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...

Friday, February 25, 2011

25.02.11_Friday

60 min chart- Nifty
Price touched 5230 - one of the target levels today.The range was very volatile with whipsaws.

Next what ? The price has reached a low at the schiff median line and closed up for the day.The negative trend still holds.Drawn parallel sliding lines-shown in magenta- which were tested atleast twice previously as support level and resistance level.Today's low also has come very close to the support level.
The parallel swings are equal in size and the next move if it breaks down will reach 5100-5070.Any pullback has resistance at 5380-5350.Next trades to be entered based on the price action at these levels.
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