Friday, October 22, 2010
Nifty PreMarket View
STOP Using this space for promoting your blog. You have something valid to offer, share it here whole heartedly. Market gives you so much...Why do fishing..? And why give me more work..? I prefer to watch the market than all the fisherfolks..
Everyone would like to claim "It is my level...blah..blah"..There are thousands of silent followers of markets identify these levels too. It is theirs too though they prefer to stay quiet & trade on it. Cut the chatter..concentrate on the market.
Arjuna could not keep his ego in check living by the side of Lord Himself and proclaimed "I killed all" whereas they were all already doomed by the Lord Himself. Arjuna would not get down from the chariot till Krishna gets down (As the custom is that the charioteer gets down first)and Lord had to insist on Arjuna to get down first and He got down later and the chariot goes up in flames because of all the "attacks" that have been shielded by Lord till then.
You want to survive in the market, get out of that egotistical trip.
Everyone would like to claim "It is my level...blah..blah"..There are thousands of silent followers of markets identify these levels too. It is theirs too though they prefer to stay quiet & trade on it. Cut the chatter..concentrate on the market.
Arjuna could not keep his ego in check living by the side of Lord Himself and proclaimed "I killed all" whereas they were all already doomed by the Lord Himself. Arjuna would not get down from the chariot till Krishna gets down (As the custom is that the charioteer gets down first)and Lord had to insist on Arjuna to get down first and He got down later and the chariot goes up in flames because of all the "attacks" that have been shielded by Lord till then.
You want to survive in the market, get out of that egotistical trip.
Thursday, October 21, 2010
NIfty confirms a short term bottom with a close above all Sma.
The TA tools that has been chosen to follow a trading methods are Stochastics (Leading Indicator) and Macd(Lagging Indicator). As traders/ investors tend to cling on to each word and do things in a mechanical way, the writers of TA books have given the "Safest way" to use these indicators. That is theory. Most follow it that way, by going long when Stochastics move above 20 or 30 mark and go short when it moves below 80 or 70 on a scale of 0 to 100.
However, in reality markets bottom out much earlier than these signals. The experienced as well as an aggressive trader may take action at the oversold or overbought levels using other studies such as Elliott wave, trendlines, Supports & resistances, market profile.
How the Cooking was taught in the catering colleges and how it is actually done in the Star Hotels, there is a vast difference. Unfortunately the so called "Practical Classes don't show the "Practices" of the industry.
What we are doing here is "Applied Technical/EW". If you can follow these simple studies consistently, believing in them, you will find a "Stillness" descending on you and a "Clarity" emerging to follow the markets, listen to it, feel it. And you will then go on to make winning trades and Get Rich Slowly.
However, in reality markets bottom out much earlier than these signals. The experienced as well as an aggressive trader may take action at the oversold or overbought levels using other studies such as Elliott wave, trendlines, Supports & resistances, market profile.
How the Cooking was taught in the catering colleges and how it is actually done in the Star Hotels, there is a vast difference. Unfortunately the so called "Practical Classes don't show the "Practices" of the industry.
What we are doing here is "Applied Technical/EW". If you can follow these simple studies consistently, believing in them, you will find a "Stillness" descending on you and a "Clarity" emerging to follow the markets, listen to it, feel it. And you will then go on to make winning trades and Get Rich Slowly.
Nifty Intraday Update-III
Presently resisted at channel top @ 6095. Above this, the next resis @ 6125-6130 & 6145.
Wednesday, October 20, 2010
Nifty @ 34sma with OS readings.
Nifty has come into the support base @ 5935-5965. If 5948(34Ema) does not hold, deeper correction towards the next 55 Ema @ 5840. Positional shorts remain till atleast 6040 (Today's High) is surpassed first. Beware of the divergence traps.. Only way to escape them is to wait till the price closes above short term averages.
Nifty PreMarket View
"Learn the simple way of trading the markets". There are some who are quite sincere & serious about learning and there are some who come only for the "biscuits".
Even if you come only for the biscuits, let your ignorance not belittle the works & sharing that is being done here. Never use the word " I don't mean to hurt your feelings". If you have even an iota of doubt that you might hurt someone's feelings, don't open your mouth here.
Does free mean cheap..? Then, pay for it..You know what I mean.
Tuesday, October 19, 2010
Nifty's attempt to claw back above 5Sma(6128) was smartly dealt with by the short term bears.
Interesting days ahead. 5935-5965 zone gave very good bounce points earlier and are likely to be tested. 5915 is the weekly low ema; 5850 is the monthly High ema. Keeping these numbers handy doesn't mean Nifty should reach there..
I will watch the "Lead Indicator" both Day & Hour in the next 2 days for the "Leading edge".
5Sma rejected Nifty and the next one in line to offer support would be 34Sma/Ema(5932-42).
I will watch the "Lead Indicator" both Day & Hour in the next 2 days for the "Leading edge".
5Sma rejected Nifty and the next one in line to offer support would be 34Sma/Ema(5932-42).
Nifty PreMarket View
Read this chart below: Look for the price clusters, match them with TT numbers and make your trading plan for the day. 6097/6111-5, 13Ema looks to be the immediate resistance and if gaps up above it, then the cluster of resistances come @ 6145. For supports 6058/6067 the previous two lows and higher if gaps up.
Excel files with Nifty, Bank Nifty TA - the links are shown at the top rightside of this blog.
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