3 Powerful Indicators that one must be aware of while Trading Intraday.
We use Neo wave along with Time Cycles and Channels to understand the maturity of trend, reversal signs and catch powerful explosive moves just before it starts.
Below is Nifty 5 Minutes chart showing these techniques all combined together.
These are simple yet powerful way to trade.
Nifty 5 Minutes chart:
Neo wave analysis – Above chart of Nifty shows clearly the internal Elliott wave pattern forming. We can see that prices completed wave (c) in form of 5 waves up and post that there was an x wave formation. After that the entire rise seems to be forming a classical Diametric pattern which is labeled as a-b-c-d-e-f-g and prices are currently in wave (g) which means matured stage of up move. Low made near 17960 on Gap down is now the crucial support as break below it will also breach the channel that has been protected in this entire rise and will also confirm wave (g) up is over.
Two stage confirmation is powerful technique again in Neo wave and it virtually guarantees when the trend is over with high risk reward trade setups.
Time Cycles – This is next powerful indicator that we use to understand enter the trend when the time is right. For Option traders if timing goes wrong making money is near to impossible. 5 minutes Time cycle period of 64 is working just amazing. Look at the start of most of the up waves precisely from this cycle low.
Channels – Next powerful technical analysis method but ignored by majority of traders.
In a nutshell, Nifty is in matured stages of up move, with 17960 as important support and 18180 as hurdle.
All of the above methods are price and time focused and not derivative of it. So it is important for trader to use this simple yet powerful techniques and see transformation in the way they can trade. Trading should be fearless when you can see the future possible price action.
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