Trend is your freind.Go along with trend.The barometer to identify the general business trend of market is the Dow Theory..As per Dow theory there are three trends: primary,secondary and minor trends. Identify significant tops and bottoms and mark it on line chart. The tops and bottoms – key technique – to identify the trend.The tops are supply zones and bottoms are demand zones.When demand is greater than supply we could buy a stock .On the other hand when supply is greater than demand it is the time to sell an assetThe presence of higher volume at HB-HT sequence for long position is the condition of Bullish. LT-LB Sequence ,High Volume followed with agreement in Indexes are conditions for Bearish as per Dow Theory.
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Hi,
Answering to your question 1 :: How could we re confirm S R marked are true?
If price bounces after a downfall in that particular area previously then the support is confirmed and If price reverses after a rise up in that particular area previously then the support is confirmed.
Answering to your question 2 :: For intraday analysis data collection advise please?
Dow theory is for longer term perspective in no way it can be used for intraday.