Just Nifty: 2010-07-11

Saturday, July 17, 2010

This one is like dog chasing its tail..!

ONCE upon a time in a forest there lived a really astute and wily fox. True to his cunning, he was returning one day from a hugely successful lunch of stolen chicken when he spied a wisdom tree whose branches were laden with ripe bunches of enlightenment. “Ah,” he said to himself as he spied the overhanging produce, “just the thing I need to round off my meal.” Thereafter, he spent the better part of the late afternoon jumping up and down trying to get a couple of them into his mouth. But, alas, they were all slightly beyond the reach of his snout and, in the end, his enterprise remained fruitless.
“Oh, what the hell,” he muttered loping away to his lair as the sun was setting, “who needs this stuff anyway. It’s probably unripe, over-rated and not as sweet as it’s made out to be.” Later that night, however, he suddenly sat up in bed and slapped his forehead when he realised that all he had to do was sit under the tree with his choppers open and wait for as long as it took for the fruit to fall into it.

Nifty poised precariously with supports rising fast..!

Nifty Intraday Update-III

Nifty Intraday Update-II

I may not be available for some time.

Nifty Intraday Update-I

Nifty PreMarket View.

Have a clear plan in place; if you aren't able to find one, wait for one to emerge. Don't strain to find opportunities. When you are relaxed and attentive, market shows very clear set ups. Look for fractals..the repetitive patterns like the one resembled the 3rd & 5th waves or Wed & Thursday's intra moves.
Once your plan is ready, put to action with clear cut entry, exit and SL.
Be willing gladly to give away the "loss" to market that will keep you safe for the long haul. This is very important: Accept the market action if it goes against your plan & exit with your SL. If it goes with your plan, don't get excited but follow through with your exit plan and don't get carried away by greed.
So you have fear at the bottom(entry/ SL) and greed at the top.(exit)Make a habit of conquering these emotions by first becoming aware of their emergence at critical junctures.

Thursday, July 15, 2010

Nifty completes a small 5 dn, reverses & pauses.

Sandy, Happy birthday to you.
Sanjay, FIRE, belated Happy birthday to you.
Aarvee, I am touched by your efforts to unearth so much of me. BTW, my most favourite song is "Ulagam Pirandadhu yenakkaga..", reminds me of my mother all the time, eternally grateful to her.
MOK, as Jay puts it, you have limitless energy and able to find extra 12 hours.
Assortz, am I lucky..? If you have seen the picture "Sea Biscuit" -there is a racing horse which gets injured and is nurtured back to race track by a jockey, a trainer and the owner who have some personal issues too. And when the lame horse wins a crucial derby, the Hero(jockey) says, " We thought we fixed the horse but he fixed us and in the end we all fixed each other". We all are lucky., fixing each other. (Read again "Rebuilding the House")

Amazing EW unfolding with a triangle in the "(iv)'th followed by the (v)th to nail the day's low for a small reversal. Earlier "iv" & (iv) @ 5360 & 5335 are the likely supports. Currently both Bull/ Bear arguments have merit.

NF channel support comes @ 5355 and if redrawn may be @ 5300.

By closing below "Day High ema" short term weakness confirmed preceded by Hr ema actions. After the DHE, it attempted the Day close ema 5363 and bounced off it. The other critical emas are rising fast. Note the "Week High ema" has given the exact low of this week @ 5358. Bears , if have strength, will attempt it. If not bulls are safe for another week. Other crucial supports are Day Low ema & Month High ema @ 5341-5346.