This is the 3rd occasion in the recent past our market has used the strong global cues to have their correction , provided the TA was ready for one.
Tuesday, November 10, 2009
Nifty Update.
Nifty just about touched the Pivot-4865 and trading with good discount. Hourly "sell" is on.It may rally from about 4860 or it can weaken upto the S1-4835.
This is the 3rd occasion in the recent past our market has used the strong global cues to have their correction , provided the TA was ready for one.
This is the 3rd occasion in the recent past our market has used the strong global cues to have their correction , provided the TA was ready for one.
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 , well done today...where should i close positional shorts..selling average 4790..thanks
minni
Hi..Minni,
We have a hourly sell. Now we await for a daily reversal. Let us wait.
It should come to 4830-4770 zone in a day or two.
We will review it then.
the analysis was spot on today sir...really helped me in spotting supports/resis...thanks..
mr.Ilango,
Chart says " corrective rally breaks the channel" could you pls briefly explain this term and its consequences
thanks
with cheers
krish
Hi..Assortz,
If you can see the early morning post, I have put US market's corrective rally as shown by "Elliott wave International" and the rally moved up within the channel. Breaking of that will indicate resumption of the down trend..(At times, market can have false break down too nd besides there will be so many channels working at different time frames.)
Similar to US markets, Nifty too fell in 5 waves and corrected up in a channel and broken down from the same. It means we are headed lower. Further price confirmation is required..
Keeping the index below 4910 & 4880 is required first.
mr.Ilango,
Thanks for your clear explanation...
so, if we close today below atleast 4880 level, we can consider that as one of the price conformation for downward resumption and we can stay cool on the positional shorts with the same view as we had couple of days back..
cheers
krish
Fortune favors the brave! Who were sorted @ 4935 with stop loss 4950/60 & booked profit around today/s pivot @4865 have a 60 POINT SURESHOT PROFIT. Anyone can profit from such type of trade, when risk to reward is favorable & all odds r in ur favor. And that is the main thing, a newcomer must remember. Happy trading with our beloved friend Illango.
Hi..
I had net problems since 2.30PM.
Couldn't update.
Yes..4880-4878 close will be weak.
With just a little brainwork any newcomer can make a lots of profit using this blog. Nice work Illango, we love u very much...
HI DEAR SIR, ILANGO
PLZ GIVE ME UPDATE OF BANK NIFTY WITH TECNICAL AND EOD IN YR STOCK WEALTH BLOG.
THX REGARDS
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