Simple Rules to Trade Using 5 EMA(LOW-HIGH)

USE EMA -5(LOW) and EMA-5(High) instead of using 5 EMA. 

Rules

If the stock/Index trading above 5 EMA(High) - trend is expected to be up with support at 5 EMA(High)and next level of support comes near 5 EMA(low)

If the stock/Index trading in between 5 EMA(low) and 5 EMA(High) trend is expected to be rangebound between 5 EMA

high and 5 EMA low with resistance at 5EMA(high) and suppport at 5 EMA (low)

If the stock/index trading below 5 EMA(low) then price is expected to be trend lower with resistance at 5 EMA low and next level of Resistance comes near 5 EMA(High)

Try applying for both Weekly and Daily Charts to know the exact trend

Its good to Catch the stock/Index at 5 EMA low- EOD with stop loss below 5 EMA-High

Rest its good to look at the 3 month Nifty chart with 5 EMA(High - Low) Indicator.

Also Implemented in our Nifty EOD Tool as displayed in the right corner of the page

to guage the EOD Supports and Resistance