A pause candle after a sharp upmove.Macd has come into positive zone. The pause can continue with a sideways move before heading higher provided any corrections are limited to 5100 or 5080. After a brief LH & LL, Nifty has started with a big HH.
At 11.00AM, Hour high ema indicated a correction and the same ended at Hour low ema and Nifty moved strongly then on. A trader who changes to "Buy on dips" once the reversal to "UP" was established would have benefited immensely. As long as the Daily close is above "Daily High Ema", the momentum will carry it higher. Closing below the same, "sell on rise" for a correction will be in place.
12 comments:
HII Ilango sir, i m a conservative trader and asked u about daily trade ranges but u never replied. Before u gave simple conservative trades but now they r with dailt trade levels and i m having problem doing that.Plz explain with example ie u gave trade range 5110-5135 to 5165-5185. Now as nifty went to near 5170, i sud hav exited and again entered @5135,that is what happened. Now plz tell what to do if after exiting @5170 nifty wud hav moved up? or wht to do if nifty hav moved down below 5110 after entering @5135?
Sir , i m learning wht swift action i sud take in these cases?I m a learner,plz help.
sir do u mean by the above trading range that going below 5110, one sud exit?or going above 5185, one sud re-enter into longs? Plz explain for conservatives.Sir plz explain ,i m a learner.
Sir i m a conservative trader, after knowing this , i can read yr premarket report and keep levels in mind, as i cannot be on my pc all the time.
sir..from the weekly charts..now isnt it appearing more to be a ending diagonal with a 3-3-3-3-3 pattern in the final extension...
In that case ,should not the B wave be a motive wave ,instead of the alt(a),(b),(c) structure you have marked..
Could you please explain the Elliot structure involved in the B wave here.
thanks
sir, can i have your yahoo messanger id
MY DEAR FRNDS, EVERY RISE ALWAYS BOOK PROFIT ////NEVER WAIT FOR ANY TGT TO BE ACHIEVED////// NEVER TRADE WITHOUT STOPLOSS..
Hi, bijara,
U said 'I cannot be on my pc all the time.'
If really want to trade with nifty future u have to watch the market all the time.
May be u r a conservative trader.
But it is not so easy, bcoz trend change always happens on intraday not overnight.
So if u don't follow market constantly and real trend change happen during intraday then next day u'll see market open a big gap down/gap up just ur opposite direction.
No one can save ur loss, bcoz if real trend change happens and u did not exit/switch ur position intraday, next day u'll face more loss.
Conservative trader means he/she is a positional trader. But, if u r not a active trader ur chance is less.. very less, bcoz future market is toughest.
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btw,
My exp is only 1 yr, so I want ilango sir's view about chance of passive trader in future market.
Hi..Bizagra,
If you are a conservative trader, then, please stick to the "Stop & Reverse" column of the table for taking and holding your positions. Do not get bothered about the "Trade ..... to ......" levels mentioned below which is relevant for those who are infront of the screen and can monitor the markets live.
I added this " trade your positions" because often holding a positions during corrective period may not result in big profits but trading them with the help of EW & OB , OS of TA, one can maximise his/ her profits.
For eg: A long initiated on 23.12.09 @ 5067 as per "Conservative table" could have been booked around 5180 at the open on 24.12.09 as per the expectation of an EW (3rd wave completion in Hour)and rebought once the index moved into the lower range mentioned 5135-5110, thereby generating an additional profit. This way the Long @ 5067 of 23.11.09 remains, but for the day you have an intra day trade of "sold @ 5180 & bought @ 5130 = + 50 points". This is possible only when a selling opportunity is possible when you are holding Longs and Buying opportunity when holding shorts.
We also had a short created @ 5125 earlier and Nifty, then fell to a low of 4944 but it had many days of lower opening and rallied intraday to higher levels & close lower as in any corrective down days. One could have perfectly traded those "long intra days" and kept their shorts at the end of the day.
The trickiest part is getting the levels correct. I can put forth only an approximate possibility. If you can follow EW intra possibilities as well as TA- OB & OS, you can then fine tune these levels and trade your positions.
I repeat again that if you can not watch the markets live, do not make the trades based on the levels as it can go wrong too.
I hope this helps.
Hi..Shaq,
If you see it as an irregular correction, then it is to be viewed like this:
a = 2539 to 4693
(a) =4693 to 3920( a simple zigzag)
(b) =3920 to 5181 ( an irregular one going past the (a) top)
(c)of b = 5181 to 4539
(a/i)c = 4539 to 5182
(b/ii) c = 5182-4807-5183-4944
(c/iii) c = 4944 to ....... in progress.
This is one possibility where in the c can unfold as either an 'abc" or "12345".
hi..Kevin,
I communicate only thru either "this comments section" or " emails"( vanilango@gmail.com )
Ilango sir thanks for yr explaination..i got it.
thanks for the reply sir...i could relate to the numbering now..so this minuette 'c' wave could lead us higher with a double 3 (so far its looking like sideways )and this entire a-b-c is part of larger "B" wave in a corrective ABC?
so after this minuette completion ,we could be looking at start of C wave that should not enter into A's territory (roughly below3k)..is this understaning correct sir..
Thanks
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