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, December 23, 2010

Nifty yet to decide its direction!

The sharp movement late afternoon yesterday gave an indication that sharp moves may be expected today but the market proved otherwise today.The small range in which it traded was a good lesson in patience, which is the trait that traders are supposed to master!

As the expected down move till 5930 levels did not materialise , I closed my short position as EOD the symmetrical triangle pattern made me doubtful of the direction of the move.Preferred to wait out and join the move once nifty decides whichever way!
Outlook for tommorrow:
The price can move towards 5950-5930 levels , find support and move upwards.This is the positive bias.And it should be a very sharp move through the main ML ( daily chart) for the upmove to gather momentum and race up.
Negative Bias will be a breakdown of 5930 levels .Supports further down are at 5865 / 5780 levels.
Will wait on price moves tommorrow for further action.

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