akshay1808

Don't Short Nifty tomorrow! Renko charts says so!

NSE:NIFTY   Nifty 50 Index
Pre & Post Budget movements are most rewarding if captured correctly. Since the last two budgets, we are seeing a sharp fall post budget. This time it seems, this may not repeat. Renko charts says so! The market may either continue its upward journey or may trade in a narrow range. So I will either suggest going long on NSE:NIFTY or just SELL PUT options of Nifty with a strike price of 11900 of 11th, 18th or 25th expiry!
Jul 05
Trade closed manually: Wrong assessment! No reduction in corporate tax in today's budget spoiled the buyer's mood!
Hi Ranko Charts are price based movement chart , and RSI is Time based , i.e number of ranko bars in this case , when chart suggests price based movement then the time is ignored ( that is the Main Purpose for Ranko Chart Creation )
In this chart system the time is completely ignored and Momentum is also ignored due to its bar price is fixed , each bar represents the same price movement but the Momentum indicators are designed to calculate the difference between High , Low , close of Previous N number of Bar , here in case RSI is being used for 14 Period ,

so Momentum play very less significant when price charts are fixed price basis

Good day
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sanjeevsaraf19 ShreeKrishna
@ShreeKrishna, nice observation
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