The big volatile day of today was caught by the Orderflow which gave us a sell at the open, a buy at 11.04 when the Nifty was at 5576 and a sell again at 2.48 pm when the Nifty was at 5646.
We have also introduced Prime levels on the charts which tell us to book an existing position. Thus a long position has to be booked near PR1/ PR2 or PR3. Conversely a short has to be booked near PS1/ PS2/ PS3.The days highs were at PR3 and the lows near PS2.
These levels are derived from the PP0 level which is Prime Point Zero or a neutral point for the day. A market's bias is negative below PP0 and positive above it.
The prime levels are a better way to interpret the market action just like the Pivot point system, but unlike the pivots which run on price only, the prime levels operate on price and volume and are better indicators to day action.
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2 comments:
this red OF goes below 5550....will the fall continue? BN will go below 11000 again?
@Shai, today's OF chart simply great, watta day it turned out to be :) Cya tomorrow.
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