My critic was saying this morning: You have all kinds of numbers thrown at you for trading and you have to choose the most appropriate ones based on the earlier supports & resistances as well as the distance from previous close, the distance to be decided by the likely sentiment for the day. Once it is done, market provides you with a number closest to you. While in short term downtrend, market may give you a low closer to your number first with some bad news to go long OR may gap up near your resistance number to go short OR hang around near your supports for a while and break down from your established range. Keeping the numbers may help but knowing the undercurrent as well as sentiment may guide you to do the right trading.
There were times "Rajagopal's" lower targets are reached in shorter time and if the sentiment is "oversold', it is time to go long in them. Similarly in uptrends too the targets are reached sooner which leaves you no option but to go short for intraday.
(I have forgotten to add that a negative news is coming at the end of this "supposed" correction.)And after all your preparations, if the market throws up an unexpected, call it a "Bandh day" and wait out for some clarity, you will grow wiser and richer.
22 comments:
Good Morning all!
Not a horrific gap down, thank heavens.:)
Hai everyone
Three stock ideas
Unitech weekly channel
http://niftychartsandpatterns.blogspot.com/2010/07/unitech-technical-analysis.html
Reliance Power Triangle
http://niftychartsandpatterns.blogspot.com/2010/07/reliance-power-technical-analysis.html
Aban Offshore
http://niftychartsandpatterns.blogspot.com/2010/07/aban-offshore-technical-analysis.html
Thank you
GM Elango Sir and All
Have a nice profitable trading today
gm all of us
thought of the day--
don't count what u lost,
cherish what u have & plan what to gain;
becoz past never returns,
but the future will definetly returns the lost.
wish u profitable day
Updated Yoda spreadsheet with first paper trade. Shorted at 5246.
Link -
http://spreadsheets.google.com/ccc?key=0AllWKRfXQB-0dGxvTGstZEI4bGk2M2tqeEF4MG1TalE&authkey=CKqJzuoN&hl=en#gid=0
Gm Ilalngo sir.
Yoda sir R u still holding Your longs in Nf?
yes, Musti. For today.:)
@Gd,
good job dude it will help alot to understand the trades
& its significance as per 5ema
But Thursday and Friday's lack of enthusiasm gave me the jitters. All the charts are saying down, only the overall market mood seems to indicate an up.
All the best, gd. I hope you come up with some good trading rules for it.:)
Good Morning Sir and Friends.
Thank you Mr Anil Ambani.
PS : RNRL 63 to 47. Good Sho(r)t.
Good morning all :)
Well said Yoda. sometimes pure technicals will not work..critical daily fibonacci emas of 21 ema around 5223,34 ema 5193 & 55 ema around 5170 providing support upto this time.. but I am waiting for shorting at 5260/73 levels..or else intra cam short level of 5249.
Yoda sir me too of same view
Any rise near 5270-80 level should consider to get out of
longs & enter short with 5315 Sl
The only problem with getting out around 5280 is that it could go up from there, musti and Sujatha. Trading dilemma! lol
Ilangoji,
Can you tell us a bit about the negative news you are expecting and the reason for your expectation?
@ Yoda :) :) yes.. agreed.. possibilities are there for short covering @ that level...may trigger to again 5300/50 too.. i am not omitted that..I think 2nd half only nifty may go up, so till the time sideways or downways...
I stopped compulsive trading to protect my little capital :P Always next opportunity is there.
true, Sujatha, once it breaks out/down, should be the best time to take a position.:)
@ Fire,
Negative News: The rate cut after Market hours on Friday, last week.
"Flash Raise" possible now?
(China recovering and Japan up nicely).
NEW POST DONE.
Day's Pivot & Day's High, ORB high are all same @ 5247.
our stockmarket is much bullish comparing to global markets. nifty will touch new highs in months to come. has good support at 5212 & 5131.
invest in PSU banks.
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