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...
12 comments:
Hi Ilango,
I was short in Nifty at 5085 from 1st Oct, the position shows me very good paper profit. Shall I book the profit here, since you mean to say that downside is limited. I am expecting the market to slide to 4900 once 5000 is broken
Thanks
Hi..
In this series, you will see levels below 4900. I am posting the micro movements. If you are able to follow them, you can book profits and resell higher.
It is as per each risk appetite. I post intra buys as Nifty has not confirmed a reversal by closing below the 5 day avg..
Ilago, didnt last to last Friday, Nifty closed below the 5day moving average??
hi..Rishi,
On 25th Sept , it closed below 5 ema but the next day it reversed. Now it is "OB" in most time cycles..If it closes below again, we need to watch for follow up price action too.
there are cluster of fibonacci reversal dates:
Oct.09 - 13 the month since 2253 low.
9th Oct - 55th week since 2253 low.
Oct.8th- 144th day since 2539 low.
Oct.13th - 233 rd day since 2253 low.
So it looks like the upsides are limited. The dates may go off 1-2 days from reversal points...
Ilango, since our stops have hit, what is the next trade or we in a waiting game? What levels to go short at??
Hi..Rishi,
The hourly is oversold but daily is turning down.
One can sell aggressively and keep a wide SL. If world mkts bounce because of OS conditions, one may get higher level to sell tomorrow. But if they continue down, our weak TA will pull us down.
So sell partly..
Nifty closes below the 5 day average...Ilango, pls confirm this and also is it a confirmed sell now??
Hi..Rishi,
Yes, it is a confirmed sell.
Also note that things are not quite Black & white as we would like it to be. There are possibilities..... as Nifty is still trading within the channel. I would say this much..It is a sell on intra rallies. I am expecting it to go down to 4945(Daily channel support and below which 4920(20DMA). As Hourly is oversold, we may have some selling opportunity if world mkts are +ve.
Breaking 4904 is the next major weakness...
Thank you for the wonderful explanation.
Dear Ilangoji,
refer chart link prepared by u for me.
http://3.bp.blogspot.com/_ot1WH5p4Xr4/SrwUnDCoL0I/AAAAAAAAEJc/n2bYGxFQKmc/s1600-h/1.PNG
if we have completed c (iv) at 16495 and c (v) is on can we consider this wave count valid?
16495 - 16834 = 339
16834 - 16613 = 221
16613 - 17196 = 583
17196 - 16836(today's low)= 360
16836 - last n final leg of this sub wave upward which can have new high or double top or 5 th wave failure, provided 16834 is not broken?
yr comments please.
Pankaj Shah
Hi..Pankaj Shah,
I went through the "Sensex" chart and your count looks highly probable. Whereas in Nifty the "i" wave top of 5005.50(Sensex 16834) was breached yesterday. So I have a slightly alternative possibility and the chart will be uploaded soon.
We may be doing a 4th wave starting from 17196 and since the 2nd was a zigzag, this one could be a flat, triangle or even an irregular flat. hence breaching 17100+ is quite easy during this 4th...and a new high too looks possible. Will keep updating on it in my regular post.
Best regards.
ilango
Thanks a lot Ilangoji,
but today we have breached 16834, 16613 is protected yet. let us c
Pankaj Shah
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