Monthly high ema(Changes as per the highs made in this month) @ 5083+ has been met with resistances.
Being in strong short term uptrend, it has been finding supports at the Hourly low ema (Rising too with higher lows each hour) @ 5063 -.
One could continue holding the longs as long as Nifty closes above the Day High ema(Aggressively) and closes above the Day Close ema(Conservatively).
There will be whipsaws along the way but overall "Success rate" is very satisfying.
One of the early "learnings" of mine in the stock market is to "Hold longs above 5 sma clos & Hold shorts below 5 sma close" and I was well rewarded on two big occasions.One by holding shorts before "Sitaram kesari(Congress) pulled the "Deve Gowda's" govt, and holding longs a day before the election results were out last year. More recently, before the budget day we held longs @ 4840(19.03.10) and the same long price was available one day before too.
Methods are many but what is required is "Steadfastness" to it. If God thought otherwise, He would have created all of us out of a "Single mould".
Having fun & making money with few methods but not too many to confuse us.
As Gautama Buddha would state, "Balance" is vital as in the "Stretching of the strings in a musical instrument". Even in that instrument only few strings combine to give you great music and you won't be able to handle if it were 100 strings.
I have 100's of acquaintances but just a handful of friends. Need I say anymore..!!!
This "90 minutes of football"(our life) game is on and there aren't many recesses, regroup yourself after every setback and play on as the game will not go to a "Pause" for your sake, score as many as you can and take it sportingly if you fail too and it is your game that matters not the next game where you may not be figured..
And play "passionately".
26 comments:
Dear Ilango,
Good Morning.
Yesterday between 9.35 to 1.40 p.m.Nifty Future was trading between 5065 and 5055, for exact 10 points for 4 Hrs. Out of total 6.5 trading Hrs. Addition of 15% O.I. in 5000 PE and 10% + O.I.in 5100CE and 5200CE will be interesting to watch. 5066 has significance, as told previously and 5100 to 5150 shall be crucial now as discussed yesterday so let us see today what the next is?
Hi Ilango and blogmates
I have completed the Elliot Wave Calculator
You can download it from the link below
http://financeandtradingmadeeasy.blogspot.com/search/label/Download
@Ilango...can you send me charts (do it at your leisure)of previous price action in nifty or stocks ....where you have found completed wave formation ?(shoiwning complete 12345 and ABC Waves)....Let me know if some corrections should be made,specially in time aspect of the calculator,where the information was not very clear.
Thanks
Cheers
I want to see how it performs.
A gap down opening is expected by most but the fact is we've to be very cautious as the market is looking out to surprise all! Anyway my guess is a close just above 5000.
sir and family
GM
thnx sir for updating files..
thnx mynac ..ws missing yr data ystrdy..
@ manu,
GM.I myself will watch 5123 to 5113 zone very carefully today to take any action.
Hi guys,
Nifty approaching Over brought level again.., So safe..trade on short side then long side..
Sale at Higher levels.. 5100 to 5110 levels..SL.5130... then cover your shorts around 5060 levels..
This is my view.. but Mr.Illango will guide in the process better..
Govt.. next week trying to mob up 20k crs for NMDC FPO.. so LIC, and SBI.. may not be buying at this current levels..
If any short fall on subscrptions Govt.. will ask this big DIIs to support..
RBI no needs to raise the CRR.. Excess liquidity what ever from the banking sector will be taken out by NMDC FPO..
So next week will be more important.
Anandan./r
hi..GM,
Thank you Mynac for those OI input, badly needed.
Hi..Anandan,
OB observations should play out soon.
= = = = = = = = = = = = = = = =
Aggressive SELL for the day here with a SL of 10 points.
= = = = = = = = = = = = = = = =
Thanks Dear Ilango.
I am leaving now.Thanks again and happy trading to all.
GM all
Hope this SMALL story makes a BIG change
Professor began his class by holding up a glass with some water in it. He held it up for all to see & asked the students "How much do you think this glass weighs?"
'50gms!' ..... '100gms!' .....'125gms' ...the students answered.
"I really don't know unless I weigh it," said the professor, "but, my question is:
What would happen if I held it up like this for a few minutes?"
'Nothing' ..the students said.
'Ok what would happen if I held it up like this for an hour?' the professor asked. 'Your arm would begin to ache' said one of the student
"You're right, now what would happen if I held it for a day?"
"Your arm could go numb, you might have severe muscle stress & paralysis & have to go to hospital for sure!" .. ventured another student & all the students laughed.
"Very good. But during all this, did the weight of the glass change?" asked the professor.
'No'. Was the answer.
"Then what caused the arm ache & the muscle stress?"
The students were puzzled.
"What should I do now to come out of pain?" asked professor again.
"Put the glass down!" said one of the students
"Exactly!" said the professor.
Life's problems are something like this.
Hold it for a few minutes in your head & they seem OK.
Think of them for a long time & they begin to ache. Hold it even longer & they begin to paralyze you. You will not be able to do anything..
It's important to think of the challenges or problems in your life, But EVEN MORE IMPORTANT is to 'PUT THEM DOWN' at the end of every day before You go to sleep...
That way, you are not stressed, you wake up every day fresh &strong & can handle any issue, any challenge that comes your way!
So, when you leave office today, Remember to
' PUT THE GLASS DOWN ! '
Hi Ilango sir,
Thanks for the words in last para of this post..
really these are not important than the Tech table...and other analysis..
definitely...on same spirit...I am trying to keep the fight against...self mistakes made in the past...
Thanks and keep the good work
SORRY...TYPING ERROR..
Iwant to say "really these are not LESS important than the Tech table...and other analysis..'
negative div in 5 min and 60 min, sir i waited a bit and shorted when 1st candle of lower low was made, is it correct approach??
@ anandan,
//RBI no needs to raise the CRR.. Excess liquidity what ever from the banking sector will be taken out by NMDC FPO..//
CRR and NMDC FPO issue are 2 different things. In FPO the money remains in the banking system which is available for lending in overnight whereas in CRR the money goes to RBI kitty with no interest. To that extent the profitability of banks gets affected. Besides CRR increase also reduces velocity of money.
best
sri
Book profits in IFCI,RNRL,TTML,MLL,Rcom,, play safe.. and If you can take risk buy IFCI..55 puts..and Buy 5100 puts and Sale 5000 puts..
anandan.R
Sir, i read your message as exit conservative trade arround 5115. and exited @5116. My understanding is correct?
Short on Bank Nifty .9070 & SL 9120 Target 9000.. for intraday.., It is ex trimly over bought..
Hi Anandan,
Interesting. Probably means the market will be propped up till wednesday.
Hi Anandan,
You are doing very wel..
But want to say few things which in my view will serve better to all.
1 Whenever u send email to us then pls mention u r reasons for buying or shorting. That is real way where we will learn rather than just following.
2 In emails, u dont give levels, u just say buy and sell. There is big problem with that. For ex Infosys u keep on saying sell and it went too high so why cant we have Shorting levels, stoploss and tgts.
Hope u understand and will guide us better than making us follow u and hear u blindly..
Hi, Sri.. Technically you are right...
It may be from FII,DII,Mutual fund / HNI / public,
But Finally FPO money about 20k crs. gos to Govt..
you know what govt. do with money.. If any big IPO or FPO like that.. during that time the market will go down.. sure.. you see past records.,
See today SAIL .. when opening.. in Green.. why because of market sentiment.. I hope now came down to RED.. because why.. Highly over bought.. other stocks like TATAMotors, TCS down..Anandan.R
@ Anandan
i agree with what Happy said.
NEW POST DONE
Hi Ilango sir,
thanks for your 5 sma reading.but should we use in EOD charts for positional?instead of sma how about ema?
@ Anandan
I also agree with Happy and learningEW for getting levels to do trade...
Here i come after a short busy stint in office...but nobody even bothered to remember me, including the 'mentor' !!
sir, i felt bad when u said that OI data is badly needed....I feel unlucky for not helping when needed. Apologies for that.
Piysuh....I see +ve divergence in f.macd of hrly charts while 9-rsi and Schs-S are ready to reverse from OB levels. I feel its a perfect playground as laid by Illango sir.
5100 CE had seen today 5 lacs with a whipsaws in IV also ( intraday ) which says its actually a blend of writing as well as buying. Support to this scenario is the accumulation of same amt of OI in 5100 PE which seems to be a perfect writing one ( clear decline in intraday IV ). 5200 CE also saw a small amt of addition of 1.3 lacs.
5000 PE added 2 lacs so far.
Total OI so far :
5000 CE 45 lacs
5100 CE 60 lacs
5200 CE 41 lacs
5000 PE 69 lacs
4800 PE 59 lacs
4900 PE 50 lacs
30 & 60 day ATM PUT IV's are very close to CALL IV's but less ( 100 bps ).
Regards
Dear Ilango sir,
Please suggest how to initiate intraday trade on the levels mentioned here in your post. For example it is mentioned as Trade --< 5045/5060 - 5115/5135.
Thanks in advance,
Preethi.
Post a Comment