Trending down inside a channel and continues to trade below 5 day ema. Unless Nifty closes above 4965 tomorrow, carrying longs will not be a good strategy. Risk reward on the upsides are limited with more downsides possibility continues though a sideways trend may ensue for a few days..
A channel break(decisively) can set it up for a relief rally. If not week's S2 @ 4757 could come.
Many attempts to induce an upward momentum failed mainly due to settlement day "unwinding". First day of the new settlement will open with the apprehension of the RBI policy.
10 comments:
Hi Ilango,
i am one of the silent followers of your blog. Of course you had helped me with hourly data sometime ago.
I was trying to learn blogging and while checking wordpress, realised that the blog name 'tradeinniftyonly.wordpress.com' was available. I regstered it for you.
I am sending the password to you by mail. Wordpress appears to be a better blogging platform. You can activate this if you plan to shift to wordpress sometime.
Regards
Abhijit
Dear Shyamala,
you wrote,
all news comes after market hours. gap open and gap down. that is why afriad of carrying positions and intra day only stoploss triggered.any suggestion for this
syamala.
Even I used to be of same idea. But we do get trades during intraday also as per Ilango sir's values. I really feel very relaxed while trading with the help of Mr. Ilangos charts. I might take some space now but I felt I should share what I learnt.
Considering todays premarket view's chart Ilango sir had clearly mentioned two possibilities.
1.Nifty moving upto 4920-30 range and then move down upto 4800-4810 levels and again a bounce back 4860 levels.
2. The next possibility was move upto4960-80 then retrace back to 4900 levels.
Both the possibilities have been given only within channels.
I just followed it and first went long at 4885 NF due to ORB buy and NS above pivot levels.Covered the position when NS reached 4910 levels. Then again bought at NS above 4915 with and waited for breakout abouve 4930. It did not materialize so cut my position at a minimal loss - near the pivot point and just waited. I did not go short.
When after the low of 4825 when Ilango sir gave a resversal possibility (it matched the premarket view also) I went long at NS 4933 and closed my long at 4860 levels. and waited again. Again when the channel was broke by moving past 4865 i went long and covered at the resisted area of NS 4910.
I.e my intratrades today was as follows.
buy @ 4885 sold @ 4910 NS levels. (4885-4905 - 20points)
buy @ 4915 sold @ 4900 (loss 15 points)
buy @ 4930 sold @ 4960 (profit 30 points)
buy @ 4868 sold @ 4998 (profit 30 points)
Belive me never in my trading years I have traded so cool especially in a volatile session of this sort. Please dont panic. As Ilango sir says market is always there to give what we want.
My trading discipline right now is trade if you are comfortable if the levels are missed sit tight without messing. We do get such good trades at least 50% of the days I think that will be sufficient.
Thanks for anyone who has gone through this lecture patiently :)
Ilango sir,
Nalla exam eluthinathkku appuram teacher kitta sabash vangina romba santhosham kedaikkum. Am I right sir?
hello sateesh
thank you so much
syamala
can any body through some light on OI.often people are saying oi of this call goes up by this much, oi of put down by this much.what does it suggest.
arvee ji
can you please go in details about option pain.how to find out this. apart from TA by illango sir ,these OI information may give us some help
sir for orb sl is the other side(frm ur blog only). wat wud be the sl if we trade based of pivot points crossing or failure to maintain above it. other senionr members also r welcome to anwerr
sir pls try to answer. if it depends on individual, u give ur prefeence i'll try to follow it
Sathish,
Kudos.
Just one suggestion. Whenever I exit at prescribed levels, I initiate a short if it is close to or above day high. The 'retracement' on reaching day's peak gives atleast half of the Long trade gains.
Just try it on paper. As a precaution, I initiate such shorts in the next month and not in the current.
Regards,
S Rajagopal
thanks ilango sir for update your view on stockwealth
Yes sir truly agree with Abhijit's idea. WordPress is the site of choice for bloggers. You must at least have a look at it.
Also NASDAQ has given up 2180 if it stays there, Tomorrow might turn out to the next "south" leg for the Nifty.
Dear Ilango,
Greetings for the Day!
-After Long I am Long!!
(Conservative Buy 49CE at Nifty levels of 4865 yesterday and carried forward)
-US & Asian markets are down >1.5%
-Now, I am in a dilemma on how do I deal with this conservative open position?
1. Exit at open if down below 4840? (as yest we said about 20-25 pts. SL) or
2. Wait to see if yesterdays' Low holds or
3. Wait for sometime till and after the RBI policy declaration
Please guide...
regards and Thanks.
Post a Comment