Nifty Entry ,Exit ,Target levels with Median Line Charts
- Thread starter Kavima
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- Tags median lines nifty levels nifty targets pitchforks trading strategy
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http://www.traderji.com/advanced-tr...3-trading-median-lines-andrews-pitchfork.html
This link will serve the purpose.
Even I don't understand the pitchfork strategy nor am I straining myself to learn it. It seems like a very advanced strategy so all I do is look at the charts, admire the accuracy of the levels and press the "thanks" button.
I do not think that any member here would be interested in providing any sort of personal tuition. Indeed, most of the members here prefer to confer through this website only and stay anonymous.
I do not think that any member here would be interested in providing any sort of personal tuition. Indeed, most of the members here prefer to confer through this website only and stay anonymous.
13.10.2011_Thursday Hourly chart
As per median lines drawn ,price is in a short term uptrend with higher highs and higher lows and above 50 sma in hourly chart.The pullbacks on tuesday and thursday did not cross the previous day's 50 % range , so I'm still positive about the uptrend.
Today's low has just touched the Green Main median line.Supports are expected at the 5050-5030 range ( previous swing tops / resistance )which would also be considered as a pullback to the Long term Red Median line.Next higher targets are at 5180 zone where there could be some range bound consolidation and then a final surge towards towards the 5300 zone.
If 5050-5030 zone fails to give support and goes below 5000 then we'll have to go with the opinion that a short term high at 5135 zone has set and look for pullbacks to short the nifty.Confirmed trend reversal will be when price crosses 4925 on the downside.
As per median lines drawn ,price is in a short term uptrend with higher highs and higher lows and above 50 sma in hourly chart.The pullbacks on tuesday and thursday did not cross the previous day's 50 % range , so I'm still positive about the uptrend.
Today's low has just touched the Green Main median line.Supports are expected at the 5050-5030 range ( previous swing tops / resistance )which would also be considered as a pullback to the Long term Red Median line.Next higher targets are at 5180 zone where there could be some range bound consolidation and then a final surge towards towards the 5300 zone.
If 5050-5030 zone fails to give support and goes below 5000 then we'll have to go with the opinion that a short term high at 5135 zone has set and look for pullbacks to short the nifty.Confirmed trend reversal will be when price crosses 4925 on the downside.
WEEKLY CHART 14.10.2011
After a double bottom formation this week's candle is a wide range green bar / ZOOM bar crossing the blue median line.The sign of a positive rally to come.
In the chart I've drawn a upsloping green pitchfork after this weeks' higher close.The close , the highest in 9 weeks !Expect the 5200 resistance to be broken through and price to progress towards the targets of 5500-5550 zone in the next few weeks.
The Stoch indicator line is nearing a breakout of the Trendline and indicator is showing divergence at the double bottom, two positive signs for the upmove to commence.
In the New Pitchfork there are two tests of the Green Lower Median line in the previous two weeks , and coupled with the strong green bar today, Weekly trend is turned UP.
DAILY CHART
The same pitchforks drawn on the daily chart.
Price has broken out of the parallel line drawn parallel to the pivots of the major previousdown swing.
Price has moved above 50 sma and above the red downsloping median line.
It is close to the previous resistances / double top but the momentum of the previous five day movement is expected to break this resistance.
60 MIN CHART
Price moving up within the ascending Pitchfork , beyond the Median line, retracing and taking support at the green Median line , retesting it and closing close to the high for the day.
The momentum should take the prices up towards the 5180-5200 which is junction of Warning Lines/ Fib extension lines , Fib extension of 161.8% of previous swing.After that the next target is towards 5300 zone where there should be pullbacks/consolidation since it hits the downsloping red Upper median Line shown in chart.
After a double bottom formation this week's candle is a wide range green bar / ZOOM bar crossing the blue median line.The sign of a positive rally to come.
In the chart I've drawn a upsloping green pitchfork after this weeks' higher close.The close , the highest in 9 weeks !Expect the 5200 resistance to be broken through and price to progress towards the targets of 5500-5550 zone in the next few weeks.
The Stoch indicator line is nearing a breakout of the Trendline and indicator is showing divergence at the double bottom, two positive signs for the upmove to commence.
In the New Pitchfork there are two tests of the Green Lower Median line in the previous two weeks , and coupled with the strong green bar today, Weekly trend is turned UP.
DAILY CHART
The same pitchforks drawn on the daily chart.
Price has broken out of the parallel line drawn parallel to the pivots of the major previousdown swing.
Price has moved above 50 sma and above the red downsloping median line.
It is close to the previous resistances / double top but the momentum of the previous five day movement is expected to break this resistance.
60 MIN CHART
Price moving up within the ascending Pitchfork , beyond the Median line, retracing and taking support at the green Median line , retesting it and closing close to the high for the day.
The momentum should take the prices up towards the 5180-5200 which is junction of Warning Lines/ Fib extension lines , Fib extension of 161.8% of previous swing.After that the next target is towards 5300 zone where there should be pullbacks/consolidation since it hits the downsloping red Upper median Line shown in chart.
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