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...

Wednesday, December 29, 2010

Nifty crosses the first hurdle

Nifty Daily chart 29.12.10
The price successfully crossed the hurdle at 6045 .The steady move upwards since morning session right through the day indicates positive mood coming in .
The green bar moved right into the blue PF and the LMLH has supported well for the past few days.

60 min chart

Studying the slope angle of the previous upswings from the last major low of 5721 , it can be noted the price moves are so much in the same angle as the previous swing angles!
Projecting a similar swing, the confluence with the UMLH gives a target of 6170- 6180 levels.
Outlook for tommorrow
A very positive move up, maybe even a gap up is expected.Upper targets are 6100 / 6140 / 6170 / 6200 over the next two days.
Stoploss for long positions will be at 5975 .

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