When you spot an end of a wave in the daily time frame(3rd), you must reverse your position. I did not though I saw this correction coming, prejudiced in my little brain it would be a shallow one. Those who play by the Tech. table, even if they were whipsawed twice, would end being a big gainer.
TA inventors of RSI, ROC, MACD, EW's Ralph.N.Elliott, Fundamental analysts like Peter Lynch, Benjamin Graham, Warren buffett, Fibonacci mathematician and many have spent their entire life to create some outstanding studies for the coming generations to benefit from.
Many sensible people are following their studies, improvising them to the changing environment and benefiting from it all silently.
"Criticising" is the easiest thing to do. Businessmen(including traders/investors) who are interested in the "serious money making endeavour" will either use whatever is working and discard whatever isn't working.
If the "excel sheet" is a failure to you...EW has failed you...TA has let you down, start introspecting for your own sake, not for the excel sheet, EW, TA as they don't need you. If you are a wise person, you will seek good counsel.
***************************************************************
I have presented this chart. make your plan and if it does not look promising, wait for a better one. Do not chase prices. Get your levels which will have your Sl quite close by. This chart is yet to make a negative divergence which will happen only with a new high.
It is my mistake, I had to change my original plan. As "Yoda" put it simply, sell below 5-ema close & buy above 5-ema close would fetch you big returns.Today's rally could be "iv"th of the "c" wave of the 4th and another move down too is possible. So the strategy is buy closer to 5165-5200(+/-15)
46 comments:
Hai everyone
Support and resistance lines in nifty futures 30 minutes chart.
http://niftychartsandpatterns.blogspot.com/2010/06/nifty-futures-with-half-hour-chart.html
Thank you
Dear Sir,
I want to know more about this strategy "Sell below 5-ema close & buy above 5-ema close would fetch
you big returns." Calculations on day closings of historical data shows that 60% trades will make losss
and 40% trades make profit, still the profit is more than loss. What I have calculated may be half baked, hence I want your guidance Sir.
Regards,
rajanbade@gmail.com
@ilango sir,
Thanks for the EW tutorials.
-- gd
Intraday trading plans -
1. At open, if nifty at 5230-50, short.
2. If Nifty at 5160-75, then go long.
-- gd
@ilango sir,
For the "sell below 5-EMA, buy above 5-EMA" trading strategy, what will be the exit strategy ? Because if one sells below 5-EMA, and decides to close above 5-EMA, they could lose a lot of points. Or should one initiate at higher time frames ( week/day ), and close when the close goes above/below 5-EMA in lower timeframes ( day/hour ) ?
-- gd
GM illango ji and blogmates
Sir i am short in nifty....should i book it at open ...or can wait?
vikram
OI data - CE/PE ( in lakhs ) -
5100 - 11/50
5200 - 25/76 - 9L puts added. Confusing ?
5300 - 50/42 - 6L puts UNWOUND and 13L calls added.
-- gd
ventura: Today no BTST possible. Anybody confirm ?
-- gd
GD,
BTST not aalowed as banks closed morrow.
Sunil
GD,
5200 put showing addition in oi as 0.51% i.e. only 37000 and not 7lacs as mentioned by you. how do we understand this as the call is up 3.9% or nearly 90000.
gm all!
@all
advance/decline - 1:2
Gm all
@Ilango
Reposting
Thanks Ilango for granting my request..
what about the first part?...volume and psychological aspect wrt wave
Greedy and waiting for more such post :))
@Rajapaji
New EW link over your link...I am sooo happy..Elliott will perform bharatanatyam over you
Just as you have been doing over mine!!
when one person succeeds he boasts when he fails he disappears.
when the other succeeds he keeps quiet. when he fails he says
sorry
choose one
i have chosen..
gm all,
Ty Ilango for the mention of my minimalist method - works well with your larger pt of view for this correction.:)
Here's a link to the 5 ema method - which is based on Ilango's file (with Rajagopal's additions): http://www.4shared.com/document/vOWbhmg9/Trading_on_Ema.html
Just put in your hourly data and use the suggested stop for long or short, or close to it (the chart is a few days old, I'll update it in an hour).
GM Sir and Friends.
PS - Thanks for Choosing me.(Good choice-I am with you).
Anuj - u think it is going down? no I have matured to become the "Foundation" for EW. That is why it is placed above me.
rm- Good Morning.
Gm Illango sir,
Nf is running restlessly
Should I cover my shorts or wait for 5180 as per chart?
Bhailogg pl. suggest that should we exit our short positions
regards
vikram
Full house today...Sharda saheb is back...so is mok
@Rajapaji
have matured to become the "Foundation" for EW
I am at the bottom you are in middle...so I should be the foundation!
If that's the case then we should run for cover and the building is resting on weak foundation!!
Here's the up-to-date file: http://www.4shared.com/document/L8Px-P7A/Trading_on_Ema.html
Good Morning to all.
I am new to Market. Yesterday i bought 1 lot of 5400 CE at 62. Market went down. should i wait for gain or exit. Kindly help.
Thanks,
Prabakar
GM Elango Sir and All
Have a nice profitable trading today
@yoda
good work...really appreciative work...simple to follow...
Dear all,
Thanks to God first that i found this blog, where lot of details available. As i am new and so many documents available, could kindly anyone suggest which one i should read first to understand the basic.
Thanks,
Prabakar
I the strength in the mkt real one or may close lower ???
ilango sir, i m afraid to go short as well as long at the moment.Plz suggest
Dont mind , i m too confused.
Thanks
good morning sir & friends !
gm sir and friends,
thanks rg sir
Good Morning ALL
HATS OFF to Ilango Sir...
Interestingly Indian indices seem to be the most resilient in
the world right now....he spoke about the strength of TA
n so it is.... world mkts cracked by 3-4%.... our mkts
did not :)
@gd,
Perhaps, as you suggest, the day 5-ema could be a guide for direction and the weekly 5-ema given even greater weightage than the hour 5-ema?
One thing I realise is that you must be willing to take small losses (when the suggested stops come close to the 5-ema, it is followed by expansion) usually 5 - 10 pts when there is no direction in the market. But your win:loss ratio improves overall.
As per illango sir TA mkt are sell on rallies.IF we close today abv 5258 they become buy on dips as today is a monthly closing.
Will we close today abv 5258 ????????
@ bizagra, musti, vikram,
I have given a clear suggestion to go long @ certain level. And it came at the open. Even a small qty would have boosted your confidence.
Tread the path that everyone fears.
What you need to grasp is that is "Nifty has already fallen from 5339 to 5239 yesterday." It is possible this is only a profit booking by bears, Or it is a reversal.
For a trader, these points could easily be traded.
I would watch 5285(Month high ema) today.
Does market fulfills our wishful thinking. Answer lies in today 's trading. If aban crosses 880 today would come up with my logic to wish such " seemingly illogical for now ) tgt. If not then simply markets are not meant to do so
FOR THE TIME BEING, please find trade update on my blog stock2gains.blogspot.com.
looking forward from co operation from all of you
thanks
regards
Good morning Ilango sir and all,
Yoda,
Good work, Will be very useful for intraday traders.
ty Anil,
I think all credit goes to Ilango, its his TA sheet and he regularly mentions 5-ema or I'd never have noticed it.
And of course, RG, who made it even simpler to follow.:)
@ Anuj,
Thank you.
Give me sometime for the "creative juices" to start flowing for more addition to EW.
Nothing like "applying it in a small graph sheet or an excel chart". The Nifty TA file is there for easy work.
Mistake will we close abv 5285 today not 5258....?
Dear friend,
market in an uptrend upto 5200 broken on
closing basis for medium term. don't look at world market
most of world market are in down trend for past two months
except India. They are very far down, as we were in
4800 range. Upto 5200 there is no worry for bulls.
This view only suitable for positional trader only.
so please take care.
ty satheesh.
@Prabhakar, start with "Always start trading with these" on the right.
@Elango Sir
Shall I short BN now at 9410.
Hi Ilango - looks like the 4th Wave scenario has completed.
Can we safely say we are now in the 5th wave? Only thing that
needs to be done is the faster retracement of the last drop.
Your comments pls :)
NEW POST DONE.
Sir can U give parameters for setting stochastics.
I have set 5,3
Yt should prefer for intraday 5 min chart?
rochak parekh said...
"....If aban crosses 880"
RP - U challenged me couple of weeks back "u still think Aban will reach 900 rg?"
(But I am worried about the results - is the goat...?)
Dear Yoda, Thanks a lot. I will start reading this.
I was academically poor and less qualified. By seeing other posts, i thought i will never get a reply. Thanks once again.
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