Currently the range is 5360 to 5415 and it can exceed by 15-25points on either side.
You can only trade for few points each day.
As per EW, adter a first fall from 5453 to 5361("i" or "a"), the correction seem to be continuing. If the brief break of 5361 is part of that correction, it is bearish(irregular correction).
In Bank Nifty too a range trading is on. But most of the action is in the stocks.
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Hour Chart by FIRE:(Break of Pink line indicates serious fall - 5365)
37 comments:
Good morning sir and friends
@ Ilango
Good Morning.
1. In the preceding comments you have underlined the significance of level 5422 in current trade set-up, in your interaction with one of the bloggers. Can you please share why and how 5422 is significant (and derived). Thank You.
2. On another note, Thank You for the follow up on my earlier request in the narration-of-wave-count.
Regards
Ilangoji,
Did you get my mail? Please give a reply at your convenience.
@ alphabet,
I interacted with Niftysparks on some other subject and not on 5422 which is his view, may be based on fibo.
It seems the correction to the 5453 to 5361 fall may have been over and the next leg of down may have begun from yesterday's high.
@ Fire,
I replied to you. It is a great piece of objective analysis.
I will share them with friends here.
EW Analysis by FIRE: (A true educative one)
1) This NS hourly chart attached looks like a Rising Wedge with a not very steep angle and 6 touch points. Trading long, as a mainly positional trader, seems risky to me. [Sometimes I flip the chart upside down to be sure about a pattern and the way I would want to trade it most. I did the same here. Looked like a nice Falling Wedge then.]
2) The text says, one wave has to be extended out of the three impulse waves. In your main count (marked by blue), the 3rd of the 5th looks extended. Therefore, as the Rule of Equality states, the other two non-extended waves, i.e. 1 & 5 tend towards equality in price and/or time. Now wave 1 is 110 points (5320-5210). So wave 5 could have a target of 5464 (5354+110).
3) According to Price relationship of waves in an Impulse Pattern, if wave 3 is extended AND wave 2 is a complex correction, then wave 5 will be equal to or less than wave 1. Therefore, wave 5 gets a Maximum limit of 5464.
If any of these is correct, then the Risk-Reward ratio is more skewed towards the bears as the possibility of the 2-4 line breaking down increases and your alternate count (marked in pink) comes true.
(I am attaching the hour Chart sent by FIRE)
Hi Friends,
Here is the link for Today’s MySAR_A levels (for 22nd July)
http://www.4shared.com/document/CH7005dy/MySAR_A_Future_for22th_.html
To view the results of my this positional trading system, the link is :
http://www.4shared.com/document/dTAWOXcv/Points_earned_21th_.html
-gauresh59
Good Morning all!
Hai everyone
Nifty weekly chart with stochastic indicator.
http://niftychartsandpatterns.blogspot.com/2010/07/nifty-weekly-chart-with-stochastic.html
Thank you
hi gauresh
what is sar value ..does it means today that scrip will touch that level?
@ creation
Keep long position above MySAR_A and short position below MySAR_A.
Always initiate trade near to MySAR_A level.
Never try to catch the running train just to avoid the risk of accident.
First wait for MySAR_A level hit, and then initiate trade accordingly.
Moreover always wait for 5 – 10 minutes after MySAR hits soasto confirm the trend.
The system is for positional trading, but one can take benefits of intra-day volatality considering MySAR_A level.
-gauresh59
gm all,
Wonder if we'll break out/down today.
Good Morning Sir and all
ok thanx gauresh.
ORB in BNF looks like chances of breakdown are higher. Not so hopeful as yesterday.
Good Morning ALL.
FIRE with Fire.
Thank you FIRE.
@all
FIIs net buy Rs 3876 crore in Nifty options
FIIs were net buyers to the tune of Rs 3876 crore in Nifty options; FIIs’ Nifty Options Open Interest (OI) was up 1.02 lakh contracts
Bazaar
Excerpts from Bazaar on CNBC-TV18 Watch the full show »
Nifty Open Interest PCR declined at 1.33 versus 1.41. Nifty 5500 Call added 24 lakh shares in Open Interest. Nifty August futures ended at 12-point premium and Stock futures added 4 crore shares in Open Interest.
--it seems either they r short in futures so covering it by buying calls or taking insurance by buying near month and selling next month...
Good Morning Sir and Friends.
Sir & Family..
gm..
is ORB giving a buy?
Yoda as sir has said below 9950 BN can go to 9875
Good Morning Sir and All blogmates
Welcome to the world of bears
- Bernake(The Bear)
manu,
as per ORB, no signal generated.
Sunil
US Economy is Recovering well. The following will be extinct after 2011(CNN):
Reader's Digest
Moodys
Meryl Lynch(not sure of the spelling)
among others.
ty, POWERTRADE, it seems to be hanging around 9950 not breaking down yet.
Ilangoji,
My heartfelt gratitude for this encouragement. I had expected just a reply and any rectifications. But this is totally unexpected. Now I am more confident about learning EW with your invaluable guidance.
Reader's Digest!!
I have happy memories of those... why extinct? I saw an e-version of RD the other day.
FIRE,
I enjoyed reading that analysis. Thank you.:)
friends! can any of you tell me at what level today i square off my short position in infosys?
Fire,
Glad to read your analysis... I m trying to learn EW... so was educative fr me :)
5380 providing support
Fire,
Thanks for your analysis which guides the freshers.
Ilango Sir,
Thanks for sharing it to all.
@piyush (for last evening),
I know, as soon as I hit 'post comment' I wondered if they were fake ids.:)
@Janak (for last evening),
I'd like to stay a bull, but right now I'm only trading intraday for the market to pick a direction. I've often got caught with a strong view too early in the game.
@Jay (not the critic, for last evening:)
Can't ever tell on the net, can we?:)
5380 to 5387 is the last contraction. Resolution soon for intraday.
Puli bit late due to traffic Jam, already left Beauty Parolor
NEW POST DONE. :)
Hey Yoda, GM! i m holding my shorts and unless BULLS have some "surprise attack plan" - looks like a BEAR-DAY - but i m just sitting on the sidelines instead of indulging a new trade so far...
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