Here are the Horizontal Lines on Minifty that I was talking about last night....
Red Lines indicate the area of
Major Importance.... whereas
Yellow Lines indicate an area which are important but have a
weaker impact on price as opposed to the Red Lines... I don't even look at Stochastics, it is there for those who prefer some indicators on chart...
A few things to notice:
1. How almost all the major waves start and end around these lines..... and most of the times around the Red lines....
2. Most of the Gap Up/ Gap Down Openings happen around the Red Lines....
3. Retracement of Waves halt around these lines....
4. Consolidation around these lines....
5. Impact on Volumes around these lines....
Maybe.... on a first look you won't be able to appreciate these lines.... but if you follow them on a day-to-day basis and also in a Live Market..... these levels work in an awesome fashion..... And once combined with Candlesticks pattern, they rock....
Minifty - September 2011 - Week 1:
Minifty - September 2011 - Week 2:
Minifty - September 2011 - Week 3:
Minifty - September 2011 - Week 4:
Minifty - October 2011 - Week 1:
Minifty - October 2011 - Week 2:
Minifty - October 2011 - Week 3:
Share your views about it....
Regards