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 ...
56 comments:
skmishra,
I don't want to advice you because I'm not sure I've done the right thing. Plz make your own decision, since only you know how much loss you can bear.
It might go lower, but I felt lucky at not getting a gap up and I should close and turn.
Dear Ilango Sir - i came across an article which stated that when 50 DMA crosses 200 DMA then one should be bullish and vice versa - In Nifty the 50DMA crossed 200DMA on 27th may, 2009 at 4276.05. I am keeping track of this average and will keep you informed when 50 DMA crosses 200 DMA again - for your information the difference between the two average was at its highest on 6th august 2009 ( 1011.20 ) and currently the difference is ( 90.34 ) - regards Deepak
Dear Ilango Sir - i came across one calculator called Camarilla - when i keyed in yesterday's nifty data following was the result - SELL AT 5476 with Stop loss of 5499
and
BUY AT 5430 with stop loss at 5408
Considering today's Nifty movement i believe the result was spot on
regards Deepak
Yes..Deepak,
There are many such wonderful trading systems. If the individual can piece them together and apply it with "intra TA", a consistent cash inflow is assured.
When you sit down to work on your plan, be very objective. And once the plan is ready, execute it with "detachment" and take in the deviations to revise your strategy marginally. Anything that calls for a major deviation will necessitate a total change of plan. Such actions are rare if your objectivity is maintained.
Ilangoji,
Buying Nifty from 5445. Will buy 25% at each 10 points down upto 5415. SL below 5405. So risk comes at 20 points only as the average buying price will be 5430 at my full position. A new high (the 5th of the 5th) gives a nice risk-reward ratio. Is this plan ok?
What is next support for BN below 10060?
Sorry, the risk is 25 points.
Dear Ilango Sir - i came across an article which stated that when 50 DMA crosses 200 DMA then one should be bullish and vice versa - In Nifty the 50DMA crossed 200DMA on 27th may, 2009 at 4276.05. I am keeping track of this average and will keep you informed when 50 DMA crosses 200 DMA again - for your information the difference between the two average was at its highest on 6th august 2009 ( 1011.20 ) and currently the difference is ( 90.34 ) - regards Deepak
This is called "The Death Cross"..For your information SnP 500 just made one, on the down side....
Trade Safe
jazz
By now the OI on 5400 PE fr Jul is above 1 cr....
n so is the Oi fr 5500 call
@ Fire,
5-D of day may reach above 80 today. Trade light here.
If it closes below 5439, an aggressive sell(1/3rd could be taken).
If the fall is going to be in 5-waves, another low will be seen and then a bounce. If not the bounce is on from 5435 low.
5455-5465 is a good sell zone.
oops sorry i meant 5300 put
BN's next support should be around 10020.
GM sir & friends!!
Market breadth looking weak now....however OI data at d moment suggests otherwise. Huge OI buildup @5400PE more than 18 lacs....some unwinding @5400CE.
Fire Sir i baught 5400CE july @ 72 fotr tgt of 90,
will add more @ 10points each drop is it ok .
regards
"5-D of day may reach above 80 today. Trade light here.
If it closes below 5439, an aggressive sell(1/3rd could be taken).
If the fall is going to be in 5-waves, another low will be seen and then a bounce. If not the bounce is on from 5435 low.
5455-5465 is a good sell zone."
Follow the master. I am getting out of my longs at cost. Will wait for 5455-65 to go short. I dont trade in options Akki. The time value gets eaten up and sometimes even with trending move, volatilty gets squeezed up. I have lost money that way. Go for NF or mini NF. That way even following the levels given by Ilangoji also would be much easier.
hallo sir
rsi is going up, when market is going down
means market is go up
@akki
Could be risky as expiry is very near....can end up loosing all the premium as exp seems very much close to 5400 (if not lower). Keep strict SL.
Thanks sir will trade as given levels with sl.
Regards
Fire, consider this too..
// If not the bounce is on from 5435 low //
until we break the low..bounce is on..
@ Fire,
It is all happening as per PreMarket View.
Buy the lower range "5430-5440" & sell the higher range "5480-5490"; this is for intraday.
After this intraday 5 waves dn, a bounce is on, why exit the longs but book out @ 5455-5465 and sell again depending on the intraday TA @ 5455-5465 zone.
A close below 5439 will set the "sell on rises"....and market can give a rise to sell & sometimes it may not.Mostly it does.
@Assortz,
The bounce could be a retracement of the last fall. That is my understanding. If it was new impulse wave, I don't think Ilangoji would have said that 5455-65 is a good sell zone. I can misunderstand too. Perhaps the master would clear our confusion.
@fire,
I thought your exit was in mid of the range..either below 5435 i.e, below day low or 5455/60 should have been the exit for the longs :)
Ilangoji,
Thanks a lot. I am already out of my longs and took a bit short@ 5455. Actually I am not very comfortable with trading the ranges. That's my limitation. Also my pet migraine has attacked me with the same intensity as the 5th wave. :) Perhaps that is affecting my thought process.
Could you please help me out by telling what a positional trader should do now?
@Assortz,
Today I am making all the mistakes in the world. Luckily haven't incurred loss YET, but made my broker mighty happy by entering and exiting positions @ cost. Now I am short and suddenly feeling unsure.
@ FIRE,
A positional player would have been in Longs.
Booked out partly at the open & reentered at 5430-5440 zone again to book out again at higher range to re-enter at lows again.
OR simply Hold till a close below 5439 for "Part booking" and exit fully below 5408.
Fire,
you have enough company :)
Sir, is 5465 a conservative sell?
or is it for intraday?
booked one lot(of 2) bouhgt yesterday @ 5450
booked second lot @ 5448
Sold NF @ 5448 SL 5465 Target 5410
Dear @Fire!
Don't ruin ur money, have rest bcoz health must be priority. In my opinion Intraday short should keep stop loss of 5480 & intra day long should have at 5415. Keey away urself if u r not sure, take care...wish u speedy recovery
Rgrds,
KUMAR
A five wave fall could only be a zigzag in correction. The retracement should limit to 75% of that @ 5465.75.
So I suggested a sell @ 5455-5465.
Corrections are complex but we'll go by what looks obvious.
If resisted & falls, the next one should equal it normally.
fire,
take some rest dear. market will always open at 9 am
@manni
//Market breadth looking weak now....however OI data at d moment suggests otherwise. Huge OI buildup @5400PE more than 18 lacs....some unwinding @5400CE. //
Market may be taking a view that there may not be much change on the interest rate front from RBI...Expectation of decrease in risk free rate reduces the call option prices and increases put option prices..this cld be the reason of such huge buildup..or may be change of position with in the range...?????
profit booking likely in the afternoon session
sir, from where u r copying data for hourly high hourly low of any script
and when will shortcovering happen???
If this is an ABC correction, we may move below
5435 in the afternoon. That will sow the seeds of
doubt in the bulls' minds.
NF trading at discount
bought nifty 5500 put (2 lots) @ 69.6 SL 59 Target 85/90
@sri
10 lac 5400 puts were written on 20 while we were
undergoing this correction
@Kumar & P.S.,
This is one of the main reasons I am addicted to this forum this much. This family feeling! Thanks for all your caring concerns. Thank you guys.
BTW, I am out of all positions. Again at cost. (Assortz, don't laugh.) Now I will heed the advice of Kumar and take the day off. Only at the closing, if Ilangoji gives us any clear trade, I would take anything. Otherwise --
Kabhi kabhi mere sirpe migraine aata hai/ ke jaise usko banaya gaya hai mere liye... :D
@sri
I would prefer the first view for medium term direction. OI movement in intraday are always volatile (e.g the OI buildup of >18lacs now reduced to <13lacs) specially when expiry is so close....just another 3-4 days of range bound movement will do the needful for option writers.
Market breadth getting weak since last few days suggests market players offloading their positions at every high.
Booked out of ril long and now carrying earlier nifty shorts only
Thats y i said yesterday best strategy is to sell 5500CE....good profit minimal risk.
Fire,
Interesting ur migraine makes u a poet ;)
@manni
was just sharing my thoughts on ...nothing else.
Offloading positions ..may be..?
Fire,
Btw... one of my relatives has migraine n tried this... said gave relief
http://www.squidoo.com/mudra-for-migraine
its mudra to be done... preferably do not eat anything half ana hour b4
n after mudra... also do not keep doing mudra after ur problem is solved...
or u get relief.
@manni
5500 call...?
today NF high 5476 ..vwap at this point 5449.84
open int addition (nse site) in NF 4.66% with vix at 0.91 (no change from yesterday)...is it not risky
@manni
err...read as "change" for "addition"
Thanks a lot seniors here to guide me with levels .
Profit booked in calls @ 79 levels .
Now waiting for next trade as per sir's level.
Regards
NEW POST DONE.
Dear @Fire!
Thanx 4 ur kind words, u r always welcome. Market will give u thousand opportunity to earn, just be a follower of market. Never try to prove urself better than market bcoz this habit troubled a lot to big analysts often. Perhaps u r not aware that by profession i m a trader but Homeopathy is my passion & in evening i attend my patients without any monetry link. Pls send me ur all symptoms in details at FUTURESFINCAP@YAHOO.IN & i will suggest u some homeopathic medicine. I have so many migraine patients & all are quite well now.
Rgrds,
KUMAR
@sri
not really...if you go by the total OI on 5500CE...highest ever on any option. So far i've never seen any expiry above/below the strike price whose OI was more than 1cr.
About offloading positions...even i'm not sure...just my view.
@Neha,
Thanks a lot. Will try that definitely.
Regarding poetry-- I am suffering from this for the last ten years or more. Sometimes it goes to such extent, that all medicines fail. Then, I can only control it by trying to divert my mind off it and a continuous auto-suggestion of "I dont have it" or by laughing it off. Right now, one of those moments.
So, watching the market now far away from my terminal.
Read this somewhere --
"Trading online is just great.I find it really speeds things up.
I now get my margin calls 5 times faster than before."
Fire,
I cn imagine... ur prob fr migraine cos i hv seen others suffer
Hope this helps :)
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