Retracement strategy, a must for traders.
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor...
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I 'll always be there for you. To make you feel that you're secured. And even if the rain is pouring hard and the sky is almost dark... -
5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ... -
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor...
50 comments:
reposting
Hai everyone.
Nifty week chart is forming a bullish continuation pattern.
a bullish pennant is being formed which can give
at least 550 points on the upside. i am posting the
charts here.
http://niftychartsandpatterns.blogspot.com/2010/04/nifty-week-has-pennant-pattern.html
thank you
Ilango sir i hope you don't mind me posting charts
here. this will be the last one for today.
thank you sir
Nifty recent high and recent low was 5400 & 5160 respectively = 240 points
76.4% of 240 = 183 points. Nifty retraced from the low of 5160 to 5342 = 182 points
76.4% of 182 = 139 points. yesterdays low of 5202.5 was 139 points off from 5342.
76.4% & 80% retracement from 5203 is placed at 5309 & 5314 respectively.
5314 is also the resistance line on daily chart (connecting highs of 5400-5382-5373-5330)..
Has Sensex filled the gap at 17646??
hi
dear sir
we short bank nifty @ 9780 yesterday (50% short) now which level we short again and what should be sl for this short position?
regards,
alpesh
@ alpesh,
I have given about BN at "Stockwealth". You follow it usually there. Didn't you see it...?
San - Amit : Both are giving convincing but contradicting levels. Wish you will analyse each others logic for all of our benefit. Just two professors comparing notes.
Smarty - point noted. Keep the length of my trade time shorter than my nose.
ilango sir good morning sir yesterday i had short nifty at 5250 what shoud i do please advice . wating for your advice THANKS
@ Amit - Is Sensex gap 17646? or 17679/80? I am waiting for 17679/80.
Please clarify. Thanks in advance and regards
Regards
san,
my reading says that flags and pennants r short term
patterns
they r meant to be applied to dailies not weeklies
@ pisreport,
If 5-minute is "OB" and you have not closed shorts, then the logical thing to do is to wait to see whether this resistance here holds.
We need to follow all aspects of the plan if we are to succeed consistently.
For BN, I have clearly given to close shorts & go long in "Stockwealth".
For Nifty, as per the "PreMarket Chart", the Buy suggested and also suggested to follow ORB.
Finally so much trading ranges developing within 5340 to 5200, a mere 140 points.Only a close following with Hour & 5-minute chart could help one in that.
@ Amit,
That is an excellent observation suggesting a "Contracting scenario" and the same was touched by my critic this morning.
@piyush
I have to tell you that i am not an expert in pattern
analysis.
BUT
A PATTERN THAT CAN BE DRAWN IN DAILY CHART CAN BE DONE
IN WEEKLY CHART TOO.
GM Ilango sir, i m trying to be simple and holding my shorts
with S & R 5330.
Hi Rajagopal,
I am just a student working on Case Study on market.
being a student my views are limited to my small exposure to market
:-)
sir,
i missed my orb buy. so added to shorts after
neg diver and break of 12 ema in 5 min charts,
at 5272 nf
was is right approach?????
@ Rahul,
"Shorts" recommendation is based on certain EW possibilities as well as positioning of "ema - High, low & close".
If you can hold it with a SL @ 5330, continue to hold.
well san i amnot an expert to. monetssori student.
edwards and magee bible of chart patterns
i am mentioning from it( whatever i remember)
master needs to comment further
Thank you, sir.
sorry sir i am not see the stock wealth blog today
regards,
alpesh
Intraday 1000000 added in Nifty O.I. The trading range is narrowing. For me now if spot Nifty shall start to trade above even 5283-5285 CONVINCINGLY in 2nd half then also I will be cautious if I am short in Nifty.
Cricket is a funny game. Umpire raise one hand to say batsman out. But when he raises both hands, it must denote both batsmen out? Instead they add six runs to the total. Some confusion?
Hi Mynac - how did you steal time at this hour?
Thank you Ilango Sir
Ilango Sir.
your positive comment makes my day.
@Sujatha,
I am not confirmed about filling the Gap.. thats why i put a question mark??
Pls let me know some inputs for Gap.
Dear Gautam Sir,
You said Nifty will be at its lowest by 7th may.
Per your calculations/alternatives can this low point even be somewhere just around 5300 and then shoot up to your levels of 5750? Or are you expecting nifty to emphatically crack the 5200 level?
Thanks
Dear OoT Rajagopal,
For today's trading Global markets are not supportive for bears.By hook or crook they will try and will have to press Nifty below 5300 to save them and Bulls knows it very well.Bulls might be thinking that weak bears shall help them in 2 nd half for short covering?
reducing some shorts not convinced about strength of down rally..although call side build up is seen..
whenever nifty is at critical resistance zone and if its a gap area.. its my observation it breaks that gap with gap up (or down)...to claer the resistance..vl hold short if get a chance to enter at 5290-5310..risk reward is favourable there..lets see..
experts comment...
@ Mynac,
Your "5283-5285 NS" acting as resistance worked beautifully.
"5265 NF" is the decisive marker for the day.
Dear Ilango,
Now it is not secret that every student of this class is learning and studying and doing home work seriously Due to only Teachers.
@mynac:):):)
remebr hanuman and jamant:)
it seems that crossing 5300 is as difficult as dropping below 5260, what can a small player like me do for intraday game ??
Dear Mynac,
Got it. Just saw the Zoo van taking lunch for the bears. Hope they get stronger. My day trade is thro - just having a ring side view and some filling up of the empty space above my eyes.
At critical junctions as Dear Anil mentioned earlier, I used to see only spot nifty because REAL MONEY is there only and that movement indicates the undertone more clearly.
@ Paresh,
You have zoomed in on a range. Now play for 20-25 points within that.
Dear Mynac,
Due to only Teachers....putting the teacher under pressure. Good teacher will accept the challenge of teaching intelligent students, who will force him to be one step ahead. Or how Ilango would wish that the class is full of Rajagopals !!!
Dear OoT Rajagopal,
Here also,you are" FAST" and one step ahead.Cheers.
the 15-20 points game is not for me at all, i trade for 1 to 2 per cent movement in stock prices only. its better i dont trade on such days :)
"class is full of Rajagopals !!"
Rajagopal Sir,
Is there any other better way to punish Ilango sir (just kidding)":)?
Thanks,
Arun
what is significance of 5265 sir
5269 5dema or something else??
usually spot turnover is 10% of f&O on good day(when mkt is at critical point- ppl move to f&o for shelter)
but today till now spot t/o 5600 and F&O 26000
clearly tells more action is going on in spot rather than F&O and lets see what today's action is vl be much clearer between 1-2 p.m. i am expexting some action around 3..just some observation...
@ Paresh,
Till the big tidal wave comes, let us paddle the smaller waves. But truly inspiring to know that you will settle nothing less than a 1 to 2% in a trade.
@ Piyush sharda,
5265 being 5-day ema as well as having closer to the centre of this 5200-5330 range.
@ Anil,
Midcap Index & CNX Junior is outperforming, clearly seconding your observations.
Dear RG,
Kamban veettuk kattuththarium kave paadum.
thanks sir
Dear Anil,
Few guests were with me but this comment was prepared after your 11.45 PM comment. So please read accordingly.
I may be wrong but for me these are precarious efforts by bears to save there shorts. At least the feeling is that.
Shr - good points. Honestly, I cant say, if 5300 will be the low or 5200
I said earlier 5150 / 5050 / 4950 could be possible.
I'm hoping that we will revisit atleast one or all 3 of these levels
mentioned above by the 5th or 7th of May.
I see a possible Wolfe Wave - Tgt 5050
Chart will be uploaded to when2buy.blogspot.com
now i think only one thing we can do..put on TV and listen to those sane TA's if majority of them r long we keep holding our shorts. or else reverse!
Haaa...
hello evrybody..
what news will bring down mkt..or push up the mkt??
dow is reversed..so we are too..
NEW POST DONE
Thanks Gautam sir for your reply.
This Greek tragedy is being played out with more melodrama than a bollywood potboiler.
The tap is being turned on one day and off the other day leading the markets to throw tantrums every other day.
If over the weekend, Germany finally (grudgingly or with high desperation that it does not like to show) finally agrees to support and Greece gets bailed out, nifty might blow off its 5330 resistance and head higher.
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