CMP: 5227
See how beautifully the EOD Support / Resistance Levels worked today !!
Closed 3/4th shorts (from 5282) @ 5206 at 12:20 noon today, carrying balance 1/4th
Nifty points Gains logged : 76 pts
Q: Reason for booking profits in majority Qty ?
Ans:
1. 5185-5206 is a EOD SUPRORT ZONE
2. Wanted to give the "benefit of doubt" to further DOWNSIDE @ open Gap-down & waited till NOON.... but once it was clear @ 12:20 that Nifty has closed > 21EMA, 5mins, concluded that we have a S-T/F bottom in place
3. There was a high chance that the Opening Gap down would be filled, if we sustained > 5206 (EOD support)
4. Price was closing CONSISTENTLY above > 5hrLo-EMA (LEAD Indicator for reversals)
5. EW minute fracs also suggested that a 5-wave had concluded as 5378-5191, so high probability of a Corrective Bounce existed
So, all these factors came together, to suggest that the REVERSAL was due
-----------------------------------------------------------------------------------------------------------------------
EOD Candle: formed a WHITE Body (can be a reversal if we close > 5227 , ideally > 5255 tomorrow)
SMO SAR verdict:
EOD SMO SAR LEVEL : 5256
Hrly SMO SAR LEVEL: 5235-5242
(band given becoz 1 day has 6 trading hrs, hence need to re-calc DEVELOPING EMA every hr!)
LIFO-FIBBO LEVEL : 5238.5
1. 5hr- 10Hr CEMA will give a BULL X-over on Hrly close > 5235 -5242 tomorrow Intra-day
Will signal a HIGH Probablity INTRA-DAY LONG TRADE
LiFo-FIBBO: 34EMA, 30mins @ 5238.5 also COROBBORATES this view.
Half-Hrly close > 5238.5 followed by Hrly 5-10 Bull X-over & u have a HIGH CONVICTION Intra-day BUY signal :-)
2. EOD close > 5256, will signal its time to close remaining 25% Positional shorts opened @ 5282
Rest from charts
cheers
See how beautifully the EOD Support / Resistance Levels worked today !!
Closed 3/4th shorts (from 5282) @ 5206 at 12:20 noon today, carrying balance 1/4th
Nifty points Gains logged : 76 pts
Q: Reason for booking profits in majority Qty ?
Ans:
1. 5185-5206 is a EOD SUPRORT ZONE
2. Wanted to give the "benefit of doubt" to further DOWNSIDE @ open Gap-down & waited till NOON.... but once it was clear @ 12:20 that Nifty has closed > 21EMA, 5mins, concluded that we have a S-T/F bottom in place
3. There was a high chance that the Opening Gap down would be filled, if we sustained > 5206 (EOD support)
4. Price was closing CONSISTENTLY above > 5hrLo-EMA (LEAD Indicator for reversals)
5. EW minute fracs also suggested that a 5-wave had concluded as 5378-5191, so high probability of a Corrective Bounce existed
So, all these factors came together, to suggest that the REVERSAL was due
-----------------------------------------------------------------------------------------------------------------------
EOD Candle: formed a WHITE Body (can be a reversal if we close > 5227 , ideally > 5255 tomorrow)
SMO SAR verdict:
EOD SMO SAR LEVEL : 5256
Hrly SMO SAR LEVEL: 5235-5242
(band given becoz 1 day has 6 trading hrs, hence need to re-calc DEVELOPING EMA every hr!)
LIFO-FIBBO LEVEL : 5238.5
1. 5hr- 10Hr CEMA will give a BULL X-over on Hrly close > 5235 -5242 tomorrow Intra-day
Will signal a HIGH Probablity INTRA-DAY LONG TRADE
LiFo-FIBBO: 34EMA, 30mins @ 5238.5 also COROBBORATES this view.
Half-Hrly close > 5238.5 followed by Hrly 5-10 Bull X-over & u have a HIGH CONVICTION Intra-day BUY signal :-)
2. EOD close > 5256, will signal its time to close remaining 25% Positional shorts opened @ 5282
Rest from charts
cheers
Jai Ram Ji Ki! -
ReplyDeleteSorry about office ID (del flt ops)showing up with 34 ema query - I was careless!
Chetan is my name and request you to share34 ema 5 min chart method.
Regards!
Hi Chetan,
ReplyDeleteThe LiFo - Fibbo system is a CONFIRMATORY sytem , to be used in conjuction with 5HrHi-Lo ,C & 10HrCEMA .
Summary is as follows:-
ENTER LONG / SHORT on price close for 1hlf hr ABOVE / BELOW 34EMA, 30mins
SL @ initiation: 20 pts
TSL after trend sets in : 21EMA, 5mins chart
simple & sweet :-)
rgds
SMO