I am just returning to my inbox after a two day hiatus from the markets and am overwhelmed with the volume of mail I have received for the newsletter and the market profile study material.
To those who have written to me about their views, I will respond to each and every query of yours.
This blog is always been about you. Infact you will not find a profile of me or Viren or what we have done.It’s not important as we are more about the difference we can do to you rather than what we are or were in the past!
I knew that we had a silent majority of observers out there. I too was a silent observer when I was learning the ropes, silently going through blogs, never once appearing in the comments section and hoping that somebody else would ask that question for me.The blog would always be a means of communication and a real-time network between all of us, but the emails would be for you to step out, ask questions and seek answers.
We decided against the open link, as a one-time download will not help you understand the subject ( which is huge) or have doubts. Instead we will look at one aspect every week, give you the opportunity to ask questions and move along as a group searching for real time situations of the study during the week.We are ready to roll-out the first study tonight.
About the newsletter, Viren is just finishing with a training program and would be free shortly to start work on that.Look forward to that one.
Last week if you had followed our views in this post here, you would be a happy man today.
For the week ahead, let’s look at the same chart updated :
This recent downmove began when the intermediate seller showed up at 5060 levels Hence 5060 has to be taken out by the bulls for a reversal to happen. Above 5060 you can get a quick move to 5162-5172 levels where a pause and a rethink are in order.Before we get to these levels though, the first hurdle is at 4955-69 followed by 5010-5015.
On the downside, 4887-4870 are important supports followed by 4824.A close below 4824 you can expect 4660 levels immediately.
Hull moving average :
Viren has suggested that those using sma’s and ema’s in their charts move to HMA or Hull moving average.The Hull Moving Average eliminates lag and makes the average more responsive to current price activity whilst maintaining the curve smoothness. I will post charts about the advantage of HMA v/s EMA and SMA in my next post. Till then..