May 3, 2018

Market outlook

Daily charts
- trend is up on daily charts
- today NF closed 0.4% negative at 10670
- AD was 1:4
- option writing resistance 11000

- I am not considering any trend reversal as of now
- If correction persists, I expect 10500 to provide good support

5 min charts
- new simple strategy for day traders
- does not require use of any indicator
- just identify support/ resistance in previous hour
- trade the breakout
- ignore signal if previous hour range is very small

- signals as per this method are shown on chart
- note market was rangebound hence there was no profitable trade

- you extend this method for other timeframes also

Same method with 15 min chart... here you look for significant support or resistance in previous day

When using hourly charts, you can plot vertical separators for weekly range. I have not done this here.

You can even use this on daily chart... here the range to look for is previous month... note data is less in this case

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