@tradeview07p, bcoz we use trailing method to book our profits and for that, these levels help us to decide - where to exit or where to reduce our position size for maximum gains :)
tradeview07p
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@zebra27, ok . it is default indicator or drawn by u? I think this lines drawn by yourself.
zebra27
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@tradeview07p, obviously.. no such indicator can give you these accurate levels
tradeview07p
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@zebra27, ok thank u. this lines created on daily time frame or any other time frame ? this provides really provides high accuracy .
zebra27
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@tradeview07p, these lines are major, minor and immediate support and resistance, we create these key levels for intraday only.
zebra27
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@tradeview07p, AND YEAH THESE LEVELS ARE DECIDED NOT ONLY FROM 15 MIN TIMEFRAME BUT ALSO DAILY, 240, 60, 15, 5 MIN TIMEFRAME AS WELL :)
tradeview07p
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@zebra27, yes it works. so whenever stock taking support or resistance in between this lines in future ; at that time also have to create one or more line which is required. am i right?
zebra27
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@tradeview07p, maybe there is no need to create more lines because the levels we provide is so accurate that the price action will gonna respect those levels only.
also we adjust our levels according to price of a instrument,
for example :-
1)if spot is below 100 rupees so we try to get levels on every 40 to 60 paisa
2) if spot is between 100 to 200 than we keep levels on 1 - 1.5 rupees
3) if spot is between 300 to 500 than 2 - 2.5 rupees and so on
also more likely it depends on the momentum of that particular stock
but yes these levels are for intraday as i said earlier so for the next day we need to modify levels :)