NIFTY50: (THE BROADER PICTURE)
Updated
HEY FAM,
- As you see in the pictorial representation of
NIFTY, the index took an upsurge at around 13th June, 2023 with a gap-up opening which happens to the level of previous month high (PMH).
- Moving on we also see a PEMA crossover with an initial retest of price at Monthly H3 (MH3) level which shows that monthly responsive players are in action now when the price takes the first support from marked zone that is -> (PMH - MH3)
- Now in the same week we form a Weekly high (PWH) at around 19th June, 2023 which you can see comes in a beautiful confluence with the level of Monthly H4 (MH4) thus making it a hot level on the upper side which is why the line is marked as 'orange'.
- Fast forward to this current week, we have a reference that the index has a responsive range of around 210 points which is clearly marked on the chart too.
- This week beautifully shows the fight between the weekly and monthly responsive players trying to break through from the responsive range and thus open gates for their respective initiative players to race towards their range targets.
NOTE:
I hope you understand the broader picture now and can also testify how simple things can be if you just connect the respective dots from multiple pivot timeframe.
So, I think that this information through a brief pictorial representation helps you in further projects and the same time shows you one of the way you can use PIVOT STUDY WITHOUT EVEN APPLYING ANY INDICATOR!!
Let me know your thoughts upon this publish in the comment section.
THANK YOU
- As you see in the pictorial representation of
NIFTY, the index took an upsurge at around 13th June, 2023 with a gap-up opening which happens to the level of previous month high (PMH).- Moving on we also see a PEMA crossover with an initial retest of price at Monthly H3 (MH3) level which shows that monthly responsive players are in action now when the price takes the first support from marked zone that is -> (PMH - MH3)
- Now in the same week we form a Weekly high (PWH) at around 19th June, 2023 which you can see comes in a beautiful confluence with the level of Monthly H4 (MH4) thus making it a hot level on the upper side which is why the line is marked as 'orange'.
- Fast forward to this current week, we have a reference that the index has a responsive range of around 210 points which is clearly marked on the chart too.
- This week beautifully shows the fight between the weekly and monthly responsive players trying to break through from the responsive range and thus open gates for their respective initiative players to race towards their range targets.
NOTE:
I hope you understand the broader picture now and can also testify how simple things can be if you just connect the respective dots from multiple pivot timeframe.
So, I think that this information through a brief pictorial representation helps you in further projects and the same time shows you one of the way you can use PIVOT STUDY WITHOUT EVEN APPLYING ANY INDICATOR!!
Let me know your thoughts upon this publish in the comment section.
THANK YOU
Note
Upper range target achieved 🫶
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