What a Move ABOVE 20,366
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Re: My Indicator Signals Hurdle at 20366 on Nifty
Human psychology is inherently inclined to adapt to acquired knowledge, and this inclination is equally applicable to traders.
In my 17 years of engagement with thousands of traders, each on their quest for the holy grail. If you're one of those traders relentlessly looking for that perfect strategy, then DON'T READ THIS ARTICLE.
The technical analysis arsenal is vast, comprising thousands of patterns and hundreds of indicators. Over the years, I've learned that the key to success lies not in mastering every tool available but in carefully selecting a few that align with your unique trading style.
Before filtering through indicators, it's imperative to grasp the fundamental aspects of each. This foundational knowledge serves as the bedrock upon which successful trading strategies are built. Read for free on pattern and indicators here
On the weekend, I shared insights into the modification of the Super-Trend indicator's period, pinpointing a resistance zone at 20,366. You might have been intrigued by the seemingly arbitrary numbers 5 and 13. I addressed the 'why' behind these choices, but the true beauty of the Super Trend lies in its remarkable adaptability to ever-changing market conditions.
Here is an updated chart of Nifty - Weekly.
Reflecting on the past week, which concluded on a high note with Mumbai's bars abuzz with stock market traders, I was celebrating too
.The 5-week Super Trend prominently signalled resistance at an all-time high (ATH). Did you sense something suspicious in the air?
We humans always love the good things, but sometimes the role of devil's advocate is important too and that was played by my 5-week Super Trend.
Historically, whenever the index breaches the 5-week and 13-week Super Trend range, the ensuing trend mirrors the intensity of Vin Diesel driving in Fast & Furious.
The journey through the complexities of trading has taught me the importance of adaptability and the selective mastery of tools. Instead of chasing the unattainable holy grail, focus on understanding the fundamentals of indicators and customizing them to suit your individual preferences.
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@Brijesh-Bhatia do these parameters work for individual stocks too ?
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@PRANAV GULABANI Yes they do.
Check ICICI Bank Weekly chart on the same Super Trend parameters. Also check similar structure on Axis Bank when it was around 930.
