Trading with Median lines is a system and a leading indicator suitable for Swing trading.I am following this strategy for Nifty and Bank Nifty with good results.Those interested to trade with Charts and Price action to analyse target price, support and resistance levels will find this strategy very interesting.

Feedback welcome!Happy trading...

Thursday, November 25, 2010

Nifty still going down...

Daily Chart

Nifty crossed the major red Lower median line from 4807 to close at 5800 level.Projecting a minor pitchfork support levels look much lower at 5700 /5650 if it falls at the same pace after minor pullbacks during intraday .Stoch readings are oversold but only higher prices will make it turn upwards.

Hourly Chart
The prices have reached the bottom of the minor red descending pitchfork and may touch 5750 levels tommorrow and a pullback may commence towards the mini red median line and upper median line if the price moves are fast.Current wave high of 5980 levels should be overcome for positive cues to start.The junction of the ascending green pitchfork and descending red pitchfork is around 5930 levels which can be a resistance.Thats about 130 points from today's close and quite a distance to cover in a day unless the bulls take over aggressively.

15 min chart
Price has touched the bottom of Lower Median line of green Pitchfork.
5850 / 5900/5930 are probable resistances for a pullback from todays low , if it doesnt gap down from todays close.

The next prices expected are below at 5700 levels if Nifty can't climb above 5865 / 5900 levels .The game is to wait and watch.


  1. Hi Kavima,

    Wether the tool Pitchfork provided by i-charts when you subscribe or do you use some other platform to draw the lines- pls explain.



  2. Icharts does not have the tool.
    I use trendlines tool in icharts to draw the lines.Fib Retracement line can be used to pinpoint the mid point of line between pivots.Though drawing the parallel lines and pitchfork manually may be a little cumbersome for some.For me with practice it comes easy.
    In Amibroker the pitchfork tool is available.