Nifty Media : Swing Low and Swing High with Fibonacci tool

Nifty Media: Swing Low and Swing High with a Fibonacci tool

In the above chart we used some of the technical factors is:

1)Swing Low and Swing High
2) Fibonacci Retracement and Extension
4)Morning Doji Star
5) RSI

1)Swing Low and Swing High Definition :

A swing low is when the price makes a low and is immediately followed by two consecutive higher lows. Likewise, a swing high is when the price makes a high and is followed by two consecutive lower highs. The first chart below shows this definition in action on the price chart

2) Fibonacci Retracement and Extension

How to Identify Fibonacci Retracement ?
Step 1 – Identify the direction of the market: uptrend.
Step 2 – Attach the Fibonacci retracement tool on the bottom and drag it to the right, all the way to the top.
Step 3 – Monitor the three potential support levels: 0.236, 0.382,0.50 and 0.618

How do you use Fibonacci extensions?
You determine the Fibonacci extension levels by using three mouse clicks. First, click on a significant Swing Low, then drag your cursor and click on the most recent Swing High. Finally, drag your cursor back down and click on any of the retracement levels

3)What is a Pullback?
A pullback is a pause or moderate drop in a stock or commodities pricing chart from recent peaks that occur within a continuing uptrend. A pullback is very similar to retracement​ or consolidation, and the terms are sometimes used interchangeably. The term pullback is usually applied to relatively short pricing drops - for example, a few consecutive sessions - before the uptrend resumes.

4) Morning Doji Star Pattern Definition

The Morning Doji Star is a bullish reversal pattern, being very similar to the Morning Star . ... It happens that the two first candles are forming the Bullish Doji Star pattern. As with every other candlestick pattern, the pattern should be confirmed on the next candles by breaking out of the resistance zone or a trendline.

5)RSI: Observed Near 50
Traditional interpretation and usage of the RSI are that values of 70 or above indicate that a security is becoming overbought or overvalued and may be primed for a trend reversal or corrective pullback in price. An RSI reading of 30 or below indicates an oversold or undervalued condition

Note : Trading is all about Probability, not certainty


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