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 ... -
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor... -
If the steady FIIs inflow reflects in the prices, 5405 should be protected going ahead and market may encounter minor corrections and keep m...
31 comments:
@ Manu,
I am aware of "Bearish possibilities" in our markets too. Our markets too will correct if the global weakness continues.
There are two views currently we hold:
1. Bullish: Holding above 5190 or 5120, we make new highs towards 5500+ and furthermore if world markets too reverse direction.
2. Bearish: The top is already in @ 5400 and the first down ended at 4786 and a corrective rally too ended @ 5367 and our markets have commenced the downtrend to be confirmed by a move below 5120.
@golf dude
Request you to add brokerage cost as well
As all moving average system with sar will give a lot of whipsaws and brokerage cost will be quite a bit
So this paper trading loss plus brokerage both while shorting and squaring off equals to how much?
@golf dude,
If you find the sl gets hit too often, you can consider moving it up by a point or do as sundar suggests, which is to have a fixed stop at 21 pts.
21 pts = av. volatility in a day (which ranges between 20 - 40 pts). and tgt at 21 pts too, I think he said.
@sundar,
mok seems to be on a very long weekend.:)
@yoda,
I will not do real trades based on EMA crossovers. Too risky. Maybe the 26-EMA. I beleive in trends and oscillators more. I am doing this to decide once and for all, whether this works or not.
@ilango sir,
In 30 min chart, over the past few days, I see positive div ( cci, stoch, rsi ) developing in Nifty. I like the fact that this has taken a few days to develop.
@yoda
how to calculate average volatility?
Is it mentioned in NSE site?
Can you tell how we arrive at 21?
thanks
Sir can i place a short @ 5270 on nifty sir
@Anuj,
We're taking high-low, that's all. vix is a very complex calculation, but range gives a good picture of volatility.
@gd, I'm glad, actually, that you're not putting money before your faith. Sensible.
5263-65 NF is resistance...VAL ( 5257 ) and POC ( 5263 ) coming into play perfectly.
@yoda
So you mean that average difference between hourly High and low EMA is 21 ?
The average since 31 May to this hour is 22, Anuj.
Not high low ema, high low hourly price.
@ Nifty,
From 5367, 10 days ago, Nifty has done time correction and a shallow price correction.
For the day, the pivot is @ 5247 & VAL for future is @ 5257. Holding above these, Nifty may attempt to move higher.
As suggested in the Premarket view, the bad news (Bank rate increase) coming closer to the end of the correction provides a "long entry".
Alternatively, you can wait for 5300 to be crossed to initiate "Longs" & 5210 to break to initiate "Shorts".
Holding above the low ema, Nifty has managed to close above "Hour close ema @ 5245", attempted "Hour High ema @ 5252" exactly. A close above HHema is the next requirement for the bulls.
thanks yoda
@Anuj,
Almost shocking isn't it, to think that if we bought at the low, we could make 22 pts profit every hour?:)
@yoda
But who knows where is the low or the high?
Except if you know how to read the drunkard's "body language"
you can at-least get 7 points if not 22
:))
Big problem, figuring that out. Maybe one day we'll get there.
so lacklustre and boring nifty today... no clues whether breakout/breakdown happen today :(
Anuj - Observe 5251 to 5258 in Aug for 7 pts.
(now I told u-sl will trigger,so that u can send the next arrow to target).
Hai everyone
Nifty 30 minutes chart updated
http://niftychartsandpatterns.blogspot.com/2010/07/nifty-futures-chart-with-support-and.html
Thank you
test
An hourly close below 5236 at 2.00PM would be an aggressive sell.
A daily close below "Day Low ema" (Presently 5233) would be the Signal to reverse the Conservative "Longs" to "Shorts" with a S&R @ 5260.
An hour close above "HH ema" will bring in the momentum to take it to 5275-5280
Anuj - I long done 5251 to 5258 after 1.28 post. Will go short if reverses from 5262.
Anuj Short 5259
It should breakout now.
NEW POST DONE.
Ilango Sir, that was a useful info - a layman like me who can't understand the chart wud get a clue from such a simple language....at 2 pm, it is trading higher than 5236 - so i guess, bulls will have their say today
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