Exit the Conservative Shorts during corrections towards 4750-4740 if 4870 is not violated.
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 ... -
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor...
20 comments:
Hi Boss, I have 4900 put shell i hold or exit
hi llango sir,
why to pre-empt? dont you think we should wait for the levels to come?? these "patterns" have come and gone umpteen times.
regards,
ankit
It's All over Target Near 4000-3600 See My Blog
Hi..ankit,
I would not have pre-empted it. I received EW international newsletter yesterday stating that the 2nd wave of the fall has ended and US mkts are about to start on the third leg.
Hence, my suggestion to Short at 3 stages keeping the weekly downtrend in mind.
Hi..Raghavendra rao,
Keep it.
Ilango sir , if nifty breach 4870 levels , this inverted H&S pattern will be invalid ah??
hi ilangoji,
tony caldrao in his blog hasgiven that bse has topped out @17457
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1606987&cmd=show[s68784901]&disp=P
in such a scenario i think the uptrend is just a retracement to the recent fall and we should go short around 4900 area kiindly give me your views
regards
rajamani
Hi..CKR,
Yes, then no H&S but some other patterns..
Hi..Rajamani,
Your views is a perfect scenario with lesser risk and will take care of the "time" aspect of the correction of the 11 days of fall.(A normal 50% retracement in time)
Hi Ilango sir, is it right time to enter short position around 4860? what can be the target for nifty on the down side..can nifty fall below 4000 near term?
Hi..Sudharsan,
We are only suggesting here for the short term resistance @ 4850-4860 and a possible support around 4740-4750..
We can have many medium & long term views and they will keep changing with changing dynamics.
We are trying to figure out the short term scenario for trading purposes..
My earlier posts has a daily chart with a clear "Bull & Bear" possibilities for medium term
Hi Ilango sir, i am a conservative trader. I am into 4500 puts from 65-45. Sud i also obey 4870 S/R. or sud i keep 4950 as SL?
Hi..Bizagra,
We have 2-3 possibilities:
1. Nifty starts trending down from either from here or from 4880-4890 zone.
2. Nifty corrects from here or 4850-4865 zone to 4750 and then move up to 4900-4935 and then falls.
As the price unfolds, you need to manage your positions according to your risk aversion.
Thanks Ilango sir. So think best is to exit half puts @ 4870 and remaining with sl of 4950.Is it ok?
Hi Bizagra,
Better still would be to reduce your "Put holding" as the market does some corrections and hold the remaining with some of those SL.
ANY NEGITIVE NEGITVE DIVERGENCE ?????
Ilango, it seems that the common theme among the 3 possibilities that you have put up is that no matter what Nifty would/should fall from the 4930/35 area...should we lock it down? :)
Yes..Rishi,
That is also the 61.82% retracement for the fall from 5182 to 4539.
Hi..Kiran,
There was a mild negative divergence in the morning and the market has corrected for the same. Now, if it makes another high to 4850-4860, then may be we should look out for one.
HI.. ILANGO..
CAN I GO LONG ON NIFTY AROUND 4750...
WHATS THE SL..
MOHAN.K
When Nifty reached 4770, there was a +ve divergence. Now if it trades above 4800, then a possibility of a dash to the highs++
4720-4750 is the support zone. Fine tune it with the intra chart.
llango,
even though the mktis up...the 4500 put is almost flat...does it signify anything for tomm or the coming days??
What is left in that put is only the "Time Premium" and hence it will be falt and it would come to life whenever Nifty corrects/ falls down..
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