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As a general rule Low risk traders should never use closing basis stop loss.They should rather act every time these important levels are crossed by error margin(read the instructions given above).
Buy on dips advised worked very well till Thursday. But big sell off was witnessed on the last day of the week. Even after this single day big fall ,there is no change in trend. 10750 is a red level zone and it has closed exactly near this level. More weakness only if it closes below 10730.
Follow the trade setup as given below.
TRADE SETUP :
* ALL THE TRADE SETUPS GIVEN BELOW ARE VALID FOR THE WEEK ONLY.
Profit booking levels are not given below as either you can book profit as per your risk appetite or you can treat all resistance and support levels given below as profit(partial/full) booking levels . Trend following and maximising profit is an ART which is taught to all Gann students at ART OF TRADING
1)10740- 10660-10550-10440-10370-10310 are support levels. You can plan to buy near all these levels and keep 30 points stop loss below each levels. Only high risk traders can keep stop loss on closing basis. Give special attention to the levels given in the RED colour below. Going short is allowed if these levels(red coloured) are broken convincingly.
2) 10850-10940-11050-11180 -11465 are resistance levels. Go short if trades near these levels and keep 30 points stop loss above each levels.Only high risk traders can keep closing stop loss. Give special attention to the red coloured levels given below. You can go long above these levels on convincing break and close.
MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE:: 10750-10660-10550-10440- 10370-10310-10210-10125-9967
MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 10990-11050-11180-11230-11465
Trend remains buy on dips. 27050 is a red coloured level and it corrected below this level on Friday. Any close below 26650 will indicate some more corrections but trend will remain buy on dips.
Follow the trade setups given below and additionally monitor the role reversal levels.
TRADE SETUP :
* ALL THE TRADE SETUPS GIVEN BELOW ARE VALID FOR THE WEEK ONLY.
Profit booking levels are not given below as either you can book profit as per your risk appetite or you can treat all resistance and support levels given below as profit( partial/full) booking levels .Trend following and maximizing profit is an ART which is taught to all Gann students at ART OF TRADING.
1) 26750-26650 26480-26300-26170-25800 -25600-25300-25150-24500 are support levels. You can plan to buy near all these levels and keep 50 points stop loss below each levels. Only high risk traders can keep stop loss on closing basis. Give special attention to the levels given in the RED colour below. Going short is allowed if these levels(red coloured) are broken convincingly.
2) 27050-27400-27550 -27900-28200-28400 are resistance levels. Go short if trades near these levels and keep 50 points stop loss above each levels.Only high risk traders can keep closing stop loss. Give special attention to the red coloured levels given below. You can go long above these levels on convincing break and close.
MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE 26750-26650-26300-26170-25800 -25600-25300-25150-24500
MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 27050- 27400-27550-27900-28200-28400
1236 support has worked superbly.1266 resistance is also working so far. Any close above 1270 level will indicate good strength.
.Follow the trade setup as given below.
TRADE SETUP :
* ALL THE TRADE SETUPS GIVEN BELOW ARE VALID FOR THE WEEK ONLY.
Profit booking levels are not given below as either you can book profit as per your risk appetite or you can treat all resistance and support levels given below as profit( partial/full) booking levels . Trend following and maximizing profit is an ART which is taught to all Gann students at ART OF TRADING.
1)1236-1225-1215-1195-1180 are support levels. You can plan to buy near all these levels and keep 5 points stop loss below each levels. Only high risk traders can keep stop loss on closing basis. Give special attention to the levels given in the RED colour below. Going short is allowed if these levels(red coloured) are broken convincingly.
2) 1266-1284-1297-1310-1325 are resistance levels. Go short if trades near these levels and keep 30 points stop loss above each levels.Only high risk traders can keep closing stop loss. Give special attention to the red coloured levels given below. You can go long above these levels on convincing break and close.
MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE:: 1236-1225-1215-1195- 1180-1153-1120-1045
MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 1266- 1284-1297-1310-1325
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