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 ... -
If the steady FIIs inflow reflects in the prices, 5405 should be protected going ahead and market may encounter minor corrections and keep m...
35 comments:
Smart Trader - No. Covered and Long initiated yesterday EOD in both TMF and MUL.
@manu
72.45 looks like for me favorite destination for time beeing. Last 3 sessions I did short exactly this point only and made upto now 2.3 I got. exitting today one.. got 0.50 :)
@ Bizagra,
Do not take this break of 5269 as a sell. Allow this upmove to go higher. Then initiate a sell.
Thanks Ilango sir, got it, i ll sell near 5300.
Rajagopal sir,
ANY UPDATION IN SUGAR STOCKS PLEASE SIR
Ilango sir,
Can you post the levels of tatasteel? It has reached the resistance levels of 645-650 as per the indication in chart. can you give the probable moves?
@ Satheesh,
For Nifty, we are counting this upmove as the 5th wave. So upsides are limited as per this view.
Technically the parameters suggests "UP". I would be cautious around these levels.
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I would liquidate my "Longs" if NF breaks below 5265.
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Smart Trader - Tell me if you are in. Read today that some biggies are Shorting Sugar big time "Price recovery not seen". Tech at mid point.
Are you going Long or Short?
Hi I lango sir & freinds Good Morning, nice discussions going on, exited shorts yest at 5230, else would have got screwed left , right & centre, thanks for the healthy discussions & selfless attitude
GG
Ilango sir wht does this 15 point premium on NF tells???
Ilango sir,
can you put the chart of 5 wave count? I am trying and trying to count but i dont know where i miss the counts!! I have to do more homework.
Ragagopal sir,
i am going to initiate my short in renuka and s
sir negative divergence in nifty 5 min, if macd now moves below signal can we close orb long ,and take sell ,( ur premarket level sell also there)
conservative long to close at 5265
Ilango
what r the likel tgts of this wave 5.(its on hourly charts? )
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Exiting Longs @ 5305 - 5315NF.
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sir
intra day or all
Ilango sir,
In one of your previous posts you had mentioned that say if the retracement of a downmove is finished within the timeframe of the downmove then the uptrend is intact.
To put it more clearly, say if downmove is within 15 trading hours and if the retracement to the high level is back by 12-14 trading hours then the upmove is intact.
Nity has taken 15 trading days to come down from 5290 - 4675. But it has taken 31 days to reach to that level again today. Can you tell if there is any significance? Also the 14D stochastics shows OB level for the past 17 days i.e above 80. How long is this range possible?
@manu,
i think there is no Intra buy to sell. Its yesterdays buy ...
@ Satheesh,
The "faster retracement" factor is just a guideline and not a rule.
Stochastics are leading indicator..That is all. They have led before the macd gave a buy. Macd is a lagging indicator.
Stochastics fail in a trending market. It means that the "OB or OS" indications by stochastics will not work in a trending market.
Rajagopal sir,
TATA STEEL TOUCHED THE RESISTANCE LEVEL OF 648 CAN V TAKE A SHORT HERE
wow satheesh sir, u r very sincere student of sirs'
@Illango sir & all
sir i have initiated a short in banknifty ( @9380 looking the R1 R2 there in stock wealth) and in nifty @ 9303 on the basis of double top(5300+) , OB , your level of booking profit there+ being its friday( on Mr. RG's 2.30 level , looking yesterday conversation) and most importent that i did it for intra only and with strict SL
need expert comments regarding the best exit plan
regards
vikram
Thanks Ilango sir,
From the Nifty charts, as you said fmacd has given a buy signal from 25 feb onwards, and 14D stochastics remains OB above 75 from then onwards.
I learnt the mistake I made. i.e not taking both parameters lagging/leading into consideration.
Ilango sir, from the lows of yesterday, if we count waves till now, in which wave r we??
Ilango sir,
one more doubt regarding MACD. Can a sell/buy be initiated based on the crossing over of 9ema over the MACD line or should we wait for a divergence? or can divergence be used for just confirmation of our trade?
@ Vikram,
The intraday divergence developed from 5270NS...So the likely first target for the sell is 5270 +/-..
ilango sir can igo for bajaj hind 150 ca at 4.5 pls suggest me thanx
@ bizagra,
It is possible from yesterday's lows a "5-wave" is done . OR the 4th wave may be on and another high is possible.
@ Satheesh,
My critic did such an excercise of "Buy on macd triggering the 9 sma" & sell vice versa and the results are fairly good. You can verify the same from our excel files where the values are available.
My years of experience suggest to take certain action at "perceived extreme zones". This is based on individual's experience & judgement and some amount of risk is involved and "effective risk management" should be strictly put in place at such times.
Ilango sir that means we can short if new high 5300-5310 comes, if 5 completed and goes down, where we can short? S & R 5180 is very far now.
Thanks. Again asking many questions as this helped me yesterday in exiting shorts and going long.
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NEW POST DONE
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Hi all
I am planning to study options in details...can you suggest a good book on options
@mynac,ka,prosenjit,viren...and all regular option traders...please mention your personal favorite book on options
@sriganeshh
Actually I was confused whether to start with options or fundamental analysis...I have got basis information on both...but want to take it to advanced level...What's your view...options or fundamental analysis...and why?..please suggest some books as well on both
Cheers
hi..gaurav,
"Options trading" in the beginning of the series is quite a risky affair. "Buying options" is advisable in the last 7-10 days as the premium will be less.
Trading in options in highly liquid counters is alright as long as the trades are initiated in an established range.
Ilango sir,
I wanted to compile a mail of all my doubts and send it to you, but the list goes neverending. So I put my doubts here. Sir if it disturbing during market hours then i shall ask later after market hours. Can I continue now or later?
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