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 ...
73 comments:
gm sir, cn u gv me charts fr unitech also..my email is manunidhi21@gmail.com
regards
manu
Sir can we go short in curent levels with todays high as stoploss forintraday?
Dear Satheesh
I fail to understand why retail is always thinking to SHORT or buy a PUT in every 1% upmove, this is not a market to short on daily basis.
Do not sit on a weak branch on which already lot are sitting, chances are it will break and a lot will suffer.
The day S&P did not break 1094 and instead remained flat with rising $, i was discussing here how its risky to short this market when its not falling on a rising $.
I am not long nor short, sometimes a best trade is not to trade.
Regards
Akash
Thanks Akash
Hello Ilango sir, plz tell from where u derived S&R as 5172? is it due to previous days low?? If possible plz also give a post on SLs.
nice words akash :)
Dear Ilangoji,
if we look at sensex weekly chart we r reaching to a critical zone in rsi.
http://4.bp.blogspot.com/_fJ202bMkEkU/S0LQ7xAk9fI/AAAAAAAAAdA/fSEpE16r7Ik/s1600-h/sensex+as+on+4.1.2010-763485.PNG
yr views please.
Pankaj Shah
Hi..Bizagra,
The S&R is based on EW pivot point. Besides it is close to the 5 day low of 5160.
Hi..Pankaj,
There is definitely negative divergences in all time frames.Till the price weakens and closes below the "High Ema", momentum carries this market higher.
As the prices are trending up, we should see whether the "rsi" breaks out of this downward channel. If it does, more upsides..If not, then -ve div will take its toll.
You welcome dear Sateesh, we will get better opportunities to short. market are here forever, also on a gap up opening its not ideal to short as on every dip shorts of prior day also will come to cover and it leads to more spike on intraday.
Stays above 5275 it can hit 5300.
Hi, Akash,
Following is the past quote of ilango sir,
IT IS SOMETHING FOR EVERY TRADER.
'I keep off from market people as much as possible. I don't want news , gossips & tips. I have gone through them & lost my entire winnings. So I know what it is to "Believe in oneself". In the market, there are no wizards but there are only "Self-reliant" people...people who believe in their own unprejudiced observations of the market and act on them however ridiculous it could be at that moment. If you can be honest in observing & listening to the market signals, you will, then, not hesitate to change your plan and trade them accordingly.
Disconnecting from the crowd is the foremost requirement. Then, finding a consistent method, strategies for different market. These qualities are called "Discipline".
You are capable of making winning trades. Believe in that fact. Now all you need to do is "introspect" on your losing trades and slam the brake consciously, next time such a situation arises. Like they say, saving/ cost cutting is also "earning". So stopping a loss is also "winning".
There are nearly 250 trading days in a year and many many years of trading ahead. Learn quickly the art of "getting rich slowly" as the opportunities in the market place never ceases as the waves in the ocean never subsides..
"Begin small & slowly, growing happens".'
============
From Jesse Livermore:-
'Remember, the clever trader is always patient and has a reserve of cash.'
'Don’t sell just because you have a profit; you need a reason to buy and to sell.'
'Let the winners ride: Don’t dump a winning trade.'
'Follow your own rules.
Beware of stock tips: Never take stock tips under any circumstances.'
----
Livermore finally concluded—perhaps his most important observation—
That emotional control is every trader’s major challenge and is often the most important element in successful trading.
He said to his sons, “I only lost money when I did not follow my own rules.”
===========
Best Regards.
hi ilango & all
i have a little problem ,how to increase the size of chart area in excle file .
thanks
Amrender Gill
Dear Indian
many thanks for sharing the lovely quotes.
Regards
'Follow your own rules.
Beware of stock tips: Never take stock tips under any circumstances.'
---- GOLDEN WORDS which is to be put as a huge hoarding in front of all traders. As my experience goes I have lost huge money only because I was waiting for someone else to tell to cut my positions. Now a days I am learning (of course with the help of Ilangoji) to trade confidently with my own ideas. I ask certain questions to confirm my ideas with our guru!!! and I am more of an intraday trader with small profits than positional trader with huge profits!!!!!
Amrender sir, the following was the post given by ilangoji when a similar question was asked earlier. Hope it will solve your problem
METHOD TO INCREASE THE CHART PERIOD:
There are two methods:
(Presently the file has 400 rows of data in the chart).
Choice-1: You can copy the data in columns A,B,C,D,E(date, open, high, low & close)from the 40th row to 450th row (to expand the data by 40)and paste the same from the 3 rd row. Do not copy the entire row but only the cells from 40th row a b c d e - columns.
Once you have pasted, go to the end of the row which will be 363rd row and mask the entire rows from that row and click "Clear all contents" under the "Edit" bar.
This way, you can key in data for 40 more periods.
Choice-2: Right click on the graph and click on the source data, you will get under data range as below:
=Data.H!$F$15:$F$400,Data.H!$H$15:$H$400,Data.H!$K$15:$L$400
Now change the number 400 to 440 or 450 or 500 to expand the graph. Change all the 400's to a new same number.
I hope this helps.
Ilango Sir,
The hourly close is below the highema currently. will the daily position weaken only if it closes below the day high ema?
Hi..Satheesh,
Till the daily close is not below "Day High Ema", treat the falls as intra corrections.
If it closes below "Hour Low ema" and stays below that, then become cautious with the long trades.
satheesh thanks for help , but this is METHOD TO INCREASE THE CHART PERIOD.
In my nifty chart , 5250 is the highest point , which increse 50 point like 4950-5000-5050 ... in right side ,nifty touch 5285 so this high is not shown in my graph ,i want to increse the size of chart area.
thanks
Hi Amrender,
place cross hair at axis value area, right click,select format axis, select scale and change the values as you like.
regards
Hi satheesh,
and all friends here who r here for learning..
(more of an intraday trader with small profits)
http://in.finance.yahoo.com/q/ta?s=%5ENSEI&t=5d&l=on&z=l&q=b&p=b,m200,m50&a=ss,w14,m26-12-9,r14&c=
see the macd, stoch, wzr and rsi movement.
in up trend best comes with buy on dips, in down trend just opposite.
Avoid range bound days when frequent MACD cut happens.
If u r with the trend chance of profit is good.
Use stoch curve blue cut over red.
RSI near 20 oversold, near 80 over bought imp for intraday trade(exception strong bullish day/bearish day u can intify it with 50ma 200 ma movement/crossover, specially 200 ma black line).
In strong up/down no frequent MACD cut.
Another imp indicator in the chart is the bollinger band, squeezing action of the bollinger band indicator foreshadows a big move.
If anyone follow the chart(above) day by day, he/she can make own rule using it.
Best Regards.
The above link is previously posted here by Hemanta sir.
(I m just adding a little explanation as far my limitation)
Best Regards.
Ilango Sir, - ve divergences as u said in all time frames today except on hourly chart it has given higher rsi please comment.
Thanks Mr.Indian for your reference.
Welcome..
Hi..JayShah,
Hourly Macd, 14 rsi are still making lower highs while Nifty continues to make higher highs. Till the price weakness is not confirmed, this point will remain in the back of our mind.
thanks U.K RAJ .
hello sir;
i have one doubt illango sir
if we can't buy nifty spot than why we are populating tech table with NS why not with NF.clarify me.i'm beginner. gone through" always trade with this " section.sorry for silly question
Hi..Jayakant,
Every derivative instrument, be it an index future or stock future or options are all traded based on the "Underlying" which in Nifty future's case is "Spot Nifty". How do you trade an option.? Based on the "underlying stock or index".
Besides the premiums & discounts distort the TA and carryover from one month to another month also changes the technicals.
Simply keep both spot & future next to each other on your monitor and trade based on the spot. You will get used to it.
thank your sir;
so it mean... if suppose NS is @ 5270(support 5265) and NF is @ 5275 than we should buy NF eventhough if NF will come to 5255 also provided NS 5265 not broken. is it right sir?
Hi Jaykant,
We are following the nifty spot because...we will trade the nifty future OR Nifty Options. The price of these will vary as per the Nifty spot..which is called as underlying.
The NF is nothing but a contarct showing possible value of the Nifty spot on the Expiry day of the contract. The traders take positions ( buy or sell) as per his perceptions for the value of contarct on expiry day. In this month expiry is on 28th Jan.
The same is for stock F & O
Freind you need to detailed study for F & O before getting into this. Request you to study and observe for 2-3 months and then only start wih a small amount. Otherwise you will burnt your fingures.
you may study material on investopedia.com or any material available from your broker and other in market.
thhis blog will help you once you have good basic knowledge of this ..then predict about the future prices.
i think taken lot of place...
regards
Literally for last 3 hours market is stuck around that 5175 levels, above it 5300 could have got tested and thats not happening.
Nor it can go down as everyone is short.
Days like these are ideal to just watch what others are doing LOL
Regards
Yes..Jayakant,
Your understanding is correct.
thanks a lot shikartimby.
good explaination. i am going through book written by Ashwini gujral.i understood little bit. but i need illango sir and all other blogmats help to learn the basics.
Hi,
Buy Nifty 5300 Put.. at current price.. Market ex trimly overbought ::: Sure will break tomorrow. All Operator driven.. and what ever go's up should come down..
So take the advantage of falling market.. expected from tomorrow. Thanks. Anandan.R
Anandan R,
Will send you a case of .... if it starts falling tommorrow.
Thanx Indian, for the lovely reproductions.
Regards,
S Rajagopal
ilango
so much put options in 5100 and 5200. same way 5300 call alos added. market may come down olnuy upto 5200. today close shall we take shorts?
syamala
Hi..Rajagopal,
"Bribing" not allowed..unfair :)
Hi..Syamala,
If it breaks 5260 today, you take a short as an aggressive trade.
Dear Anandan,
What did you see to believe it will surely fall from tomorrow?
what if FM comes in TV to say GDP to be 10% in 2010 LOL
Regards
Ilango sir, u mean to say if 5260 breaks, ABC.4 downward will start?? or we are still looking for ABC.3.4?? I m new to EW plz help
thanks akash this govt of india market sometimes it ignore technicals
Dear Ilango,
No "Bribing" - wanted to share happiness with "case of ...."
Thanks a million for all your time and efforts.
Regards,
S Rajagopal.
sir from where can i enter OHLC price for hourly in tech table.the link you have given doesn't contain hourly data.
Hi one can visit this link
http://www.google.com/finance?q=NSE:.NSEI
need to click on the "setting" right below the chrt and change the option as canle and also you can try out for varios options under "Technicals" link for MACD and other TAs. Also yo can choose from 2 min, 5 min and 30 min charts. for getting the hourly values
regards
Hi, Shikhartimby,
THANKS, for ur effort to help others, this chart is different than yahoo free chart (it has 30 min bars).
Dear Rajagopal & Akash,
Chart Shows Highly overbought.. Examples : you can see Tata Motors Yesterday and Today..
& also NTPC 2 days before Yesterday and today,
You can see : Today and tomorrow for TATA Steel and Hindalco
wait and see..
Govt. trying to close Eye's & allow speculation to happen, Govt. wish to Sale most of the PSU's by the way of new IPO's, that is why tyr to keep the market up..
This is one way of showing that India shining.
Thanks. Anandan.R
Hey yall....just here to remind you,its ilango sir's birthday today.......so you know what to do
Ilangojji,happy birthdayjjii!!!!!!
Dear Ilango Sir,
Today is ur Birthday. I didnot know.
Sir, MANY MANY HAPPY RETURNS OF THE DAY
HAPPY BIRTHDAY
Thanks
Sanjay Kr Jaiswal
Dear Ilango
Many many happy returns of the day, have a wonderful evening with your loved ones.
Regards
Akash
Happy Birthday and wish you a great year !
Happy birthday Ilango !!!
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1. Copy the Above content and Paste it to notepad.
2. Use replace all (Ctrl + H)
3. and click on replace all 6 with _ (Under score),
then u can see the magic...!
Mahes
Wish u Very Very Happy Birthday ilango sir.
Happy Birthday and wish you a great year !
Dear Ilango,
Wish you A HAPPY BIRTHDAY.
Happy Birthday, dear Ilango.
You are one of a kind, though appreciating on the face is not highly viewed in our wisdom traditions. At the end of the day it is between you and You.
Dear All,
i feel that clicking on ads on this blog will be the best way to wish him !i request all to click on ads for birthday gift to him!
Pankaj Shah
Dear ilango ji,
here's wishing you a very very HAPPY BIRTHDAY.
Renu
wishing you a happy birthday ilango sir
Wish u Very Very Happy Birthday ilango sir.
Dear Ilango,
Wish you a Very Happy Birthday!
HAPPY BIRTHDAY TO ILANGO SIR....
kind regards....
vicky....
Wish you a HAPPY BIRTHDAY and pray for your
wellness,may your blessing help us in our every day life
with regards
govind
Wish u a very Happy B'day Ilango Sir.
mark - ur post was nice.I tried it in notepad and it looks beautiful.
Cheers
Akhil
Hi Ilango,
Many Many returns of the day
dear ilango ...wish u happy birthday .....tried marks magic and enjoyed....well tried to paste it here but hez tricky it works only to the peopl who try it in note pad ;)......cheers
WISH YOU A VERY VERY HAPPY BIRTHDAY ILANGO SIR. I WILL SINCERELY PRAY FOR YOUR WELL BEING ALWAYS
Ilango sir this day is very special to me as it is my Father's birthday too. I think all great people are destined to be born today especially who have the tendency to give others without expecting anything for themselves!!
Ilango Sir, Wishing u a very happy birthday . May all ur wishes be fulfilled this year and may all ur dreams come true. God bless u.
hi ilango,
wish u a very happy birthday and many more to come . wish u have all the happiness in the world.
wish u HAPPY BIRTHDAY to my dear sir ILANGO
REGARDS FROM ALPESH
TAZI HAWA MEIN FOOLO KI MAHAK HO,
PEHLI KIRAN MEIN CHIDIYON KI CHAHAK HO,
JAB BHI KHOLO AAP APNI PALKE,
UN PALAKO MEIN BAS KHUSIYON KI JHALAK HO
HAPPY BDAY SIR
Happy Birthday Ilango ji....!!!
God bless you in many more years to come.....
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