safri
Short

OIL INDIA - Short Set Up - Median Line Analysis

NSE:OIL   OIL INDIA LTD
Please refer the chart for analysis.
Thanks.
Trade active
Comment: Made low of 341.3 today. Stop is moved to breakeven. Lets wait for price to hit our target at 334.
Comment:
Comment: Stop revised to 350
Trade closed: target reached
BOOOOM ::: setup worked well .. cheers
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Innovative use of Sliding parallel, never seen before. :)
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safri praveen.bhatiya
@praveen.bhatiya, Very often inside sliding parallels provide nice support/resistance.
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@safri, Here's nice example..

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@safri, yes I also use inside sliding parallels and it works, however in all the course material it was not mentioned. I think he has mentioned outside sliding parallel only. In this particular case OIL the bigger pivot is not visible on the chart so it looked different. Thanks for posting another nice example of depicting, how to use it.
+1 Reply
safri praveen.bhatiya
@praveen.bhatiya, Andrews original writings doesn't mention about inside sliding parallel but only outside sliding parallel.
Regarding bigger pivot on OIL, I used the highest secondary pivot of P2-P3 move of ML set. It isn't a regular way of drawing inside sliding parallel. But it works more often than not for me. :)
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@praveen.bhatiya , you may want to check this idea.
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R/R is 3 -- looks good.
Do you use support of indicators while picking the trades ? or simply PF ?
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@gulz, Only PF.
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