I am a buyer in today's dip as it has proven so many times earlier..Daily in uptrend..
Good luck to all
Elliot's Impulse waves.(Part-5)
IMPULSE WAVES :- The Basics Waves that move the market in the direction of its main trend either up or down are called Impulse waves. 1....
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5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ...
10 comments:
I feel very much that the market will crash - it's ignored the crisis in Mumbai for settlement day, but it can't stay up in this environment.
Infact, Market is under pressure because of settlement. Once the settlement is over, it should start its uptrend....that is a bullish view as long as 2640 is held and the last two hurdles being 2791 & 2860.
Daily technicals in uptrend...Let it turn down, then the bearish view may come into play..So we are actually trading sideways with the weekly trend being down.
Australian markets have clearly turned up after completing a distinct "ABC"(A) in the weekly chart.Individual market may bottom out according to their strength & local factors. We are close to a bottom or have already made one.Even if we fall, I will consider that as the last fall in a larger "A" wave down. As it is quite difficult to figure out a pattern with so much choppiness, technicals have helped in trading in these times.
One can also wait till the weekly give a buy but you miss a sizeable points from the bottom.
Once the weekly is in place , we should head toward 3600-3800 levels (200DMA).
Yes, Ilango, I'm unable to read any direction in the market. I thought earlier I was sure, but by the end of the day I'm confused again.:)
Hi, Yoda,
Yes, there is no direction in the market except in the micro level.
Try position sizing as per the market type..very light in a struggling(Sideways)market like now and aggressive in a trending market(Pyramid your position as the trend is nearing completion..)
I am sure if you ask yourself these questions, you will be able to know when to apply those breaks and when to press on the pedal..
Hello sir,
in above post you said (Pyramid your position as the trend is nearing completion..)............so how do we know that a trend is coming to an end.
Regards,
shivangi
Trend weakening indicators/ Overbought indicators such as stochastics in 80-95 area, Negative divergences, Rsi reaching above 80 mark, completion of 5-wave/ ABC structure, etc in a bear rally.
During Bull markets the rsi can stay above 70-80 mark for a long period and so do stochastics.However, in certain exceptional bear market rally these indicators can stay more than few days..
Accordingly, downsize your position to reverse your trade as & when the trend changes.
Hi Ilango sir and Yoda,
As u r all masters, i am nothing in front of u. Not a bad friday, i managed somehow and grabbed exactly 30 points each time up & down 3 times finally came out. Observing the price behaviour helped me a lot.
This time i tried 2 lots of Mininifty for safe side but earned decently.
Happy to share with u Ilango sir.
Hello Suj, Yoda and Ilango Sir,
Yoda you should go for intra day trades only , like Sujatha, i too followed intra day ups and downs 4 times.
I still follow those simple indicators we discussed and it works in these markets too
to put it in simple words : Market Now Is Traders Paradise And Investors Nightmare ;)
don't do positional go for intra day only i am able to catch the trend but not able to ride it till the end so practicing on this thing right now to that i dont miss the big moves
its not the fault of system, but it is because of me ...dar lagtah hai ...so i exit early
me too Rahul, Bahudh dar lagtah hai, i am satisfied with my little earnings in this current situation.
Now we have to monitor more things around the world, unfortunately from us also, already election fever, now the bloody idiots (terrorists) .
Really scared about this. Let us pray for the good for our Nation.
Hello Sujata how was ur trading today , for me it was ok , i MISSED that last fall from 2810 levels :( , i had 2800 Puts but i sold them too early i covered them @ 2790
same thing TH FEAR TO LOSE the profit is making me cover too early , i think i need to read some earlier posts by Ilango Sir or go through web material on how to ctrl anxiety while trading
so you have any ideas ? Yoda and I lango sir plzzz guide , how should i overcome my fear so that i ride the entire trend ...
thanks
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