July 16, 2017

ES Weekend update

  • ES Daily chart shows price moving above 2450 resistance zone. Weakness for This bullish setup only if price starts to close below 2450 zone.
  • Second chart shows the failure of Bears to keep price below 50 Day SMA. Those failed breakdowns led to bigger up moves in favour of bulls.
  • 4 Hour chart shows immediate support levels 2450 and 2445 respectively for bulls.

NIFTY Month and Hour charts

  • These two charts were shared on May 30. Month chart was shown with Bullish possibility and Hour chart was shown with and Ascending broadening wedge and Price held on to the resistance line before it starts to go down eventually. But the long entry at the Hourly support line worked well. Everything that happened in Hour chart may happen in Month time frame as well.  
  • This is the difficult part of trading When one expects a sudden reversal it takes its time. When traders expect sideways action it reverses suddenly. Secret is to be consistent with your setup and have stop loss. Sometimes one has to do Multiple entries. For example If you have a 25 point stop loss You should go for a 125 point successful trade. In that way the Good trade takes care of 5 Wrong trades. Sometimes when the trade really goes in you favour it can take care of even 10 Wrong trades. This According to me is the only way to be a successful trader in the long term.  One has to build Good habits which is useful for you in the long term. 
  • Click the link to see the May 30 Post with Month and Hour charts .CLICK HERE;