Daily charts:
- trend is down on daily charts
- today markets closed 0.5% in negative at 11046
- AD was 7:11
- markets could not cross prev day's high
- markets broke prev day's low but recovered sharply
- support is emerging around 10990-11000 range
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPeyQAby5XgWtAgQftRGze1UbwXluKnVKzwohkMknzXZsYX7ZoQJx30W27aA-dEVQkQv4H2tXhGMBAs8Yia-OLq7X3i9AJ_O3-xDjGOAZFRAIkrFpAna5pleY1TjCtdEAMuQG9VvjIge2o/s640/a.png)
3 min charts:
- since prev day was a rangebound day and markets opened within that range, I decided not to trade
- my indicator gave whipsaws on almost all signals
- it should be noted that none of the signals were valid as they appeared near a known support or resistance
- in hindsight, circled areas were best areas for taking a trade
- first trade short as it happened near a known resistance
- second trade short as prev day low become resistance today
- third trade long as it happened near 11000 (big round number)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgq1AZPGloi9jPtpKOcczq_Li65fF8k4uzO_VM9TP0639WOMPl4cTUJOvwV_31eh0UEoEhDPq_14JW__LMNsw7g5fHi3pP7jhDKqKnsTdjrTg4tPfhtezBaVP3r-vY2qsYBJuhIthMbNtSv/s640/a.png)
In hindsight, same indicator with N=5 gave excellent results. Same setting gave many false signals yesterday.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4tSuqSm3gYSPWzJh5R0UMngnsw5lKWrt3JYkuViIh5KasYzm3SXoYOILF9n7ZJ3_OJ06Dor3Hp83WA7PEF6409zIU4wsiZdZfKfiK4GiaPWYsdSLy_lnVUqYt0GCMahm2P-XaOG5u_ukC/s640/a.png)
A workaround is to simply draw support and resistance lines and trade accordingly.
I use this method for delivery trades and sometimes for intraday trades.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhW13YpLUbwatcdMn4hu1VW8n8g82lE7DzfQFWC3mOjNHd8kZ3SVVkZZSxeUH1B__B9I5amRE6Ac_d6rNe7SdrUyQU9Xv7Ktu6dI_J1AqzQU9dEfYgZ7Xzr2SY3Z3b3s8JoR1N_UADJkbo/s640/a.png)
Or you can follow @ForNIFTY and learn the price action methods...
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqDDPNLd2Ax7aJDU9w46VOHwx7s37tkbbtKOK9GprjMiDRngCVZj0qXi353oS5Ax0OZXHaDxIn9WQn-WrCauwYk9TqDZgGs2n-Z7s3R18oa-O9V-f5bt7iOKQxsGfuLN7MR7pj3OfqJLQl/s1600/Screenshot_1.png)
- trend is down on daily charts
- today markets closed 0.5% in negative at 11046
- AD was 7:11
- markets could not cross prev day's high
- markets broke prev day's low but recovered sharply
- support is emerging around 10990-11000 range
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPeyQAby5XgWtAgQftRGze1UbwXluKnVKzwohkMknzXZsYX7ZoQJx30W27aA-dEVQkQv4H2tXhGMBAs8Yia-OLq7X3i9AJ_O3-xDjGOAZFRAIkrFpAna5pleY1TjCtdEAMuQG9VvjIge2o/s640/a.png)
3 min charts:
- since prev day was a rangebound day and markets opened within that range, I decided not to trade
- my indicator gave whipsaws on almost all signals
- it should be noted that none of the signals were valid as they appeared near a known support or resistance
- in hindsight, circled areas were best areas for taking a trade
- first trade short as it happened near a known resistance
- second trade short as prev day low become resistance today
- third trade long as it happened near 11000 (big round number)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgq1AZPGloi9jPtpKOcczq_Li65fF8k4uzO_VM9TP0639WOMPl4cTUJOvwV_31eh0UEoEhDPq_14JW__LMNsw7g5fHi3pP7jhDKqKnsTdjrTg4tPfhtezBaVP3r-vY2qsYBJuhIthMbNtSv/s640/a.png)
In hindsight, same indicator with N=5 gave excellent results. Same setting gave many false signals yesterday.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4tSuqSm3gYSPWzJh5R0UMngnsw5lKWrt3JYkuViIh5KasYzm3SXoYOILF9n7ZJ3_OJ06Dor3Hp83WA7PEF6409zIU4wsiZdZfKfiK4GiaPWYsdSLy_lnVUqYt0GCMahm2P-XaOG5u_ukC/s640/a.png)
A workaround is to simply draw support and resistance lines and trade accordingly.
I use this method for delivery trades and sometimes for intraday trades.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhW13YpLUbwatcdMn4hu1VW8n8g82lE7DzfQFWC3mOjNHd8kZ3SVVkZZSxeUH1B__B9I5amRE6Ac_d6rNe7SdrUyQU9Xv7Ktu6dI_J1AqzQU9dEfYgZ7Xzr2SY3Z3b3s8JoR1N_UADJkbo/s640/a.png)
Or you can follow @ForNIFTY and learn the price action methods...
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqDDPNLd2Ax7aJDU9w46VOHwx7s37tkbbtKOK9GprjMiDRngCVZj0qXi353oS5Ax0OZXHaDxIn9WQn-WrCauwYk9TqDZgGs2n-Z7s3R18oa-O9V-f5bt7iOKQxsGfuLN7MR7pj3OfqJLQl/s1600/Screenshot_1.png)
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