Nifty Futures Trading Strategy
- Thread starter TradingSystems
- Start date
have you looked at this post http://www.traderji.com/showpost.php?p=8054&postcount=108
One must appreciate posting of hourly charts since everybody does not have intraday software. Some brief explanation should also be given since the implication of everything including fibonacci is different in different timeframes:-
"The 50% fibonacci retracement level from the larger time frame is at the almost exact price level as the 78% fibonacci retracement level from the smaller time frame.
When fibonacci retracement levels from different time frames overlap, the odds of a stock finding support or resistance at that price level is increased.
But that's not how it works. You can improve your chances of success if you look for fibonacci retracement levels that overlap from multiple time frames."
Since there is only 23% retracement of the correction on 60min chart what implications does it have. There cannot be any overlapping with the daily chart but is there any significance of overlapping with the 30min chart?On the 60 min chart it has fallen by 2086 to 1901 and at 1947 it has just crossed the 23% retracement. What implications does this have for the swing trader or position trader.
For instance the nifty rose from 1388 to 2173 which is between 23% amd 38%. If this is a relif rally what significance does it have for daily charts.
At least for nifty there should be a threadbare analysis on a daily bases so that people learn. Otherwise posting of charts though well appreciated becomes superficial. Since fibonacci and Elliot are deemed kissing cousins, a touch of Elliot if relevant would also be appreciated.
Andy is right about the "effective usage" bit. Efficiency without effectiveness does not mean anything.
"The 50% fibonacci retracement level from the larger time frame is at the almost exact price level as the 78% fibonacci retracement level from the smaller time frame.
When fibonacci retracement levels from different time frames overlap, the odds of a stock finding support or resistance at that price level is increased.
But that's not how it works. You can improve your chances of success if you look for fibonacci retracement levels that overlap from multiple time frames."
Since there is only 23% retracement of the correction on 60min chart what implications does it have. There cannot be any overlapping with the daily chart but is there any significance of overlapping with the 30min chart?On the 60 min chart it has fallen by 2086 to 1901 and at 1947 it has just crossed the 23% retracement. What implications does this have for the swing trader or position trader.
For instance the nifty rose from 1388 to 2173 which is between 23% amd 38%. If this is a relif rally what significance does it have for daily charts.
At least for nifty there should be a threadbare analysis on a daily bases so that people learn. Otherwise posting of charts though well appreciated becomes superficial. Since fibonacci and Elliot are deemed kissing cousins, a touch of Elliot if relevant would also be appreciated.
Andy is right about the "effective usage" bit. Efficiency without effectiveness does not mean anything.
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