At:10.55: Optional Profit booking at First res @ 4650. OR trail now with 4620 and raise it as the day progresses.
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At:10.43AM: Stop & Reverse above 4611
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SOLD @ 4611 SL 4625 ( Scenario:2)
If it reverses from 4570-4580, then Scenario:1..!!
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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5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ... -
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31 comments:
Hello Ilango sir, plz start messenger updates, as we miss trades, by the time u update blog ,10-15 points are already gone.?plz do it
Hi..Bizagra,
I am simply suggesting by these updates how one should initiate trades based on the Pre-Market view. It is only "Education".
So Scenario 1 is working ?
Hi..Kapil,
Yes, it looks that way now...!!
Sir is it after nifty moving above pivot(4611) and sustaining for sometime we apply scenario 1
Hi..Satyamurthie,
There are no hard & fast rules. But the system says, Long above Pivot & short below it. Now a move above 4626 will be ORB up.
Hi Ilango,
Once you said, that in any gap up opening in the bearish market, we need to short. Then why we are going long?
scenario 1 perfectly working...hatsoff sir
Should I cover my hedged short 40 at 4600 for 4400 put sold ?
Personally, I think I will retain my long positions with a stop of 4625.. point of ORB breakout this morning. Lots of shorts may have to cover, specially those that piled up yesterday. As the day progresses, may need to trail SL higher.
Hi Ilango
Your analysis of two alternatives and one coming true shows your technical skills. Hope we will learn to some xtent thro yr continious guidence.
Shankar
Why not short again ? or we are walking into a trap ?
Hi..Prabhanshu,
Yes, it is a bearish market and in both the scenarios an upmove in the first session was expected.
Mkt gave a ORB down first but it stopped @ 4570-4580 as in scenario:1. So the position was reversed to long.
It is close to the resistance point of 4650-4680. One can book out partially.
Hi..Kapil,
You exit the short on intra dips upto 4620-4625 and short higher around 4680 or above. Below 4620 stay short.
4400 put - close it in a day or two. I will update.
Hi..Sridhar,
You are "spot on" that "Fresh shorts" by the retail. Only yesterday, the discount came into play.
Dear Ilango,
That means you expect 4400 to crack in this series ?
I am have written 5000 calls as of now in the other direction.
Cheers
Yes..Kapil,
Mow we should be trading 4550-4750 or more and then fall along with the world mkts.
Call writing at higher levels make sense. At that moment cover your 4400 PUT.
As per my weekly view: Pause @ 4600(we may be doing that) and then a bounce to 4800++ and then the big fall..
hi llango,
a request,
could you put up a chart on mercator lines on your stock wealth blog with imp levels and ew count..
thanks and regards.
ankit
Hi..Ankit,
I will do it tonight.
Hi Ilango,
Big fall you talking about is for this expiry?
Sir,
what are the conservative and aggressive trades for Nifty now?
Yes..Prabhanshu,
In this series, it will close at the lowest point and if 4500 is not broken, then it may be in Dec..
I feel, it will be in Nov third week.
Ilango,
I think 4500 will get broke as of now we cant see any support..all so called supports are turning out to be fake support...
I am holding 1MNF long at 4890...trying to get rid of it asap...what level do you suggest me to come out of this?
Hi..ranajay,
Conservative: I tinkered with it too much. Ideally the short created @ 5140 on 20.10.09 is still on.
Now, we will wait for a relief rally to get over and initiate @ 4750-4850 zone.
Aggressive: I keep giving some levels and couple of scenarios ebery day and trade accordingly.
Ilango sir, according to the weekly view can we long positionally with 4600 as SL with target of 4800++. I am a conservative trader.Plz advice.
Hi,
Nifty is rangebound in 4645-4665 zone.
breakout on eitherside will give good move.
what u say?
Hi..Prabhanshu,
If the rally continues, it may lead to one more day at the minimum(max. 4 days)due to Fed meeting in US giving a relief rally.
In such a scenario 4750 min and a max. of 4850 is a possibility.
This view may change depending on tonight's US price action.
Ilango sir,
if possible, would like to have your update views on L & T chart and what levels can be good to enter for long term.
thanks a lot
sriganeshh
Hi..Bizagra,
I do not wih to give a "long trade" suggestion for "Conservative trades" as the trend is strongly down.
All we are doing is to play longs for intra day only.
We will review in few days time to initiate a conservative "Shorts".
Ilango,
What you suggest where I shd cover this long position. Dont want to use my mind..else wil make more loss.
O.K. Sriganeshh,
I will post L&T chart with possible support zones.
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