Nifty trades with Median Lines

Tuesday, May 10, 2011

10.05.2011_Tuesday

Update on price movement as per yesterday's projections
Price went down upto 5535-( 5530 expected) and was resisted at the Red median Line several times with high of 5593 and fell down to a low of 5514 and closing at 5541.Expecting further downmove tommorrow.

Projections for tommorrow_11.05.2011

Drawing the red pitchfork with todays high at the median line, price tested the Upper medain line at 5580 and was a good point to short Nifty.Price did fall down and expecting it to go down till 5475-5470 levels.Consolidation at those levels / breakdown will make Nifty go down swiftly to the lower targets projected earlier.

Monday, May 9, 2011

9.05.2011_Monday

30 min chart

Price moved upto 5570, close but not reached 5590-5620, before closing at 5547 levels.
My outlook is that it can test 5530 and then move upto 5600 levels/ test 5480 move upto 5600-5630+ levels and then fall down to 5350 and below.

Friday, May 6, 2011

6.05.2011_Friday

30 min chart
Trade probability 1- Case for Long trade - Short term
Down Swing - 5892-5444=448 points.Trend - Down
This will have to be short term counter trend Long trade as Pitchfork is sloping downwards .

My trigger for a long is a price cross at 23.6 % levels of the swing considered which has happened today at 5499.The price can reverse down to test the Swing low.If so, will enter a long at 5485 levels with a stoploss of 25 points , just below the Swing Low .After that price moving forward can hit resistance levels at 5590-5620 levels.Which is at the Red median line.
Trade Probability 2
Price moves forward to 5620 without trying to test the swing low.
1.Price meets 5620 levels , moves down to 5570 which will be my Short trigger level.My entry for Short will be at 5600-5580 levels.Target1 will be swing low of 5470-5440 levels.
(or)
2.If swing low at 5443 levels break, then earlier projected levels of 5300-5350 will be the target 2.