Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

GANN Lines and Stop Loss for Nifty

47 sec read


 

As of 1st OCT 2009 Nifty P/E Ratio reads 22.90. Fundamentally 22.90 sounds that nifty is overpriced in terms of
fundamental value. As the market sounds bullish many of them might be in longs or more possibly willing to take a fresh long. Many of us might have a trouble with fixing the Stop Loss.
 
GANN line plays an important role in fixing a stop loss As a regular reader of this blog you could know that GANN FAN lines act as
a support/resistance point . And Support/Resistance line decreases/increases with respect to time..From the above picture Chart 1 shows that GANN Fan lines are applied to Nifty 2 year chart from the chart we had earlier concluded that 4980-4990 could act as  resistance zone But the resistance zone was broken on 18th Sep 2009. Chart 2 shows the zoomed part of the recent scenario.
From the chart 2 we could observed that Since 18th Sep 2008 the GANN Support lines hold without any small glitch for the past 6 days followed by a clear trend reversal yesterday(30th SEP 2009). From the Zoomed GANN Chart we could easily identify that 4940-4960 will act as the Base Support in Coming sessions which could be the stop loss and exit point for your long. Below 4940-4960 levels hungry bears are waiting!!!
 
 
Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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