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...
22 comments:
It looks like nifty may go up to its previous tops i.e.5168 due to just globle cues but still it is very tough to trade.it may drift very quickly during the day whenever it will reach or achive intra day top.
The weak bulls may forced to cover up there shorts above 5120.Yesterday Nifty O.I.reduced by 1900000 shares, means market has become lite.So your predictions are very correct.if Nifty will start to trade above 5120 after 2.45 p.m.then it may gallop.
Hi..Sadanand,
If Sgx Nifty is down, then our EOD analysis may come true..
Hangseng has come off the high by more than 300-350 points..
Is it advisable to buy Nifty "5000 PUT" or "5000 Call" at this moment.
Hi..Vinu,
5000 Put with a SL of 5120.
hi Ilango, why did your critic say that its a make or break day ?
Hi..cm,
1. US $ rallied quite sharply yesterday evening.
2. Hourly rsi indicates some sharp reversal for today around 12.00 or 1.00.
3.11 days of fall from 5182 - 4539 has to be retraced in quicker time..i.e in 10 days which ended yesterday. In such a scenario, this upmove will be considered as corrective rally only. Even the 11th day reversal is acceptable which means Nifty should move past 5182 today..It was considered less likely(never the less possible) considering the weak Asian mkts..
Nifty has broken 5073.Are you going long for a target of 5120 and review later at 5120?
For Intraday, we are long as "ORB" has given a buy @ 5057. And the pivot of the day 5045 has held too.Book Profits either @ 5080 or 5110(R1 or R2)
For positional shorts, it is the individual's choice.
Sir what is ORB?
And i was referring to your pre-market post where you said in the conservative you were exiting your short entered at 5045 and going stop and reverse at 5074.
Hi Kingpin,
ORB means Opening Range Breakout. You can check out about this more by Googling.
Hi..Kingpin,
I have given two options in the morning post.
1. S&R above 5074 NS OR
2. Keep 5120NS as SL & Hold shorts..
I leave that choice to individuals and they need to do that as per their "risk ability".
Today's pivot @ 5048 has been holding well. One could cover the shorts here if uncomfortable (going against the trend) too.
Thanks Vinu and thank you for the taking the time Ilango sir.
ilango sir can i sell at current levels.are you still long ?
Hi Ilango,
The trendline got broken on 20 minutes Nifty Futre chart & Nifty Future closed below the trendline. Now is sustains below it for more that 2-3 candles it will fall upto 5011-4970 levels.
What is your view Ilango?
Regards
Amit
2nd Candle closed below trendline now 3rd candle is trading below it. 34EMA providing support which stands at 5054.It has to break 34 EMA for further weakness in mkt.
Regards
Amit
Now Nifty Spot closed below trendline. Also bearish cross over seen on Nifty Future 20 min Chart.
Regards
Amit
again another doji day........ bear will love it.Is it in process of forming bearish tri star....... who knows.
Supposed to be a make or break day :) 5050 is being held - is positive for long positions.
Regards
Sony
2morrow now will be deciding factor since today nifty spot was rangebound to 36pts only meaning range contraction. Expansion round the corner. 5150 or 4920 :)
Today is a doji again, but the trigger is not in bear's hand, really.
Bcoz, all world eagerly waiting for a Make or Break day IN US DOLLAR MARKET. Becoz below 75 support level, next support only @72. Now US$ @ 74.96. IT IS CLEARLY ADVANTAGE BULL with two doji!!!
Now 5010(+20/-20) is the last but strongest support for bulls(for any long position: ultimate Stop Loss).
Only below that zone is ideal for positional short or much higher level like next resistances 5102-5122, 5150-70.
Happy trading with our beloved Illango.
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