Friday, March 11, 2011

Today's Chart - Axis Bank

Today's chart is Axis Bank. Just a little word about Red and Green lines on charts - these lines should ideally be used to get in on the trend - thus Green lines give you the best places (hopefully!) to get long during a confirmed up-trend and Red lines give you spots to get short during a confirmed bear trend. An alternative use of these lines  is to use them for contra-trend entries - but obviously this is a much riskier approach and is suitable only for very short term traders - perhaps using such levels to get in and out of intra-day trades. As you might have noticed - these lines are not designed to tell you whether the trend is up or down (although there are a couple of helpful pointers) - The main trend is up to you to determine from other methods. I use a combination of methods - very short term RSI combined with longer term RSI  or break of significant price levels.

The comments and posts published in this blog are NOT trading recommendations. They can not be considered as trading calls or advices. If you decide to use the information offered here for your real trading, it is at your own risk.