dear traderji,
normally i used to use elliot wave theory of 61.8, 50 and 38.2% levels while trading even during the day and it works most of the times [especially when for a scrip the open and high price are the same and the scrip cuts the high price from its registered low, the target of 61.8% gets achieved most of the times} But here I can arrive at the target or stoploss levels only during the trading hours.
My query is 'Is there any calculation to arrive at the target price, buy/or sell price, stoploss level from the data available for a scrip/index on the previous day.
For eg. today the range for Maruti are
prev.close - 392.1 open - 394.9 high - 395.4 low - 384.65
today's close - 385.5 Average price - 388.08
Will these data be useful to arrive at some trading ranges for tomorrow.
Or, is there any other way to get technical insight into the future price movement using the past movement.
thanks
normally i used to use elliot wave theory of 61.8, 50 and 38.2% levels while trading even during the day and it works most of the times [especially when for a scrip the open and high price are the same and the scrip cuts the high price from its registered low, the target of 61.8% gets achieved most of the times} But here I can arrive at the target or stoploss levels only during the trading hours.
My query is 'Is there any calculation to arrive at the target price, buy/or sell price, stoploss level from the data available for a scrip/index on the previous day.
For eg. today the range for Maruti are
prev.close - 392.1 open - 394.9 high - 395.4 low - 384.65
today's close - 385.5 Average price - 388.08
Will these data be useful to arrive at some trading ranges for tomorrow.
Or, is there any other way to get technical insight into the future price movement using the past movement.
thanks