Mr.Mom.....Happy Father's day

He was 45 years old when I was born, and a "Mr. Mom" long before anyone had a name for it. I didn't know why he was home instead of Mom, but I was young and the only one of my friends who had their dad around. I considered myself very lucky.

Dad did so many things for me during my grade-school years. He convinced the school bus driver to pick me up my house instead of the usual bus stop that was six blocks away. He always had my lunch ready for me when I came home - usually a peanut butter and jelly sandwich that was shaped for the season. My favorite was at Christmas. The sandwiches would be sprinkled with green sugar and cut in the shape of a tree.

As I got a little older and tried to gain my independence, I wanted to move away from those "childish" signs of his love. But he wasn't going to give up.

Nifty starts the minor correction today.

If you don't narrate these charts, I will...by tomorrow.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

While making your trading plans, keep few numbers ready based on:
EW: a sharp rise indicating a maturing of short term.(It could also be a powerful 3rd of 3rd but the "OB" short term suggests doubts here)
TA: High ema-Hour @ 5279 (Day's low)- only a break of which confirms some weakness.
High ema (Day): 5251 - a first minor support.(If no new highs are made). Also Hr low ema is @ 5255 presently. It may rise too.
VAH: 5235: As long as Nifty is above this, your short trades are risky. So play by the earlier established resistances(5305-5340) and supports (5235-5245)

Nifty PreMarket View.

I have been doing this "Home work" and putting it across to "You" as Premarket view. To make it more effective, I would need your participation by way of "developing a trading plan" based on this as well as the EOD analysis besides your own observations.
"Boldness has genius". Put forth your plan with high integrity and application and at times it might seem highly improbable."Listen to your intuition" and "the market action".

Nifty shows a small "intra" trailer of things to come..!

Nifty Intraday Update-III

Reading 9-rsi & 14-rsi together.

Nifty Intraday Update-II

Nifty could not close above "Hour High ema" yet.
Above "5240 NF", Nifty may move up sharply.

Nifty Intraday Update-I

Nifty PreMarket View.

Nifty refuses to correct the short term OB.

Nifty has been having intraday corrections and some profit booking was seen today as well as some buying closer to 5200. A consolidation around this "5200" is on. It could be in 5150-5250 or 5200 -5300. We should know it by tomorrow.
I have marked the two MA set ups giving 'fast fall" and "fast rise". You can read about them here. and here.

Nifty Intraday Update-III

Aggressive SL for intra shorts:5235, more proper would be 5250 NF.

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View.

Till the sharply rising channel gets broken, the aggressive sell remains too aggressive. manage your position as per your risk taking abilities.
For the day the R1, R2 are @ 5246 & 5269, a likely profit taking area considering the "OB short term". A move below 5220(VAH) would be the first sign of weakness towards 5194 (POC).
Alternatively, Nifty could steadily move higher towards 5300 with an initial choppiness in the region of 5225 to 5260.
Based on these, make your trading plan and execute your trades.

Nifty breaks into the resistances with big volumes.

Every act of mine is based on what I perceive the market is doing. One need to differentiate the "time frame" of TA that is being discussed and act accordingly.

Trendlines can be drawn on all "time frame" charts such as month, week, day, hour & minute.
The larger the time frame more valid the supports & resistances.
The correct way to approach this is to know your time frame of trading and adopt it accordingly.
The best way is to keep all time frames side by side and take a cohesive study of them which could give clues of market's choppy action.
For eg: Just looking at the minute & hour trendlines/ channels, market could break many times and may look choppy but if you study it together with a day channel, it would look within that "day trendline" and you will be able to accept those choppiness as part of a correction within a trend.
Divergences are effective when it is followed by a price reversal. If not, they end up as traps.
A channel that has been working well for the past 60-70 days. However, it can change course depending on the demand & supply that is emerging in the market place. So far, it is predictably poised. There will be always an "unpredictable act". When that happens, we change track.
Attempt is continuing to move past the Monthly High ema which may rise to 5250-5260. Notice the support rising fast as the days go by (Day low ema moved up from 4999 to 5103) i.e. from the day the "Longs" were initiated @ 5035, 10th June.

Nifty Intraday Update-III

Nifty Intraday Update-II

Presently the upper channel line has provided a support.
Further weakness would be only on a break below 5178 (Pivot @ 5180)

Nifty Intraday Update-I

Nifty PreMarket View

Nifty moves into the major resistance but closes above 50dma.

Multiple resistances ahead but the trend, momentum, volumes are on the bulls side. A consolidation with rotational buying (Breadth) will help bull's cause.

Every negative divergence results in a fall but simultaneously the larger trend takes the index to higher level. Now another - ve div has developed. Play these for small intraday gains and the bigger gains on the "short side" will emerge only when the larger trend aligns with the shorter trend to give a negative divergence trade.

Having conquered the "week high ema", Nifty is poised to move to month High ema(Likely to be 5240-5250).