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...

Monday, February 7, 2011

7.02.11_Monday

60 min chart 7.02.11
Drawn a majenta pitchfork with pivots as shown in chart from immediate swings.
Todays price moved within the range of 5439 -5378 and quite inconclusive on further direction.
Two possibilities -
1.If it breaks 4.02.11 low of 5370 further move down towards 5288 ( calculated from current swing high - ( 2 x range points between P0 and P1)
2.If there is a move up , resistance and selling pressure can come in 5470 / 5490 ie at magenta and yellow UML above.Price can move up only after closing above 5500 .
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