At 2.06 PM:- S & R Revised to @ 4668 NF
At 1.02PM: SOLD @ 4670. S & R @ 4674 NF
There is a possible 5 wave completion here.The last vertical spike is typical of a 5th up.
It can make another high before falling. In such case , SELL after clearing the high with small SL.
If the highs are already done with, then sell at the break of 4645 NF.
16 comments:
Ilango, clearly another winning trade on hands...now only if you could shed some light on the target for this downmove? :)
Hi..Rishi,
Nifty is not weakening. Only below 4640 weakness towards 4580-4600 initially.
There are -ve div in 5 min charts. But all these will negated, if it moves past 4668.
These are aggressive trades and one should book out also swiftly.
Hi..Rishi,
S&R @ 4668 strictly.
yeah....there was a very ugly looking bar in 5 mins in the 5min that gave us the hint to cover positions..and now 4668 also hit... :(
Hi..Rishi,
Yes, Ugly looking to the bears.."Beautiful" to the bull's eyes..!!
haha...right on...anyways, thanks for the commentary...really helpful..
Still not crossed Bala sir's level, so if closed below that shall I hold the shorts? (sept short) as u have mentioned 2morrow is upward bias.. so worried..Please clarify.
Thanks in advance.
Regards
Hi..Sujatha,
I see some -vwe div in intra charts but each fall has been bought into. Even the Asia has come off the lows.
Have some SL or stay light till we get clear views. SO many whipsaws....
According to Mr.Vivek Patel's views, Sensex above 15700, it is up only for the "G" leg up..
Thanks a lot for your speedy reply.
Regards
Hi..Sujatha,
If you can hold them with a SL @ day's high, hold it. If the SL is too far away from your initiated price, take your own decision based on your risk management.
Best regards.
ilango
ilango
sir, cud explain what does a "g" leg mean.. just for education purpose and what wud be its implications
thanks
regards
ekts
Hi..Ekta,
See my yesterdays post. I have put up an EW chart, showing possibilities of an upmove towards 4800-5000+.
http://tradeinniftyonly.blogspot.com/2009/08/nifty-breaks-out-above-4615.html
Best regards.
ilango
Exit with littile loss (brokerage) that too my mistake.. actually brokerage also covered when i was thinking.. to cover the short.. but fraction of second shoot up..i need more speed to implement..
Your reply is moral boost for me.
Regards
Hi..Sujatha,
If I tell you there could be a possibility of a gap down, you would feel bad for having closed the shorts. But can we take such a risk and burn up the money if it goes against us.
I feel we need to identify the trends of week, day and then play the hour. Or just play the "day' as per conservative trades.
As time goes by, money accumulates, if we are disciplined.
Don't feel disappointed if Nifty gaps down tomorrow. And don't feel elated if Nifty gaps up too. Simply let us decide what trade will have better risk/ reward favourable to us.
Have a nice day..
Hi Ilango,
If you watch 2009 MAR15---MAR EXPIRY charts.If you just change the dates and replace the nifty values...we are following exact pattern, so similar its unbelievable
In Mar Nifty went down to 2550 odd levels..Then one gap up to 2670 levels...then one short covering day to 2720..then intrday fell to 2690 but clinmbed to 2770 levels..and then 2600s was history.
This time we fell to 4380 levels....then climbed to 4520 levels..then gap up to 4580..then one short covering day to 4650..today intraday fell to 4590 cimbed to 4670
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