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 ...
57 comments:
sir lets wait fr 4965 fr cnfirmation
ilango sir i had short nifty at 4960 any tgt
@rochak,
dont have a chart of suzlon, so cant comment now
i told u the principle
Hai everyone
Till now the gods are waving the flag in the correct direction. Break down of 4960 will give some more strenght to the bears. Bearish flag updated.
http://niftychartsandpatterns.blogspot.com/2010/06/nifty-bearish-flag-continuation-pattern.html
thank you
@ Manu,
As per the short term bullish view based on 9 hour rsi, the downside may be limited upto 4935-4950.
Anything beyond that may become more bearish.
Ilango sir i went short at break of 4980 NS, now wht sud be my small SL?
Thanks
can we see any photo finish today to close near day ema? let us see..
@rochak
if it stops falling and takes out intervening peak of 95
then confirmed dbl bottom
big fight between bulls and bears......like mahabharat.....between pandavas and kauravas.
Sir
i do not knw abt others but your
9 rsi wrks well with positional very well..
it is parallel to sammer composite osciltor
at http://www.niftyforum.com/niftyintraday.php
thnx
arpit
define pandavs
long kya?
(manu,Rg,mok,add two)
kauravs all positionally shrt(big RV, gb add three)
illango ..krishn ji..siteseing:)
@bizagra,
Same boat. Short at 5080. I am thinking SL as 5005 - pivot point + 5. Any ideas ?
gd
manu,
me- always on positive side :)
@ Bizagra,
Keep 10 point only as a SL.
A false break down and reversing up again.
@ Manu,
You are right about "4965" being the decider level.
Could it be a testing of the lower boundary?
EU in deep red...
sir
yesterday i met an uncle(oldie big bull)
i asked hm whthr we are in a Bull/Bear market
or is a bear market starts off if v go to 4600lvls ths summer
he told me only 5 times in stock market history
200 dma s crossovered till date..
but being a biased bull he clarified till
thr is sceptical markets..v r in a bull market
and whn a mad money rush comes then come in cash
(as RNRL frm 95 to 245 in 2 months)
sorry out of context
Ilango sir, today sl of both sides hit.Bad day for me.
bizagra,
I traded 5 times on wehat looked like break drown or break out. All 5 loss.
@ Bizagra,
There are days I am confident of intra day moves and show it with arrows. Today's intra moves have more or less followed that direction. Once the first part is done, following the other parts of move should have been easier.
When ever a narrow range persists beyond 2 to 3 hours, your trading should be based on that range - buy the lower and sell the higher and keep the break out.
BTST
Scrip Name HIGH-Rs
ABB 889.65
BHARTI 270.90
GAIL 461.60
GUJAMBUJA 113.08
HEROHONDA 1992.09
HLL 239.45
IDEA 54.30
L&T 1650.90
M&M 586.70
NALCO 434.71
ONGC 1212.54
POWERGRID 105.88
REL 1102.07
RELICOMM 158.16
SUNPHARM 1704.95
TCSCONS 761.38
STBT
Scrip Name LOW-Rs
ACC 815.11
BHEL 2273.40
CAIRN 280.07
DLF 262.01
GRASIM 1680.53
HCLTECH 358.08
HDFC 2648.92
HDFCBANK 1804.33
HINDALCO 135.57
ICICIBANK 814.82
NTPC 193.30
RELCAP 623.78
RIL 988.12
STERLITE 605.35
SUZENER 51.92
TATAMOTORS 709.41
TATAPOW 1207.12
TISCO 466.96
WIPRO 637.98
Taken @ NS +10 - CHECK TABLE FOR CONDITIONS.
look at the flag that we are in...longs above hod, shorts below lod..huge supports on the downside close by..so play for the bigger trend/timeframe
Dear Ilango Sir:
I think some ppl like me should go to the EXTRA CLASSES and do lots of HOMEWORK..
I start the day thinking will follow the Pre market view.. once in the warfield.. dont follow waht i thought and go with emotions of missing the BUS and end up on wrong side..
The only solution is HARDWORK and HOMEWORK..
SIL..
for starters its best to experiment with mini nifty, one can playy in multiple lots and also learn the market.
Rather than playing with two nifty, its better to go for 5 mini nifty lots, and play and learn with illango...
Thanks Ilango sir and everyone for guidence.
Dear Bizagra & all!
Nifty holding & trading very well above yestarday's low, so why not try to buy in dip with stop loss of 4960 spot & u will get good up & down. I m doing the same & my single stop loss did not hit bcoz Nifty never broke that low. Don'y fear by up-down move, keep eye on ur trade & stop loss level and result will be in ur favour.
Rgrds,
KUMAR
have done some rough calculations..
posted here on the blog..
http://tradingontechnicals.blogspot.com/2010/06/some-rough-calculations.html
http://1.bp.blogspot.com/_m0eU85MUDEo/TAYfp-qxfmI/AAAAAAAAALc/nf0ruWnkyhE/s1600/Calculations.jpg
@arpit,
Kal isse bhi bada yudhdhh hone wala hai...bulls will try to defend 5000 and bears will try to make a bearish engulfing candle. Aisa mera maan na hai !! Dekhte hain...Kya hota hai...
Gd,
nifty already attempted 5005 level twice & made double bottom around 4965 intra day,if this time attempt that decider level of 5005 will taken out shorters to straight 5024-5038 level in no time so be careful with your shorts.
Thanks Guys..
i think i had to learn hardway.. stick to the plan and keep patience with SL.. keep emotions OUT
SIL
My SL at 5002 hit. 22 pt loss.
gd
@Sethu.. your 4983NF levels is doing the trick..
Good stuff..
SIL
Hi everybody!
Hope yesterday's low holding now will be clear to everybody, just look the move. By God's grace my all 9 trades suarred up in profit. Thank to God & MR.Ilango ji...Trade with conviction always & keep eye on ur stop loss like an eagle.
Rgrds,
KUMAR
@Sethu:
Thanks for your LIVE example.. wat more can we ask for.. I will try to keep the fear/greed/emotions OUT and take position with proper SL;
Thanks again..
SIL
F&O - WITH SPOT @ +26
STBT
Scrip Name LOW
APOLLOTYR 66.59
ESSAROIL 118.69
HICON 104.27
HINDALCO 137.59
ISPAT 16.92
NOTOLLCO 27.06
PUNJLLOYD 110.21
RIL 991.73
SUZENER 52.50
TATACHEM 300.81
BTST
Scrip Name HIGH
ASHOKLEY 62.18
BAJAJHND 111.46
HDIL 234.74
HOTLEELA 47.33
IBREALEST 159.41
IDEA 54.41
IDFCLTD 158.97
IFCI 54.82
LITL 65.01
MOSERBAE 62.59
PATNICOMP 585.69
RENUKASUG 65.35
RPOWER 160.48
SESAGOA 375.41
TCSCONS 747.69
TECHMAH 666.18
YESBANK 288.40
Taken with NS @ +28. Ref table for conditions.
Thanks Sethu sir.
sir
v cn carry intra-longs if close abv 5003
and positional only if closes abv 5036..
is it right?
Sethu:
Study needed on BOB and Yes Bank. Both remain solid movers - irrespective of over all trend. Just look at both and advise.
You are getting exited ??? It must be your millionth victory - tone down - you know the drill (SL) the kids may follow blindly and BLAME IS YOURS.
Otherwise Great Trading mate.
@sethu:
Based on what did u decide today to go long. I am lost on that. Hourly TT is a sell, Daily TT is a sell. 5000 has bounced off 3 times. So I am not sure how u decided tomorrow that today is an up day expecially at 4930-4940 range. I am just trying to learn.
Thanks
gd
Have a look friends nifty tested 5024 & will test 5038 also
cheers!!!!!!!!!!!
@sethu
can carry long or book profit
Ilango sir can we take scenerio that 5 waves down done and
corrective a done and b down completed today @4960 and c up on.
Thanks
What today's page in the BIBLE said. How different is the day friends? More I hear, more I adore HIM.
Nifty pulled back upto the rising channel on Monday but failed to move back into it suggesting continuation of downtrend.
In the very short term, two scenarios at work:
Bearish: Pull back completed at 5098 and the next downtrend started which might pause @ 4895-4935, retrace upto 5000-5020 and commence the downmove again.
Bullish:Nifty may consolidate in 4950 to 5050/5070 for two days and then move higher towards 5160-5200.
Any fall beyond 61.8% retracement @ 4896 will weaken the possibility of bullishness.
Thanks Sethu. In Yes from 247 and BOB from 626. Both taught me a Lot. Used to Short them for pennies.
Will watch what u say.
Thank Sir. Thank you Friends.
well said rg sir
@sethu:
Thanks. I have the fib levels and the ema's, tech table at open. I have sir's premarket view. But all of this, and i am not sure in the battlefield - am like a pig - and as they say, bulls and bears make money, pigs get slaughtered. I have done exactly like the levels some days ( the market will be in a 20-30 pt range till midday ) and boom, it goes the opposite. I assume that is the nature of the market. But I dont seem to be on the right side :). Maybe i should trade opposite of what i decide. Even then the probability is 1/2. :)
gd
Does anybody know about Ichimoku Kinko Hyo technical indicator? Nowadays I am hearing lot of buzz in my broker's dealing room about this indicator being very sharp in identifying trends and big shots seem to be following it. Is there any master here on this indicator?
@ Sethu,
r u trading in cash and nifty both...? means u trade nifty spot and future both...or scripts in cash segment and nifty in future segment...?
Now how much higher side do you forecast for nifty....?
-arpit
@arpit
trade nifty spot is not there. may be its NiftBes or some stocks
Can any one of you tell me where I can do technical analysis of nifty futures.
I have account with ICICI Direct.
Also do you know who has the cheapest brokerage per lot for trading nifty futures.
I think ICICI Direct is robbery - they charge ridiculous amount per lot for trading.
hello sir
KINDLY can u post a chart of INFOSYS with a 3-4 week perspective...
hi all,
Which TA tool r u all using ?
paid or free ?
Dear My Life & My Trade!
Regarding ur low brokerage query u can directly mail me at FUTURESFINCAP@YAHOO.CO.IN. U will get far better deal with DIET software for trading.
Rgrds,
KUMAR
@ilango sir,
Today spot traded mostly between pivot and VAL.
Is this of any importance ?
Thanks
gd
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