Reliance - Oversold
https://www.tradingview.com/x/g5z3tPUF/
I have taken an opportunity to discuss one of the best indicator i.e. William R% for trading which I always recommend. The usage has been discussed in iH Chart. Now, that stock is oversold in 1H, it is bound to go up. But, wait for atleast 3 hourly candles above levels mentioned above and then trade tomorrow.
Though, I have made detailed analysis and suggest that Reliance will recover any wherefrom here, but to cut it short not discussed them rather discussed William R% instead. All the other things take a back seat in treading and on the front is liquidity available to the smart money. Smart money will not take auction upwards unless it gets enough liquidity at his own price and time. So, even if we don't use any other indicator else than this and act accordingly, we can succeed.
Please read everything carefully as written on the chart and try to apply at all levels may be 5m, 15m. 1H D, W, M.
Price Levels for tomorrow are mentioned here under:
Sell Below 2231.56 2208.01 2184.57 2161.27
Buy above and targets
Providing here the modified version of my script for indicator
study(title="Williams %R", shorttitle="The Willy")
// Williams %R
length = input(defval=21, minval=1)
upper = highest(length)
lower = lowest(length)
output = 100 * (close - upper) / (upper - lower)
ema = ema(output, input(defval=5, title="EMA"))
ema1 = ema(output, input(defval=13, title="EMA"))
// Plot
h1 = hline(-31, title="Upper Band")
h2 = hline(-71, title="Lower Band", color=red, linewidth=2)
L1 = hline(-29, title="Upper Band" , color=red, linewidth=2)
L2 = hline(-69, title="Lower Band")
h0 = hline(0, title="Uppermost Line", color=silver,linewidth=2)
h100 = hline(-100, title="Lowest Line", color=silver,linewidth=2)
////////
fill(h1, h2, title="Background")
/////////
plot(output, title="%R", color=yellow, linewidth=1)
plot(ema, title="EMA", color=aqua, linewidth=1)
plot(ema1, title="EMA1", color=red, linewidth=1)
2267.13 2279.05 2302.98 2327.046709 2351.228945
I have taken an opportunity to discuss one of the best indicator i.e. William R% for trading which I always recommend. The usage has been discussed in iH Chart. Now, that stock is oversold in 1H, it is bound to go up. But, wait for atleast 3 hourly candles above levels mentioned above and then trade tomorrow.
Though, I have made detailed analysis and suggest that Reliance will recover any wherefrom here, but to cut it short not discussed them rather discussed William R% instead. All the other things take a back seat in treading and on the front is liquidity available to the smart money. Smart money will not take auction upwards unless it gets enough liquidity at his own price and time. So, even if we don't use any other indicator else than this and act accordingly, we can succeed.
Please read everything carefully as written on the chart and try to apply at all levels may be 5m, 15m. 1H D, W, M.
Price Levels for tomorrow are mentioned here under:
Sell Below 2231.56 2208.01 2184.57 2161.27
Buy above and targets
Providing here the modified version of my script for indicator
study(title="Williams %R", shorttitle="The Willy")
// Williams %R
length = input(defval=21, minval=1)
upper = highest(length)
lower = lowest(length)
output = 100 * (close - upper) / (upper - lower)
ema = ema(output, input(defval=5, title="EMA"))
ema1 = ema(output, input(defval=13, title="EMA"))
// Plot
h1 = hline(-31, title="Upper Band")
h2 = hline(-71, title="Lower Band", color=red, linewidth=2)
L1 = hline(-29, title="Upper Band" , color=red, linewidth=2)
L2 = hline(-69, title="Lower Band")
h0 = hline(0, title="Uppermost Line", color=silver,linewidth=2)
h100 = hline(-100, title="Lowest Line", color=silver,linewidth=2)
////////
fill(h1, h2, title="Background")
/////////
plot(output, title="%R", color=yellow, linewidth=1)
plot(ema, title="EMA", color=aqua, linewidth=1)
plot(ema1, title="EMA1", color=red, linewidth=1)
2267.13 2279.05 2302.98 2327.046709 2351.228945
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