Market Trend Lab

Amateurs attempt to make a forecast while professionals manage information to make decisions based on probabilities.According to  Dr. Alexander Elder , To profit in trading you do not need to forecast the future, you need to derive from the market whether the bulls or bears are in control. You need to practice money management techniques for long term survival. You trade against the sharpest mind in the ocean-like markets. Mental discipline is an undivided part of trading. Please remember the following points: Understand you are in the market for the long term, that you want to be a trader in even 20 years from now Develop your trading strategy , either technical or fundamental analysis. If "x" happens then "y "is therefore likely to take place. You may need different tools for trading a bull or a bear market Develop a money management plan,  with the first goal being long term survival.  Secondary goal is steady money growth and third goal would be...

 (Daily Chart) (Weekly Chart) IMPORTANT POINTS FOR TRADING Banknifty has resisted near weekly channel top and Pull back brought banknifty once again within the channel in Daily Chart. Banknifty closed at 100 Day EMA 9836.  It  is important to protect 100 week EMA 9862 on closing basis. E lse there will be a correction towards weekly agni / JBNSAR level.

Banknifty after crossing Daily JBNSAR Level of 10058 has slipped upto 9911 (till now) there by given gain of 100+ points. As indicated in pre market view that banknifty is overbought in daily and hourly chart and hence expecting some pull back. Now downside banknifty has support of 200 day EMA 9890 and 100 day EMA @ 9836 whereas 100 week EMA @ 9862

 (Daily chart : breakout from the pattern) (Weekly Chart : Resisted near top channel) IMPORTANT POINTS FOR TRADING

(Daily Chart) (To Enlarge click on chart) IMPORTANT POINTS FOR TRADING Banknifty has just given a break out from the flag pattern and triangle pattern by closing above the top channel in Daily chart . ( For detail information on Flag pattern plz refer:  http://justbanknifty.blogspot.in/search/label/FLAG%20PATTERN  ) where as yet to break a weekly channel. It has multiple daily and weekly supports in 9800-9900 zone. Above channel top banknifty can move upto 10650-700 zone

Banknifty After crossing Daily JBNSAR level of 9915   made a high 10124  (till now) there by given 200+ points gain by swing trading based on Agni/JBNSAR technique.... and also indicated in pre market view that banknifty has multiple daily and weekly supports in 9800-9900 zone. It has made a low of 9893 and bounced back and moving towards channel top now..

(Daily Chart) IMPORTANT POINTS FOR TRADING Banknifty is trading within a flag pattern and triangle pattern. It is just consolidating and yet to break from the pattern. Yesterday Banknifty resisted near daily & weekly channel top around 10150 and below daily agni level 10109 it has slipped upto 9934. Daily and hourly Chart is overbought and might give some pull back. It has multiple daily and weekly support in  9800-9900 zone. Above channel top banknifty can move upto 10650-700 zone.