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...
52 comments:
Hi Guys, My mention yesterday.. Nifty Overbought status.. and today the results seen again morning, after noon trade may depend on US Futures and European market opening..
So trade safe.. Anandan.R
Sir, yesterday a Head and Shoulders pattern was discussed with neckline at 5258. Does it still hold good in hourly charts, as the yesterdays shoulder peak has been breached by todays high at opening. Asked just for the sake of learning!!
Ilango - 10 am reading is reflecting. Opening reading not important? (9 am)or just labelling...
Regards,
S Rajagopal
Hi, ilango sir
Only time will tell how useful is prof SS system.
My view is based on metastock on 14 years data after testing prof SS's system. If 14 years data gives unsatisfactory result it'll not change in next 14 years, bcoz markets is same.
From my past exp (8+ yrs) FUTURE MARKET IS NOT FOR THOSE WHO can't be in front of the screen all day because of say a day job etc, ultimately they will be LOOSER. U can se it from 23 dec rise after long triggered, market closed at 5144.
Risk is maximum for 'a second entry' bcoz market always changes direction in intraday bcoz 'Markets are dynamic'.
And I don't agree with ur word
'the moment you enter a competitive plane, all creativity is lost.'
If all creativity is lost then it is not creativity at all, bcoz I m a painter, I know what is creativity & I m here in competitive trade more than 8+yrs (I m living from trade past 8yrs, I quit my software prof job) my creativity is NOT LOST.
Besides that I have a mechanical system, I use my creativity to find its fault.
Anyway I always speak from my heart so sometimes it creates ... but my intention is right, to help fellow traders, so I entered here.
BYE. Have a Nice day.
Best Regards.
Yes..Satheesh,
It still holds good. Markets are not perfect and the patterns may alter a bit..As long as "Head" is not surpassed, it works.
Thanks for the explanation ilango sir
hi indain
in yesterday post u write
High ema 5 and low ema 5 will be less effective if we ignore EMA5(based on EOD).
EOD data(end of day closing price) is most important for any positional TA.
Prof SS's method is for positional trade but it just ignores EOD data. It can not be a good one according to TA, never.
Any good method must combine all three HIGH EMA 5, EMA 5 & LOW EMA 5.
i want to know about how we combine all of three HIGH EMA 5, EMA 5 & LOW EMA 5 for buy & sell signal & refine the Professor SS's method .
thanks
Amrender Gill
Ilango (pls don't laugh).
As per hourly readings, the close is below 5 EMA and 21&35 HD below 80 denoting non-bull environment. The day data contradictes - where close is above 5EMA and HDs in bull zone.
How do I interpret this ? Uptrend in tact or beginning of NIFTY losing stream ?
Regards,
S Rajagopal
Ilango sir, w.r.t the stock wealth post as tatasteel is at the juncture of sell on bounce as per TA, will it be advisable to buy 640 put currently trading at Rs22 levels?
hi indian
in last post u write u have a mechanical system if u don't mind pl
share with us some thing new learning from u.
Thanks
Amrender Gill
Nifty taking support @ 1030 min EMA. Im seeing a Symmetrical triangle in 5 days chart. Below 5270 there will be a breakout of the Symmetrical triangle.
High - 5290
Low - 5260
tgt = 5270 - (5290-5260) = 5240.
upside breakout
tgt = 5280 + (5290-5260) = 5310.
any suggestions...
dear sir ilango bank nifty weekly high EMA @9146 if bank nifty tarde below it can i short it ? plz reply sir am i right ?
Hi,amrender,
U must see my previous posts here yesterday /b4 (I have explained it in details which r the main parameters to decide market trend). see ilango' sirs table. There r weekly pivot , also (another most imp parameter).
U hv to combine it all (see my earlier all post) to make decision. Market is not 2+2=4.
Follow ilango sir here day by day u'll notice the importance of EMA 5 (daily ema 5 & weekly ema 5) , and how to combine all 3.
Read his previous post past 3 or 6 month, u'll see how he used weekly ema 5 in past days very efficiently. His blog is self explanatory of the importance of all 3 emas High ema 5, EMA 5, low ema 5.
For u, in very short
'High ema 5, low ema 5 is for momentum, and EMA 5 is for trend change.' When u combine all 3 u get best result.
And from TA EOD data is most important, then weekly. But trend change always happen in intraday. pls read my earlier post here.
-------
BTW
My mechanical system is Metastock 11 prof, based on yahoo Real Time data.
U can buy it (u'll get all help files in cd, u can buy video tutorial for metastock) & u have to subscribe for yahoo data.
U can crate ur own systems using metastock software, u can combine several indicators in a single window (using expert adviser etc from metastock) to make a powerful one & can make ur own rules.
BYE 2 ALL.
Best Regards.
Hi..rajagopal,
Nifty is on the verge os a daily close below 5271(Day High ema) which is a first sign of weakness. Aggressive trades are initiated based on "Hour High ema" which has been suggesting sell intra.
No conservative sell has come yet.
We just trade these points.
Hi..alpesh,
As long as Bank Nifty has not closed above "Week High ema" , sell in intra week works. SO you sell away from that week High ema..This is again trading and not holding.
Sir nifty has broken now the hour low ema - so can we expect more down?
Thanks Ilango.
Regards,
S Rajagopal
Hello Ilango Sir , Is there a site where we can get the ema data for bank nifty for the last one month ? Thanks
Dear Indian,
SS is a person who has passed thru no of systems,whenever he will express something it will be meaningful.try it first before giving any comment to it.please take it in +ve spirit.
Dear SS sir,
i have been following no of technical parameters for analysing the stocks but was trying to find a simpler system and i read yr message on PRICE at vfm and realised that everything is discounted in price so better to find a system directly tracking price. i have started following 1-2-3 patern which is based on higher high and higher low patterns.thanks for emphasis on price.that has changed my investment drastically successfully.
Ilango sir is doing nice job here.and his blog is becoming a hub for enriching skills.
Pankaj Shah
Ilango sir now can we consider the HS pattern neck line broken? as per HS TA how is the target assessed? - again for the sake of learning!
Hi..Indian,
When I say "Competition Kills the creativity", it is in the field where you try to be competitive.
For eg: Take education. The children creativity is destroyed by this so called competitiveness.
Those words have deep inner meaning that you will realise it if you reflect on it.
Good to know you are painter. If you try to compete M.F.Hussein, your originality will be lost as you will be trying to better his paintings. All I meant is " You, alone, is so good...and comparing & competing is not necessary".
:)
NIFTY is close to the 5 day ema. Book profits in intra shorts.(5240-5245)
Hi..S,
Send a test mail. will send you the bank nifty file.
Hi..Satheesh,
H&S break down target is "minus head height" from the break down point. So 50 points from 5260 = 5210.
what ilango means is,
each one is good on his own.
there is no need to prove ourselves by trying to be one up over others.
that if we have a point, then it can be put across palatably which will result in discussion; instead of aggressively which may bring up emotional burnout.
So, Indian and all, ilango recognizes you as well others that each is unique, each possess his/ her own skill, that nothing need to be overshadowed by something.
Comeon all, let us have good comaraderie here, in this blog, share our knowledge, consume knowledge & improve our lot.
with regards
Moh
Now u see the importance of EMA 5.
Hi,
Manoj Isaac G
U can take money from market only when u want to identify the limitation of a mechanical system (like Metastock or Amibroker) with RISK MANAGEMENT.
Metastock is science for traders, it is the leading software of the world over 25 years.
http://www.equis.com/
No, mechanical system can guarantee in stock market, but when u combine
1. A TIMETESTED MECHANICAL SYSTEM WITH RT DATA.
(u can identify its fault as it is loaded with 15years data, and market never changes. But have to donate that time to learn.)
2. UR RISK MANAGEMENT.
I m using metastock since last 7 yrs it is helpful, but the risk management/money management is urs (it comes with experience).
Most ppls looses bcoz of wrong money management/risk management.
---------
Hi, Pankaj Shah
I have tested ss's method through metastock based on 15 years data (based on EOD what exactly ss & ilango sir mean).
And it is a program in metastock not any human calculation, so there is no chance of any wrong.
I have programed metastock with ss's method using high ema 5, low ema 5, decisions r made using eod data. Result is very bad. I u d'ont believe me, test it urself.
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For ilango sir,
If i try to compete M.F.Hussein, still my creativity will not be lost & bcoz paintings never compared that way .
If u judge 50 paintings by different judge, u'll get diffrent result bcoz it is not ans. of a mathematical problem (u'll not get same result).
Best Regards.
BYE.
About the same time last year, NIFTY plunged today on Satyam fiasco. Does anybody remember this today. Alas! I lost a ton of money.
Hi Ilango,
If 5 day ema 5244 is not broken, shall we go long at above hr low ema 5264
hi indain
last four month i read every post of ilango sir, i thank to sir that he send the me excel file . i use 5hr high ,low for buy & sell signal in intraday & positional trade ,before this file i am using daily & weekly 5 ema high ,low last 7 month they gives a good result.
i aslo chk the 14 years data they are good , buying ,selling signal are late , less effective does't matter they make money.
thanks
Hi ilango bro, plz send me too the BN file....
Best
grainsandpixels@gmail.com
hi indian
what is the cost of metastock?
any idea on amibroker, cost, techcapability & such?
will appreciate your advice
with regards
Moh
Hi..Indian,
We do not want to "judge at all." That is another pitfall, people fall into by judging others.
Please, reflect on it.
Parents want their children to be doctors & engineers but not encourage to find their own selves. Every flower need not be a rose. Nature do not compete. But humans do and that is their weakness. Knowing this, one can consciously avoid that trap.
We are stuck with One Buddha, One Gandhi, One Jesus and not trying to find the goodness in each but only looking for duplicates.This has come about because of "comparing & Competing".
When you are what you are, you just are..you just state your points.
Hii Ilango sir ,if today we close below 5day low ema ie 5228, can conservatives initiate short or only below 5180( recent double resistance which can be support now)?
received, thnx a ton!!!!
Sir, sent a test mail for BN report..Amazing support from you to the traders..Thanks a lot...
well said indian..i need lessons frm both sir and u collectively..c then wht a paiting/graph comes out..
regards
manu
Ilango sir, also how can we judge that running wave is 4th of 3rd or 4th itself/
hi..Bizagra,
I suggested earlier to book out of intraday shorts at 5240-5245.
Market is still in uptrend but "may be" consolidating.
If it closes below "Day Low ema", that will be bearish and shorts is advisable with a follow up action required next day.
Ilango sir, can you give me an idea about tatasteel put?
yes..Bizagra,
Presently it is not clear. If it breaks below the channel(See my hourly chart of EOD post) and then reverses, then it is to be taken as 4th wave itself.
Hi..Satheesh,
I don't do stock options much.
Tata steel is weak for the short term. You need to find a way to play those options based on your experience with options. Writing calls in the first part of the series is good. If you prefer to buy puts, 650-655 area with a SL of 665.
Ilango sir, can we go for a intraday short around 5265 with SL at 5300?
Dear Ilango,
"If 5 day ema 5244 is not broken, shall we go long at above hr low ema 5264" asked on 12.40 as a intra view. is it not a right approach?
Illango:
I use ChartNexus and it is indicating a 5EMA of 5238. I track Nifty on a spreadsheet and I also have a 5EMA of 5237.44. I wonder how you got a 5EMA of 5244 ?!! Where is the error - I wonder.
Sir, If the HS pattern is to remain valid what must be the stoploss?
Hi..KKR,
It is possible if Chart nexus has rounded off the decimals in the formula.
Hi..U.K.Raj,
Around the day ema, you could initiate a long with a Sl closer to day low ema.That would be better as the "hour ema" trading got over in the last 2 days.
Once Nifty closes below day high ema- weakness, followed by a close below Close ema & then low ema..If anything changes before that then the original uptrend will remain intact.
hi..Saravanan,
Sorry..I did not see your comment.
5270-5275+ would be O.K to sell with a small SL of 5290.
Dear Ilango,
Thank you, Now it is clear.
Have updated in a new post.
Hi guys, As per the Indications Nifty broken down.. for today.. Mr.Rajagopal can you send me the gift..? Thanks. Anandan.R
Anandan,
Gentlemen keep their words. (i am not counted).
IOU 1.
Engaging in such free flowing discussions among you enriched lot really will sharpen beginners like me. Please keep it going. Only our fellow-Indian is painting in red.
Hi Indian - cheer up - I am missing your inputs today.
Regards,
S Rajagopal
hello ilango
can cary longs?
syamala
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