Can i requst you to repeat that write which you mentioned on the chat......its not clear..unable to read....plz explain the chart in words...kindly...thanks a lot.
"This is the hourly chart of Nifty Futures and as we can see, we are at hourly oversold levels...looking at a tradable bounce!
The overhead resi is at 5236 approx in the form of the 200 MA....Above that we have the falling 20 and previous support now will turn resi at approx 5245/47 level!
One can look to sell these rallies or one can play small intra longs...take your pick...but be faithfull to your stops!!!
A rise from here and then a break of recent low can give a nice divergence trade (long) but that will be whEn it will be....till then
Trading is nothing short of speculation and people who treat it as intelligent speculation have a fair chance of doing well.The posts in this blog are nothing but notes I am making for myself. I welcome serious discussion on TA from like minded people and willing to share whatever little knowledge I have of TA. Nothing on this site should ever be interpreted as advice, research or an invitation to buy or sell any securities.
TRADE LESS TRADE SMART!!!
Hit me with brickbats at mbhagra@yahoo.com
Hi Manoj...thanks for the chart.
ReplyDeleteCan i requst you to repeat that write which you mentioned on the chat......its not clear..unable to read....plz explain the chart in words...kindly...thanks a lot.
Dear Anon,
ReplyDeleteThis is whats written on the chart
"This is the hourly chart of Nifty Futures and as we can see, we are at hourly oversold levels...looking at a tradable bounce!
The overhead resi is at 5236 approx in the form of the 200 MA....Above that we have the falling 20 and previous support now will turn resi at approx 5245/47 level!
One can look to sell these rallies or one can play small intra longs...take your pick...but be faithfull to your stops!!!
A rise from here and then a break of recent low can give a nice divergence trade (long) but that will be whEn it will be....till then
TRADE LESS TRADE SMART!"
Cheers!
Hi Manoj thanks for the nice chart.
ReplyDeletecan you please suggest a cost effective TA software and Real time data vendor. i am trying 2 learn TA.
THANKS IN ADVANCE
Gopalkrishnan Hi
ReplyDeleteHead straight to
http://tradeinniftyonly.blogspot.com/
They do some amazing charting on excel....nothing can get cheaper than that and ofcourse its fun too...
Then there are whole lot of resources for eod charts;
I use
http://www.icharts.in/home/
they have a good service (paid) for real time charts!
Cheers!