Dear GB, I politely decline any kind of challenges simply because I follow the markets and would not prefer to challenge it. I do what the market shows me. In trying to be objective, I encourage my readers to share in my thoughts and allow them to find their way in the market.
My comments, though made after your comments, were long overdue for my readers and was not directed at you. I want them to follow a method of their choice and excercise great amount of discipline to follow the same."Hearsay" is what I want them to avoid. Not you. You are always welcome to share your thoughts and I am sure some who have similar to your views may benefit from it. Please show them "your way", not just "the destination".
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An intraday correction is what was expected and market did just that from 5320 towards 5290..Does a 30 point intra decline cause one to call it "bearish". That is not our method. Follow your plan and take the occasional reversals to accept the market's supremacy. For the sincere followers, market shows itself.
9 day rsi has shown the break out but not in advance being confirmatory this instance. We will look out for any negative divergence developing in it after a few days with Nifty making new highs.
Holding above 5270, surpassing 5345, higher levels are possible in the coming days.
Let us allow market to conquer each resistances in its own way and time.
18 comments:
Appreciate it Ilango. Thank you.
Interesting read, at just the right time.
http://www.dailyfinance.com/story/media/wall-street-apocalypse-finances-doom-and-gloom-crowd/19506748/
Dear Ilango,
Good Eve,
Substantial FII buying with short covering in Nf definitely indicating the new top tomorrow.Thanks for your TA table.
There were rumors in market in the afternoon about FII selling.Even Dear Anil also said that it is just a"rumor". But it is possible that some local players would be aggressive in spreading these types of rumors,normally they spread these type of rumors for their exit from bad trades.Few years ago "Bomb scare at BSE Building" was the most popular trick.It was used so many times that later people started to use it in contrary way and it became out dated. So today they tried this more Older Trick as a new one.
Dear ILango!
So many operators, predictors, manipulators like Harshad, ketan & others easily eaten by market. Market provides space only to followers so I fully agree ur view & salute ur spirit, U r a real down to earth person.
Rgrds,
KUMAR
Very nicely done sir....giving ur view for the way ahead & putting forth the primary objective of the blog thereby clearing all the misunderstandings/misinterpretations....everything in a single post :)
Hi Ilango..Hi Yoda..Hi all..
Long long time since I posted anywhere on a public forum..
LOL..Maybe its time for me to come out of HIDING..!
I just felt I had to post here on this post..even though I been reading your stuff for more than couple of years now Ilango!
Forecasting, predicting..its all the same..Prechter did for years..once in a while a blind squirrel will find an acorn! he he
GB been wrong 50% right 50% from the time I been reading this blog..so no need for challenges here..We can toss a coin on a challenge also.
Frankly I see the possibility of 3800 by OCT 2010 but I have my reasons in wave theory for that which I know Ilango also knows of...ABC(Big B wave) gets done
and C next to 3800 or below...I know from here Ilango sees that also as a valid possibility..FWIW GB..Read the old posts..
The biggest lessons I have learnt from the market over past 2 years or so is..
1. Never try to predict aka forecast the market..Instead react to the moves! Ilango Sir is the best for this!
2. Get rich slowly..Ilango Sir has said this so so much..At first I did not understand..Now I do..For folks who dont, do some small calculations of how
compounding works..a 10% return per year for 20 yrs on a capital of 5 lakhs..Do the math..You can vary this and see how it works..Really amazing..
Most of us young uns want to get rich over night and get broke in the process.. :) Think a bit you will get what I mean..
Man after a long time posting on blog..comment or otherwise..hope you all are doing good..
Another silent trader...FOR NOW.
Regards,
Lee (few of you know me here..Hi to all who do..To all who dont, well, HI anyways!!:) )
Dear GB/Ilango - neither of you used C the word - I only did. And I did to mean "Please show them "your way", not just "the destination". I am one of our friends here who respect GB's views which has proved correct more often than not. Your magnanimity to make it a point to blow any cloud of misunderstanding just shows your maturity and typical tamilian attidue 'vandarai vazha vaippom'.
Your point to GB will distinguish him from so many others who throw levels from 0 to infinity without any TA or based on "Mirage TA" which cannot be explained.(Deva rahasyam?).
Are Ve aware of you Lee ? Is it a Grissly? Fishin in Alaska?
Thank you. Good night.
Rajagopal, I hope and I think some of the readers here do know me from my old blog which hasnt been
updated in ages..If you're interested check it out although I wouldnt recommend it! LOL
http://theindianmarketblog.blogspot.com/
BTW, I know you are the 'joker' of this blog..I dont mean any offence and mean that in a good way..
I hope you take it in that way as well..
Keep the jokes coming..
Luv,
Lee (aka the GRISLY but in hibernation for now)
Check this amazing video out. Will check tomorrow if it happens the same in NF also --
http://www.youtube.com/watch?v=xOr5suFJ6-k&feature=player_embedded#!
Hey Lee!!! So good to read you again after so long! Welcome back.:)
I definitely miss your blog! We were so many of us wildly wrong and wildly predictive ourselves 2 years ago. ss and Ilango probably kept theirs real - but it took me a while, about the same time that I almost wiped myself off the market.:)
I offered GB the same caution as you - its terrifying to be wrong and exhilarating to be right in the market. The emotional payoff can be a curse that makes it hard to shake off the woo-woo mysticism.
Finally though, I guess we all learn from our mistakes.:)
Its ok, RG, Lee is one of the original fractal-EW guys who used to blog.:)
While we are on the business of forecasting .. here is my 5 paisa
Wed July 24 2006 -- Defined a low of 2944 which fell only in 08
Tues Jul 24 2007 -- Defined a high of 4648
Wed July 16 2008 --- Defined a low of 3790
Mon Jul 13 2009 -- Defined a low of 3919 not yet broken
so what does this July bring us, most probably a high around the 12~16 timeframe (or) around 20~23.
Thoughts??????? San sh
San showed a doji today ... i'll look for a spinning top in conjunction for an entry
can anyone inform me of another blog which focus on just nifty and gets hundreds of responses from enlightened traders everyday ? my salute to ilango ji for education and guiding through this blog which is helpful for so many of us.....
ty FIRE, interesting vid. I've seen it happen, but I don't think its illegal in India. In fact, I remember someone saying that you *should* put a fake number in one of those boxes while trading. (Not sure why, so I don't do it.:)
Hey Lee,
Nice thoughts.Was wathing Shawshank Redemption just before going online. Fantastic movie.
best
LEeeeeeee
Hi....
Long time no seeeeeee....
Get back to your blog....even if it means posting your guitar gigs....
Damn its so good to know...that you r ALIVE....
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@all
This is the best thing about Illango....he attracts the best to his blog....
Challenges......the only challenge is with your self.......
you winsome....you losesome....make sure you never RUEsome....
Being right or being wrong is not going to make you rich...whats going to make you rich is trading RIGHT.....and that come from following a PLAN...Discipline...Patience...Humility!!!!
Illango has provided this blog, as a playground where all can nurture and hone their skills and be better traders...better human beings (courtesy the weekend posts)....
Having said this also remember one simple truth...." All seeds on the ground do no necessarily grow to be trees!!!" Dont compare yourself with anyone...you are humiliating yourself if you do such thing....believe in yourself and make a difference by just being you!!!
Cheers
ps:damn this almost became an early morning sermon!!! sorry if I put you to....zzzzz!
lol, Lee, you should continue posting if you got Trying2Trade to say so much.:D
Hi Lee,
How are you? How is your little one? More naughty?
Quote : Another silent trader...FOR NOW. The blogger turned into "silent trader"? missing your blog very much.
Still in USA or back to India? Anyway happy to see you here.
Warm Regards
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