Retracement strategy, a must for traders.
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor...
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I 'll always be there for you. To make you feel that you're secured. And even if the rain is pouring hard and the sky is almost dark... -
5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ... -
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor...
14 comments:
Hi. Ilango.
I has been following your site for the last couple of days. I am impressed at the accuracy.
I have no technical understanding and want to know whether your update above that the Island Reversal is Negated means we are going to move higher before the August Expiry.
I hold couple of stocks on Aug Futures and based on your confirmation will either retain until expiry day or sell at this stage which would be under significant loss.
Mayur
Hi..Mayur,
I have stated clearly that though "Island reversal" is negated, bearish undertone remains.
Our markets are weighed down by the huge open interest positions in the F&O mkt and settlement is close by.
Index is expected to be under pressure till the settlement for this reason alone. However, individual stocks may behave differently during the last stage of the settlement period based on the "Short" or "Long" positions in that stock. More shorts may trigger a short covering but if the price is favourable for the bears, they may cover only in the last 2 days.
Settlement price range so far is 4727 to 4353 and nifty is trading close to the lows. Now, the bears are comfortable.
Manage your positions with a method..I mean with a trading plan with proper entry and exit & Stop loss. Trade with the Nifty trend. It is not easy with so much choppiness. Trade only when risk/ reward is favourable and things are fairly clear.
I try to base my views with price behaviuor that fits into an Elliott wave patterns, supported by Technical strength & weaknesses reflected in the +ve & -ve divergences. It is a simple study...No hard work..But the "hardest part" is believing in our own works/ studies.
Best regards
ilango
Hi..Mayur,
"Oversold Short term" bounce can continue provided 4420 is held and 4460-4475 is cleared next. Above 4493 NS, you have some strength for a day or two.
All the best.
ilango
Hi Ilango. Thanks for the explanation.
I am stuck with 2 lots of RIL at 2045 and 1 lot of ONGC at 1198. I am concerned.
Today both seem to be showing some movement upwards.
Can you suggest what should I target to exit RIL & ONGC before August Expiry?
Thank You once again for your time.
Mayur
Hi..Mayur,
I don't have the OI positions of stocks. However, I will tell you about their price behaviours.
RIL: If it can hold 1870(Which it has done today) and move past 1950, then some major resistances are @ 1995-2000.If crosses 2000,2025-2035 is possible. We need to monitor the progress with Nifty.
ONGC:- Though Prices are trading near the highs of settlement , oscillators show minor weakness.
Above 1200 some strength and below 1150, weakness.
Best regards.
ilango
Dear Ilango. Thank You once again. Appreciate it.
Mayur
Hi Ilango
thanks for providing Nifty technicals
I'm holding nifty long what level i should watch for stop.
i expect a bounce back upto 4550-4600
Hi..Kshitijesh,
Nifty has shown good supports @ 4400 on many days recently, If it can move past 4493, it can head to 4535 initially(20DMA), and then 4560 & 4600 depending on the momentum at that time.
Now the Hourly momentum has turned up since 1.00PM close and will remain so as long as it closes above 4480-4485(Hour close).
Above 4493, it will start to trade the higher range upto 4615.
This view is for very short term.
Best regards.
ilango
thanks ilango
sir,
is 4515 stop loss as per nifty future or NIFTY SPOT for aggressive trade.
Please reply, I am short
Hi..VVVV,
4515 NS was the SL. Considering the 4490-4493 levels of last 3 days, the same was used for Stop & reverse(SAR) for today.
Best regards.
ilango
is it the rule of your trading table that you use nifty SPOT as S&R?
THANKS FOR REPLYING. i REVERSED THE TRADE
Hi..VVVV,
Yes, the levels mentioned for trade set ups are based on Nifty spot but the rates booked are of Nifty future.
Now that Nifty has moved past 4525(Daily channel top), it is likely to reach 4600..And the weekly closing also seems to point to favourable Monday.
Best regards.
ilango
thank you for clarification. Now ok
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