- Nifty was resisted at day low EMA yesterday.
- Today Nifty may get a GAP up because of the world markets. Day low ema and 38.2% Fib level may get tested.
- Bullish strength can be confirmed only on closing above these levels.
- Getting corrected and closing below Day Low EMA again will favor bears.
Dear San,
ReplyDeleteI use your Nifty Real time Chart Very regularly.So first of all big thanks to you for such a wonderful facility.At present the DRSI is around 80 & Stoch is above just 50. It is seen even yesterday that for the confirmation to generate any trade one should go long or short when both indicators are perfectly correlated with each other.Your experience please.
@mynac
ReplyDeleteHi
First of all thanks for the comments. I hope you are doing well.
My main indicators for positional trading is Stochastic and MACD. My experiments with RSI has not been that successful. But my friends say that when RSI turns from below or above and crosses the 50 mark it used to give good trades combining with other indicators.
My method is a combination of Positional and Day trading. If i get my positional direction right i use to day trade in the direction of the positional trade to maximize returns.
I combine Daily stochastic, Hourly macd divergence and a Moving average break for confirmation. Also watch fibonacci levels for profit booking and increasing the number of lots.
Thanks again.
Dear San, thanks for the reply.Why I specially asked this question because as per Nifty Real time chart yesterday Stoch.was showing Buy signal as it was almost zero when Nifty was trading around 4900 but RSI index was not backing up for the buy,because it was well above 25-30 mark.When Nifty came up to 4760 then only the RSI also dropped below /upto 20mark and the rest was the history.Thanks.
ReplyDeleteP.S. So today though RSI was above 80 I covered intra position around 4910 because I was expecting Nifty to go further up.,and now it has come up to 4935.Thanks.