Level in focus is 5151
Breaching it would mean low has been formed at 4770.
Otherwise Probability of retesting this low is very much alive.
Monday Impulsive-like downmove and yesterday's un-structured upmove past 5124.35 have been difficult to place in overall picture and that is what markets are all about--at times giving us copy-book forms & patterns while at others baffling us and leaving us guessing.
And that's why trendlines and momentum tools have to compliment EW.
Yesterday's closure was above the four month old trendline--however that does not mean we have to blindly start going long.
A dip is very much on the cards--- if it comes after breaching 5151,it would remain limited to 4900.
If it comes without breaching 5151 then Probability of retesting 4770 is very much alive.
11.33 AM
Opening range has broken down.
Waiting for MACD cross-over before shorting
1.22 PM
A tick below 5131.1 may be used for shorting with stop loss at day's high
.png)
1.35 PM
.png)
While shorts thus created must be protected by SL at day's high,what would be the target.
Convert these into positional shorts if x-over in MACD in 5 min charts gets extended to Hour charts or we break below day's low.
2.55 PM
Channel support not breaking---
.png)
3.12 PM
Gives in-----finally
.png)
3.25 PM
A close below 5hr.low ema would have made me give a cll to carry the shorts overnite---
but now I leave it to individual concerned--
Breaching it would mean low has been formed at 4770.
Otherwise Probability of retesting this low is very much alive.
Monday Impulsive-like downmove and yesterday's un-structured upmove past 5124.35 have been difficult to place in overall picture and that is what markets are all about--at times giving us copy-book forms & patterns while at others baffling us and leaving us guessing.
And that's why trendlines and momentum tools have to compliment EW.
Yesterday's closure was above the four month old trendline--however that does not mean we have to blindly start going long.
A dip is very much on the cards--- if it comes after breaching 5151,it would remain limited to 4900.
If it comes without breaching 5151 then Probability of retesting 4770 is very much alive.
11.33 AM
Opening range has broken down.
Waiting for MACD cross-over before shorting
A tick below 5131.1 may be used for shorting with stop loss at day's high
.png)
.png)
Convert these into positional shorts if x-over in MACD in 5 min charts gets extended to Hour charts or we break below day's low.
2.55 PM
Channel support not breaking---
.png)
Gives in-----finally
.png)
A close below 5hr.low ema would have made me give a cll to carry the shorts overnite---
but now I leave it to individual concerned--
sir;
ReplyDeleteOpening range is for 15 minute or one hour. i think first broken upside then downside.
That's why MACD cross-over has to be used as a confirmation tool before shorting
DeleteDear Raghu
ReplyDeleteI was just asking you this question but somehow my question did not appear
Thanks
The questions that raise their head in my mind,get answered ------
Delete:-)