. Bulls would look to defend few numbers tomorrow - 5855(3-day low); 5834(DLEma) and 5825(JNSAR).

Bears, presently not active, would attempt to keep Nifty below 5886(Day Pivot);5896(DHEma); and 5906(Previous day's high).
Nifty needs to close above 5869 to stay in uptrend(only for day as week TA will remain up) and a close above DHEma would bring back momentum.

Aggressive Traders SL may be revised down to 5930 or 5945.

Nifty continues with its shallow corrections despite divergences

So far the price behaviour has been one of strength. The short term weakness has given rise to intraday selling for the past three days.Unless prices break below 5855 and close below 5DEma & DLEma, this action of shallow price/ deeper time correction could result in a break out to higher levels.
This is a grey area meaning market is consolidating or distributing. Bulls see all green(White) and bears see all Reds(Black)but the pause makes one wonder what is next. You tend to throw yourself to any one camp but a true follower of the market would have been trading the resistances once noticed but continue to hold his positional long trades until the signal emerges. Having a plan of action is one thing and having an opinion is another. Opinions don't count for anything unless acted on the basis of a sound plan.
Staying as objective as possible while reading the market lets you in on some wonderful trades. Biased mind is your worst enemy disguised as your best friend.
And always trade the time frame of your study. For eg; Don't trade the 5-minute time frame after studying a weekly chart as even though weekly chart may be bullish, the overbought 5-minute TA could fall by 80 to 100 points and similarly the 5 minute chart may present a bullish picture and the resultant long trade should be exited within that time frame unless it alters the hourly chart and then the daily chart.
If this demands too much of your efforts and time, then simply stick to Week/ Day Time frame combination to extract the maximum from the market. I'm sure you'll get 20 to 30 or more excellent trades in a year. Can you be satisfied with that many..? Have you the patience to get rich slowly..?

Nifty Intraday Update-III

Harpreet says:
As of now it looks like the (BAT with target of 5965 ) Gartley pattern is over, as can be seen as the Wednesdays candle formed the top, Gartley based on Fibonacci Retracement and Extension has targets based on retracement of the CD leg of the formation.
TIME TARGET: The previous patterns took almost twice the time taken by CD leg of the formation, for this pattern to yield desired results the time horizon would be 57-76 days
PRICE TARGET: Technical Target of these pattern varies, Ideal point to book profit is between 61.8%-78.6%, but in the past instances the prices have retraced more then 161.8% of the CD Leg.

Possible Targets of Pattern:-23.6%-5776.49; 38.2%-5672.58; 50%-5588.60; 61.8%-5504.62; 78.6%-5385.05; 88.7%-5313.17; 100%-5232.75; 114.6%--5128.84;123.6%--5064.79;
127.2%-5039.17; 138.2%--4960.9; 150%----4876.9; 161.8%-4792
What ever the target of the pattern, am sure to be in the right trade(and of course good profit as always) with your Guidance and TT.
Also thanks a lot for allowing me to continue the Stupidity(Predicting the Market) :P
Regards
Harpreet.

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View.

Hi..Dinesh Rishi,

Many many Happy returns of the day. Another year filled with contentment from the joy of sharing. Best Wishes.

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Triple divergences - if it does not break 5855 with this set up, then Nifty seems to be impatient to break through the resistances.
For a day trader, with a close below Day High ema, it becomes a sell on rises or below Day's pivot-5902 for a target of 5861(DEma) and if 5855 is broken, possibly to DLEma(5818). Use also Horly numbers for confirmations.

Nifty closes below DHEma after intraday corrections.

Nifty closing at channel resistance for a third day. It is being resisted @ 5935-5965 price cluster formed prior to the last rally to 6339 and finding supports above 5855-5870.
Short term negative divergences has been kept at bay so far with "intraday dips".
Now with a close below Day High Ema, it warrants a sell on rise. The rise could be 5929 or 5945 or even 5965. This is a small step by the bears. However, the volumes are quite high during the sell off. It could also be due to profit booking and the current uptrend, trading above 5-DEma, could continue higher. Some topping pattern here..what kind of correction/ fall to follow will be reflected in TT below.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View.

Sanjay Kr Jaiswal has started a "Commodity blog" and updating it everyday as he does for Open Interest Analysis everyday. I am sure it'll add value to trading as good as his Daily Open interest Analysis.

Nifty, though resisted @ channel top, found the same support of yesterday's @ 5855.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View.

Harpreet says: Thanks a lot for the confidence shown in the study and including it as a part of premarket study no 28th march, as per the time study the pattern should be complete by wednesday or thursday, the possible completion points of CD leg remain the same. will mail you the possible targets after the pattern is completed. .................................................................................

Hi..Harpreet... I have marked 1,2,3 points on the chart and I suggest you point out the most likely terminal points as per your experience of studying these patterns.

And Thank you for sharing your efforts with everyone here.

Today afternoon session or tomorrow opening session would determine whether, the developing negative divergences remain and manifest in a break down. Failure of such an occurance would lead to bigger rises. The last major resistance for this uptrend would be 5935-5965 zone.