EW did not fail today. I failed. I failed to look for the alternative views.
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Dinesh Rishi is known to our readers for a long time and he has a blog of his own- Bank Nifty Trading- and he follows a "Mechanical SAR system" which has generated unbelievable returns to the disciplined trader in a very short duration. The records are there in his blog for anyone to verify the facts. He has been working constantly to improve trading methods and sharing it with his readers.
He has found another goldmine - POTS - (Profit Only Trading Sustem).
He will share it with you when you send a test mail to him-dineshrishi@gmail.com
Anuj has correctly described him to be another "Cracked pot". And Anuj seems to be specialising in cracking many perfect pots with his jokes.
We seem to be attracting a lot of them.
Be it any method, system, the success of it will depend solely on "You" following its plan/ rules as laid down by its creator.
While the Day Channel has been breached briefly, the Nifty future 1-minute channel has some more room for corrections. Which will it be - it should be known soon as TA is getting weaker.
Though Nifty has been breaching below 5240 for the last two days, a close below it may turn the trend down.
16 comments:
on a different note.....i don't think US market can go on ending in RED.....last 7 out of 8 sessions have ended in RED.....I see NIFTY heading towards 5400 during next week starting from tom.
@Ilango
Thanks for appreciating my non-sense.
"Spark" has delivered a shock!!!
Thanks Sir,
Regards,
Nifty Tips
@ Sir,
Few of my observations, as I follows MACD over other indicators (day charts)...
1.
a)MACD (12/26/9) is also about to turn / crossover. Therefore, the 5th wave might not have full strength to explode to the top channel. A truncated fall might yield in larger fall.
b)MACD (12/26/9) might form a hook and deflect from this point as RSI (9) is below 50. In that case we might see a strong 5 wave. This has a higher probability of hitting the top channel. But, a 5-day HL swing indicates a less possibility of the same.
Therefore, a) has got higher probability than b).
A second question ...
How do you calculate / get the value from NSE site for Nifty?
Regards,
Rajib
since we vehemently follow Ilango sir and thereby his dictum (EW!), we seem to have missed the most important thing on which EW is premised !!!
That EW, and thereby market, is a graphical depiction of human activity while dealing with THE MOST IMPORTANT thing in this world - MONEY. And as we bore wave pattern in our activity-thoughts, so also some lull periods in day to day life in which we dont know what next ! this is very usual, right ! so is this market activity. the whole of the equities is lull now without a clue to proceed surrounded by problems...but definitely India and asia is itching to go up ! only, a small postive trigger to eject us to next level of activity.
see such days in that perspective....nobody, not even fii's will have a say...they would also be in such mooods.
@ Sir,
the second question (repeat) ...
How do you calculate / get the volume from NSE site for Nifty?
Good evening sir, and blogmates,
My best wishes to Dinesh Rishi and Anuj for their tireless services to the investing community
:)
@RG,
Happy CA Day.
good for you, Dinesh Rishi, I wish you success with your blog.:)
@ka,
I agree with you - its probably just a lull after a very hyper day.
The only thing that's been nagging in my brain is that Nifty couldn't make it to the top of that wedge ... doesn't seem to be the behaviour of a market brimming with buying enthu. But 5th waves are like that - low volume, no purpose, no sense or reason, but it will still go up.:)
@San
Looks like ur cup n handle pattern on Euro working out really good. It has paired off all the losses it made in the last 3 weeks & surged to 1.248 odd levels in today's trade itself. If this continues we may see sharp rally in equities.
Dollex and equities have 80% inverse correlation.
From low of 74 in dec09 it went up to 87.5 in may10( almost 20%), while equities were rising.
Today's weakness in dollex is not due to Euro strength but due weak data in US( most manipulative market by no. of misleading data event every day).
Dollar has collapse not only against Euro but all traded currency in basket.
And as a result despite Euro is so strong European Market ended way down in last 2 hour.
OT...
This is a true story which happened in the States. A man came out of
his home to admire his new truck. To his puzzlement, his
three-year-old son was happily hammering dents into the shiny paint of
the truck. The man ran to his son, knocked him away, hammered the
little boy's hands into pulp as punishment. When the father calmed
down, he rushed his son to the hospital.
Although the doctor tried desperately to save the crushed bones, he
finally had to amputate the fingers from both the boy's hands. When
the boy woke up from the surgery & saw his bandaged stubs, he
innocently said, 'Daddy, I'm sorry about your truck.' Then he asked,
'but when are my fingers going to grow back?' The father went home &
committed suicide.
Think about this story the next time someone steps on your feet or u
wish to take revenge. Think first before u lose your patience with
someone u love. Trucks can be repaired.. Broken bones & hurt feelings
often can't. Too often we fail to recognize the difference between the
person and the performance. We forget that forgiveness is greater than
revenge.
People make mistakes. We are allowed to make mistakes. But the actions
we take while in a rage will haunt us forever.
@Manoj
not fair
@kumar chheda
further to your comment, India's trade deficit figure is cause for worry,,,effect is already visible on rupee..probably systematic withdrawal of money..need to see
Only Dinesh.
Worsted!
http://marketingpractice.blogspot.com/2007/10/dinesh-suitings-take-world-in-your.html
I have to Ask, Dinesh Ji only for Only Dinesh of sunny times Youtube! or allied Video Link.
regards and nice seeing your name Here.
Ranga
PS: POTS would love to know more.
Ilango GM,
After educating us about identifying the end of wave 3 & 4
I would request you to kindly inform us about the ways to
identify the end of wave 5 and the corrective A, B & C,
if the are any?
Dear Ilango,
Yesterday the overnight market sell off was limited.After touching 1010.91, S&P 500 bounced back again up to 1030.Even this was/is a heartening sign for Bulls.Today if Nifty shall manage to stay above 5200 ( the possibility of the same is now more)then my limited knowledge is suggesting to me and hoping that in the latter hours trades we can witness a reversal in our market.Despite the bad global clues from last few days by world markets Bulls here are succeed in maintaining the Nifty above 5200 convincingly.They are likely to get reward now.Yesterday's cash sell off was also negligible in spite of the fall. Market is always supreme to decide its journey so let us see.
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