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Use This Simple Way To Map Support And Resistance…

Use this Simple way to map Support and Resistance…

Simple way to Map the Market

Whether you are a price action, a pattern, an indicator or whatever trader, if you are able to identify strong price levels on your charts, it can greatly improve the quality of your trading.

Instead of taking signals and trades all over the place, the better trades usually happen at key price levels. Those strong areas of interest show that buyers and sellers are concentrating at those levels and they can be the starting or turning points for new price moves and mark new trends as well.

Let’s look at one such Strategy based on Pivot Points.

What are Pivot Points?

Pivot points are prominent lines which are based on the course itself to determine possible support and resistance.

This feature is ready available in NeoTrader under Stock Analyzer page. NeoTraderprovides Multi time-frame Analysis for Pivot Points and one can find clusters to map the market for Support and Resistance zones.

Below is one such example, the snapshot is taken directly from the Application “NeoTrader” for Nifty.

Examining the table, One can find combination of values that are close enough together to form a cluster. Refer to the marked levels in the image above.

Once the pivot clusters are found, One can plot those on the charts to find the Support and Resistance for the instrument. When prices do reach these pivot cluster zones, Watch price carefully to look for quick price reaction or rejection. One can Sell when Supports are broken, Buy on Dips, Book profits at Resistance, Short on Resistance, etc.

For Eg. We had the Nifty Pivot clusters ready and was plotted on the intraday charts. Refer to the image below how well the clusters have worked. The same procedure can be followed for stocks as well.

Nifty Intraday Chart

Pivot clusters are very valuable Support and Resistance zones that helps to map the Market. And is readily available in NeoTrader.

NeoTrader

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