NIFTY50 HOURLY CHART FOR WEEKLY EXPIRY ON 18/01/2024...
NIFTY 50 fell 2% on profit booking by investors to some extent. Watch the swing low and swing high marked on chart. How to select the range is the question to all who are new to this method. You need to select the highest range for the recent price action.
Observe the fall from the price death zone of 21980.75 on chart. Its gap down with backtest at the exact percentage level of 21837.30 on chart. It was a shorting level if not sustained for the swing range selected by us. Thereafter we broke the cluster support levels and backtested it in the 4th hour of trading today. Failure to close above the cluster levels was showing further weakness which took us to the major support of 50% of the range selected. Again Gann's 50% rule at work. I am always fascinated by the 50% rule which makes it more profitable wherever it appears while trading.
So the most imortant level for tomorrow is the 21550.50 level above which we have cluster levels resistance. Below 21550.50 trend will be down with support at 21407.05.
Expiry days are always tricky to trade with wild swings so use all the levels and 50% levels in between them to trade. If you are scalper then divide the one into 4 parts and be quick to trail or book profits.
Happy Trading !!!
N.B. Not an Trading advice. With usal disclaimers as applicable to the reach of this beautiful platform.
Observe the fall from the price death zone of 21980.75 on chart. Its gap down with backtest at the exact percentage level of 21837.30 on chart. It was a shorting level if not sustained for the swing range selected by us. Thereafter we broke the cluster support levels and backtested it in the 4th hour of trading today. Failure to close above the cluster levels was showing further weakness which took us to the major support of 50% of the range selected. Again Gann's 50% rule at work. I am always fascinated by the 50% rule which makes it more profitable wherever it appears while trading.
So the most imortant level for tomorrow is the 21550.50 level above which we have cluster levels resistance. Below 21550.50 trend will be down with support at 21407.05.
Expiry days are always tricky to trade with wild swings so use all the levels and 50% levels in between them to trade. If you are scalper then divide the one into 4 parts and be quick to trail or book profits.
Happy Trading !!!
N.B. Not an Trading advice. With usal disclaimers as applicable to the reach of this beautiful platform.
Comment:
21474 high done ...nice intraday profits ... if entry taken on today's low...
Comment:
21355 is big level if held we may see recovery today...
Both cluster levels of 21355 and 21407 prudently
Both cluster levels of 21355 and 21407 prudently
Comment:
Below 21355 we have major support at 21263
Comment:
watching low 21232 on 23 Dec 2023
Comment:
17 trading day's rise and 75% odf it is wiped off on the 3rd trading day...
Comment:
21550 to watch on upmove enjoy the fun....uptrend or downtrend ...follow it with small stop losses and big profits... never get stuck in one position... avoid averages of positions instead pyramid it if it goes in your favour or direction...never blame anybody for your losses... take responsibility of losses. be accountable to your friend or life partner who is close to you... most imortant preserve your capital... becuase it's your ammunition to fight the trading war...Happy trading !!!
Comment:
21407 level to watch.... low on 2 pm candle is 21418... current cmp at 03:11pm is 21462.50 ... 44 points nearly on index wit RRR of 1:4..
Happy trading !!!
Happy trading !!!
Use the levels prudently