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 ...
66 comments:
Mr.Babu,
Your Stoploss for NF short is 5190 or 5205?
exited short @5262 and long
@ 5162
sir for intra 5185 is mentioned, shud it be used as sl for shorts @5155
Mr. Babu
I am holding conservative short.
5000 PE showing reduction in OI.
Now y would PE writers do that in the middle of an upmove?
Can the OI analysts on the blog confirm the reduction??
Mr.Ilango,
i think i made you upset in my last query..sorry if i was..you asked me to follow my method..just fyi, i dont have any method now but sincerely following (right word would be WORSHIPING) your table till i develop knowledge..your table really helped me a lot today since morning, prices are closing above 5 ema and low ema and 1.00 pm close even taken the high ema..your table given a excellent confirmation today for my longs..am really thankful to you
oops what a move, i guess all SL of shorts will be taken away, I am also short with SL 5170
Sl taken in Nifty intra shorts.
shorting with sl 5200
hi..Piyush,
"5185" was based on earlier resistance. An approximate number. I would prefer you use for intraday certain number of points as SL. Especially on a day, Nifty shows strength by staying above 5137 and clearing 5150 after 5-6 days of low volume sideways action.
hi assortZ,
Those are my answers that came out fast and crisp. I am not upset. You are becoming independent and it is alright for me to feel a "bit upset" to let you go.. :)
@ Viren,
As per my understanding ,if it is decreasing then nothing abnormal in it.Because Those who have bought have realized the fact, that Nifty is now not likely to come near 5000 up to expiry or even if it shall come, then it will not break 5000,if break 5000 then also the time value shall be 0 Rs.then.So the smart ones are liquidating it at what ever price there is today.At least getting something than totally nothing.
Mr.Ilango,
am flattered for your kind reply..i will take that smiley into my heart
Ilango Dear,
It moved 20 points from +14 when I posted last.Or will it be another 20 from Mr 2.30.
Exiting NIFTY Long. Kindly ring the bell louder and ahead to initiate shorts ...please.
Feel it may go down since all TV Experts/brokers are saying "Bullish"
thanks sir,
mynac
thn it means it will be best to write 5000 ca whn nifty tries 5180 again..
"" I am not upset. You are becoming independent and it is alright for me to feel a "bit upset" to let you go..""
@AssortZ, what a compliment from the master.
Radhika
@ Rajagopal,
Besides Nifty, I also keep an eye on Tata Steel (& sometimes ACC) for early indications.
Tata Steel has bottomed out 2 days ago but basing and moving up strongly. I will give this upmove a bit more time to mature.. Hourly macd came closer to "O" in the positive and moving higher and in the early process of creating a negative divergence. Let us allow it rise to 5200-5215 initially. Will review then..
Ilango - one compliment due for a guess in y'day N-50 attachment mail.
major contribution for upmove from RIL & LT,
followed by Infy & Tisco & jindal
Sir
Bank Nifty marching ahead too.It has recovered all its intraday loss. Shall we go long in Bank Nifty now?
Thanks
@mynac,
We are assuming that the buidup at 5000 was by writers than buyers.So a reduction has to be viewed with circumspection becuase a writer would hold till expiry and will not close a profitable position going his way, in our case the 5000 PE.
A reduction therefore implies that he is foresseing a change in his projected trend.
Dear manu,
I wont.Because Dear Ilango has said "it has broken the frustrated range."
@ Dear Viren ,
"a writer would hold till expiry and will not close a profitable position going his way," I think so this is for big institutional players.Considering the O.I. now a days retail participation is also huge and they are not aware or might have shorted to closer price.
@ RajaGopal,
Your "OB" and "Oversold" counters filters out many from the list.
As I do not follow many stocks since starting this blog, you need to point it to me..I have opened your file now.
This is another example of "Consistent" hard work.
yes..Hitendra,
You can buy Bank nifty now too. It is likely to close above 9065. Keep that as SL.
sir ji
all longs covrd except uni..
ki karna hai iska?
Saheb - as your usual you ignored the noise!!! Just read the covering note in the mail about "apperance" when u r free.
@ RajaGopal,
I can point out "Bpcl" which was "Oversold" in weekly reversing strongly.. I can say about "SAIL" being Oversold in daily reversing strongly.
These additional input will make a traders "Planning" easy. And that too "day in & day out".
Who says.."you are illiterate, any more"..
:)
@Manu,
Keep Unitech, it is just warming up..
@Prabhakar,
Sorry i couldn't reply, my stop lose is 5210, just now another one shorted. Enjoying my holiday so not much involved :)
sir
me still ringing church bell:)
i c closing abv 77.4 in uni..
@ babu
agian a stop lose:)
Thank you - from you that is too much to digest. I will recognise the "illiterate" in me who will force me to be a student ever.
"Kattrathu kai mun alavu....kallathathu ulagalavu"
===
There was an interesting guess in the covering note (body of the mail).
hi..Rajagopal,
We discuss sometimes your "Sharp observations" and you never fail to amaze us. Yes..I noticed the appearance and your predictions too.. :)
You have summarised it well yesterday.
Yen pani seydhu kidappathe.. Lets just keep on making maoney...Non-stop...
@mynac,
I agree with you.
There used to be a time when OI was a good indicator to market direction because of this institutional activity.
Nowadays with retail the picture may distort a bit, but nevertheless it is still a good time tested indicator of direction.
I'll be interested to see how much of this 45% buidup in 5200 PE stays on after EOD.
Ilango
- divergence continuing in Nifty.
@ Rajagopal,
My critic was once a "Maths" professor in an university. He says.."the teacher has to study harder than students to be prepared well enough to answer all their questions".
Since this blogging, I know how much I have gained and now he also wants to join (as & when his time permits) to upgrade himself..
Sir
What is the target for Bank nifty?, lucky i kept sl @899.80.. and slept :) not executed. Can i book profit now?
Thank you Mr. Babu.
Some times intraday is better than positional trading and sometimes vice versa.
Dear Viren,
Thanks.Waiting for VAH,VAL,POC eagerly because today the intraday range is a big one.
@learningEW,
That divergence is quite young..A break out after such a sideways move has to be respected & traded.
Mynac - Viren : Very interesting brain-boxing on. But please advise, does it mean a certain Up or Down?
Tuesday lived upto expectation. Will Wednesday follow suit ? Now this has come.
nifty 5190 level
L: stay cautious
L is typing...: if it trades above 5190 for a day .. Nifty can go to 5357
Mynac,
Value areas during the day change.
The final figures are at closing bell and applicable for tomorrow.
Ilango sir, have u booked loss in ur nifty short 5135?
@Prabhakar,
Just have a Patience. Do not try too much coz of 1 call lose. At max we loose 60 points, shorted 1 more .. 40 * 200 i am going to loose :)
@ Babu,
That is a difficult one.. :)
It will close above Low ema but may not above Day ema.
If you have 2 or more, then 50% book out.
If you have just one, Book out as it was meant to be an intraday trade only.
9116 was yesterday's day ema.
Dear Ilango Sir,
Please give your comments on NIFTY. I am in short position at 5130 with SL 5205.
Thanks
Saravana,
Yes., I exited at 5160.
However, as per the Premarket chart, as Nifty was always above 5130, a long trade was done to the maximum.
Just when you loose patience with the Market, it shows its hand.. I call it 1 or two days delay that breaks most traders patience.
As "aarvee" mailed me sometime back, we had no business to create that short except for "OB" only but all other parameters were for longs only.
Sir,
i have 2, so booking one. BN@9108.. almost got 90 points.. if i booked 2nd one.. no lose no gain ( if i include nifty) :)
Instead of getting resisted @ 5180, Nifty consolidated below it (5100-5150), gathered strength and pushed higher in one swift move.
Now it is most likely to challenge 5300.. A trailing SL may be 5150 close.
Mr.Babu,
I booked out my NF short at 5106 NS (NF 5116- Loss: 86 points)
Correction : I booked out my NF short at 5206 NS (NF 5116- Loss: 86 points)
We are at 5200.
64% buidup in 5200 PE.
10 % in 5200 CE ( No reduction)
Dear Rajagopal,
This my wild guess that now The Institutional players are also used to play on very short term targets. F N O is weapon for them.Considering the next month PC ratio market wants to trade between 4960 to 5300 range. P.S. 4960 was Described once by Dear ilango ,few days ago,which I have kept in my mind.
Hello Sir
I am holding 5200PE @ 94, should I hold or Exit ?
Umesh
Mr.Ilango,
Not booking partial as 5177/5180/5185 has broken convincingly..Carrying my longs created by us last week@5135 .. thank you
@ Umesh,
Exit the PE..
Thank u Mynac. 4960 will be welcome.
80% added at 5200 PE.
I want to see what it is at 4.20.
just bought 5200PE @44 :)
Value areas for tomorrow:
Nifty : 5216-5210-5165
BN : 9015-9025-9075.
Thanks Sir,
but I missed. lets see tomorrow.
Umesh
RajaGopal,
I will respond to your email today.
Regarding OI, mynac is right that it has become to short term in it's interpretation, but still very good to point out a move later that afternoon or the next day.
Int theory you have about 2.30.
What does it say about tomorrow?
Rajagopal Sir
Your 2.30 to day rocked
Will you please elaborate a bit further about 2.30 +/- effect and trend implications
Some times back you have written that last week this day trend is broken like that and 2.30 will be _ve etc
Your file is very useful. But @what indicators we have to see if a particular stock is above 5 ema and showing + divergence. In another message the formula is hidden in the excell sheet
To day I have shorted since it is showing OB but it shoot up with in short time breaking the trend.Which momentum indicator will throw light about this in advance @ some time back because some time it is going up to hour high ema and coming down and some times moving 10-20 Points above that and coming down. As you are a seasoned trader and knowledgable person please guide this to the small people like us.
Thanks myna-4960 will come.with in this series ??
Yesterday Shri Illango ji atttached alternative graph projecting above 5300
Last but not least why most of the people/blogs are saying shorts only saying OB ,-divergence etc
Thanks for patience treading and advance thanks for the reply. WQill you please give me your Phone no to my mail ID /broaker (that may be very less broakerage since I want to switch from ICICI direct)
Bala
@Prabhakar,
I am holding 4 nifty short coz market not touched 5210 :) , 1 bank nifty long ( 1 booked profit), 1 BajajHind long, 1 tata motors long, 1 suzlon short, 1 unitech short. Let us see how much i loose :)
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