It looks like a correction so far..
Elliot's Impulse waves.(Part-5)
IMPULSE WAVES :- The Basics Waves that move the market in the direction of its main trend either up or down are called Impulse waves. 1....
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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 ... -
Will not be available to intra update . Suggest one of our readers to update on DHEma-HHEma-HCEma & HLEma for possible support points fo...
45 comments:
Hi Ilango Sir
As in premarket update you said SL for shorts will be 5107 NS. My question is it the absolute value 5107 ? or should we use +10 (-10 for long) or any other values Like 5107+10 and if this value crosess we are out of shorts.
i am not trading but trying to learn.
ghosh
Hello Ilango Sir,
For Conservative traders the S&R was reviced to 5107 and having executed what would be the SL for the long position will it be the pivot @ 5083 or Today's low for intra and what will be SL for positional.
sir which way do u think the market will trade in the later stage????
NS trading range bound(5080-5105)
which way can nifty advance??
Since the low of 5051, Nifty has bounced a 50-55 points till now.
The last significant high from which the fall happened was 5112.45(Yesterday & that is one pivot high), If nifty falls below 5051 in quicker time, downtrend is on.
Now it has made a high of 5107 & falling and whenever this high is cleared in quicker time, the trend(of that particular time cycle ) changes to "UP".
For daily, the Pivot high which need to be taken out in quicker time is 5181 for upmove and 4807 for down move.Calculate the time taken to reach 5182 from 4807 and If Nifty goes down in lesser time, then a down trend is on.This is one method but the flaw is you miss 380 points to know the trend in day.
So you combine hourly trend, 2 day low breaking, close below high ema, then close ema, then low ema, etc. In the mean time, see the intra tech..like how much price corrects vis a vis the oscillator moving from one extreme to the other..Sometimes the price falls less with oscillator doing a full move which is called a time correction.
As I finish typing Nifty is rewarding the Patient traders who trade by the trending side.
Sir IF I am right the stoploss for short for conservative traders is 5107 in NS and not in NF?
Yes Satish..
Sathish,
Always SL in spot only unless specified
Bala
Sir,
To day ave traded price so for 5091,Low EMA 5077 and high5099. If bounces short around 5095 level with high ema as sl. Nifty trading below low ema only. For those who wants to short.Another web site is guru nifty blog spot com for the benifit of memebers .Memebers can also see that blog daily
The reason I asked is I read the previous post by Mr. Sathyamurthie which says that the stoploss has been executed and specifying a stoploss for long! b'coz NS did not hit the stoploss!
Cover all shorts
Sir,
What a rise.Any news
why all of sudden such rise inspite of negative world market?
US futures shot up after a gap down in Dollar index.
Sir can Long now as it above resistance level.
Sir can we go for a buy above 5131
Such kind of reversals should be bought first without a blink of an eye as we have seen a few times in recent past.
It won't give us a thinking time.
Yes Sir, It was a mistake from my side it was 5107 is NF that got executed earlier and it was now only that S&R got executed @ 5107 NS. But, as per Ilango Sir's view NS has to confirm the change in trend by staying above the channel @ 5130 NS i suppose.
As a pure trend follower, in hourly time frame, the fall from 5104 to 5064 was retraced in quite short time. Hence, one could have bought @ 5105.
Hi..Satyamurthie,
Channel is redrawn...see the post above(posted at 12.02PM) and the channel top was 5113.
hi ilango,
what should be the profit booking level for longs @ 5110 and dow future down and dollar index still at 75.82..right
Hi..Book on Longs, if you must, @ 5150-5160 an earlier resistance.
Hello Illango Sir. I am a novice and not acquainted to drawing trend lines and channel. It was from the above chart that i drew the conclusion that 5130 was the channel top.
Hi Ilango
If possible for you kindly post your views on Accumulation & Distribution Indicators as well as how can we read the volume in accumulation & distribution?
Regards
Amit
Sir a clarification, In case of missing the current long entry, at what levels can we reenter the long and will the stoploss be 5080?
Yes, Satyamurthy,
You are right. The above drawing channel top is 5130. I have not posted the one in which I redrew the trendline. I regret my error.
Hi..Amit,
I do not study the above indicators. Google it. You should get some info. I would like to comment on a subject in which I have some experience.
Regards.
ilango
Hi Satheesh,
The previous resistance 5107-5113 should act as a support now, if it is a good upmove. If it is a fake one, it will break below and continue down.
You have to take some risk here to go long closer to those levels. SL should be 5098, just below hour & Day ema..
Sir Nf cant go above 5140 since last 30 min.
One agressive trade on short side can be taken?
Dear Ilango Sir,
It is not an error to feel sorry from your side. It should be an effort from our side to learn the basics of charting.This much of help,support and time for our fellow members from you is really a boon to be adored.
Thank you sir.
Hi..Musti,
I can not recommend a trade against the short term uptrend.But advise only to go long as long as it stays above 5100.
But if you are a scalper, you might find some opportunities now & then.
Sir considering the negative world market situation how advisable is it to carry the long positionally?
Sir
What is scalper.
a bullish flag on 5/10 minute chart. If comes through, NS can target 5225. Poll height + Poll Peak = target; 5064 - 5144 poll height = 80 points. poll peak 5144 + 80 = 5225 is the target;
Scalper is a guy who makes small and quick profits
Hi..Janaki,
That is a wonderful contribution and educative too.
Hi Arvind,
If such exchanges take place, my absence will not be felt much.
You can watch live Europe and US futures here.
(Actual trading prices unlike the delayed Yahoo)
http://www.igmarkets.co.uk/
Are you guys clicking on the ads in the blog every time you visit..??
But your presence will be remembered...
Hi Ilango
As I told that NF & NS are forming Inverse HNS.Tgts also acheived in NF. Good upmove in the matter of 15-20 minutes.
Regards
Amit
Dear Sir,
Your Postings make trading very interesting and as you take up the burden of thinking trades are done at ease. Thanks a lot for your service. Once again I present my request to you for the article to calculate the correction or retracement levels. Thanks in advance
Sir I clicked the ads in your blog. To accept the truth I used to click it once in a while only. Hereafter I shall click whenever I visit your blog.
Hi ilango Sir
I wanted to know that while putting stoploss or S&R the levels that you mention, is it the absolute numbers (like today 5107NS) or do we add +5,+10 then when this value is reached we stop or reverse. Please answer in your free time.
Thank you in advance
Hi..Ghosh,
The following was my reply to you but I did not address it to you. I will add more to it below.
Ilango said...
Since the low of 5051, Nifty has bounced a 50-55 points till now.
The last significant high from which the fall happened was 5112.45(Yesterday & that is one pivot high), If nifty falls below 5051 in quicker time, downtrend is on.
Now it has made a high of 5107 & falling and whenever this high is cleared in quicker time, the trend(of that particular time cycle ) changes to "UP".
For daily, the Pivot high which need to be taken out in quicker time is 5181 for upmove and 4807 for down move.Calculate the time taken to reach 5182 from 4807 and If Nifty goes down in lesser time, then a down trend is on.This is one method but the flaw is you miss 380 points to know the trend in day.
So you combine hourly trend, 2 day low breaking, close below high ema, then close ema, then low ema, etc. In the mean time, see the intra tech..like how much price corrects vis a vis the oscillator moving from one extreme to the other..Sometimes the price falls less with oscillator doing a full move which is called a time correction.
As I finish typing Nifty is rewarding the Patient traders who trade by the trending side.
December 8, 2009 1:06 PM
Hi..Ghosh,
Once you identify a critical high or a low for reversing the trade, you either key in the reversal point in your order and once Nifty crosses that level, it will trigger a buy or a sell order.
Another method is called "Death row". In an uptrend, I have a parameter of exiting at 5-day's low. So when nifty breaks below the 5-day low, Nifty is shifted to the death row meaning it is ready for "Selling". You then calculate a reasonable retracement levels depending on the speed of the market and put your sell order accordingly.
In a fast falling market, you don't get an opportunity to sell.
If you recall the fall from Post Deepavali high of 5182, Nifty fell for 11 consecutive days to reach 4539 with a feeble intra bounces of 60-80 points only.
Experience gives you some leading edge to judge the markets. Everyone fails a minimum of 20-35% of times but how you manage your Stop losses(Money management)will decide your success rate.
The best close for nifty.
but not for sensex
Hi ilango sir
Thanks for such an elaborate and wonderful explanation. i am really honoured. Thanks once again. will try to absorb what you just said.
I am very new to this concept and trying to learn from your excel sheet and daily posts.
I have also taken prints of all posts in your archive and trying to figure out this system.
Sir please also add my email ighosh15@gmail.com for the latest update of the tech table that you spoke about in the morning.
Thanks
Dear Ilango,
Would you please add me to your list while sending yrou updated technical excel table..
My mail id: ramsfm@yahoo.co.in
Thanks,
Ramesh.
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