Elliot's Impulse waves.(Part-5)
IMPULSE WAVES :- The Basics Waves that move the market in the direction of its main trend either up or down are called Impulse waves. 1....
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5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ... -
Will not be available to intra update . Suggest one of our readers to update on DHEma-HHEma-HCEma & HLEma for possible support points fo...
49 comments:
Good Morning.....
Below calls suggests Bearishness of Nifty
CE5600 0.17% up by 13,300
CE5700 10.53% up by 907,350
Below Put suggests Bullishness of Nifty
PE5500 6.97% up by 609,600
PE5600 13.28% up by 940,450
PE5700 41.30% up by 179,600
if price move above from here possible chance of fast rise.
Hi Ilango,
Re-posting these queries of yesterday ...
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One more query :)
Let's say we are short and JNSAR was 5350 today. We go long at 5350 keeping 5330 as stop loss.
Now the trade moves in your favour by 20 points (Nifty goes to 5370), should we revise our stop loss to 5350 or should we keep it at the original level of 5330.
Also, is there any time that we trail our stop loss (say if the trade goes in our favour by 40 points)
Thanks and regards,
Amit
Re-posting ...
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Hi Ilango,
One more query :)
Let's say we are short and JNSAR was 5350 today. We go long at 5350 keeping 5330 as stop loss.
Now the trade moves in your favour by 20 points (Nifty goes to 5370), should we revise our stop loss to 5350 or should we keep it at the original level of 5330.
Also, is there any time that we trail our stop loss (say if the trade goes in our favour by 40 points)
Thanks and regards,
Amit
3 outside down bar on 15 min chart which is quite bearish.
@hops. we keep it at the original level of 5330.
Hi cooldent,
Thanks for your reply :)
Wanted a clarification on the following as well, please ...
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Hi Ilango,
Have a few queries regarding JNSAR and would be grateful if you could please clarify the same ...
1. If one is holding LONGS at end of day today
(a) Today Nifty closed above JNSAR and tomorrow morning, if Nifty opens below JNSAR, should we keep a filter or should we short immediately?
(b) Today, we went long during the day. But at the end of day, Nifty closed below JNSAR. What should one do ... reverse the position at end of day or take a trade the next day? If we
have to take a trade the next day, when should we short?
2. If one is holding SHORTS at end of day today
(a) Today Nifty closed below JNSAR and tomorrow morning, if Nifty opens above JNSAR, should we keep a filter or should we long immediately?
(b) Today, we went short during the day. But at the end of day, Nifty closed above JNSAR. What should one do ... reverse the position at end of day or take a trade the next day? If we
have to take a trade the next day, when should we long?
3. Assuming one has part booked profit at 50 / 100 points depending on the momentum, when does one re-enter the trade?
If people who are trading the JNSAR method could share their views / observations, that would be helpful.
Thanks and regards,
Amit
@hops. (a) Today Nifty closed above JNSAR and tomorrow morning, if Nifty opens below JNSAR, should we keep a filter or should we short immediately?
first two days we keep a filter of abt 20 points
@hops. (b) Today, we went long during the day. But at the end of day, Nifty closed below JNSAR. What should one do .
We keep a stop loss of 20-30 points and if it goes below then short
Dear Hops
dont feel as your doubts are real. simple question why con't you just follow say about a month then all doubts will be clear.
Hi..Amit,
Most of these queries have been answered in the earlier posts which could be located by typing "JNSAR" in the "Search this Blog".
For people who aren't much familiar with market, Take a "Buy" once JNSAR triggers and keep a 20 point SL. Also if a buy is triggered but it closes below JNSAR, take a "Sell" as closing is important.
These kind of situations are rare.
For Part booking, a knowledge of classic TA as well as "Break-out/ Break-down" situations is important. If no knowledge in them, it is your discretion.
If one understands a "Sideways market"(Once Nifty closes below DHEma in uptrend or above DLEma in downtrend), one should book profits within the established resistance and supports.
We have never attempted a trailing SL in JNSAR trade. However, I increased the JNSAR value deliberately to protect profits. And you have seen in these last few days, changing that JNSAR value made no difference. Now JNSAR is rising quite fast that it would take care of protecting the profits.
You could incorporate your years of experience with JNSAR system but the underlying principle of "Staying Long above JNSAR and Staying short below JNSAR" should be maintained.
@hops. 3. Assuming one has part booked profit at 50 / 100 points depending on the momentum, when does one re-enter the trade?
renter during pull backs at support
CE5600 0.52% up by 39,950
CE5700 2.81% up by 241,950
PE5500 6.91% up by 604,900
PE5600 17.33% up by 1,227,750
PE5700 38.16% up by 165,950
Pl. compare the previous OI for CE5700, reduction of OI is seen.
@Amit
when u followed any SAR, some ppl trade as when levels
encountered,some trade on EOD basis only, but if u r
following on EOD basis, nifty movement can kill u.
Its better to to take entry & exit as when levels
encountered.
During consolidation phase, it may whipsaw, but net-net
if u r following religiously with TT table, u may
emerge as winner...
POsitions can b added as &when nifty corrects to upto
day high EMA, or even hour high EMA, when trend is too
strong...combine it with other TA such as stochastics
or MACD during position sizing...
GM to Master and copy to all
Sis GM told yesterday
bhaya padabeda sis :D
CE5600 -0.17% down by -13,550
CE5700 2.97% up by 255,700
PE5500 7.75% up by 677,900
PE5600 19.40% up by 1,374,550
PE5700 40.17% up by 174,700
Neg.divergence of 9 Hr Rsi cancelled out at 10.00Am; 14 Hr rsi is getting cancelled out at 11.00AM.
Fast, slow Hr macd -ve div remains and KST too.
good morning all - charts have been updated
good luck
sir,
Today 5 day ema also below 5 day avg. which also
suggest weakness in up move in coming days
Dear Prabhakarji
Cour you please explain the significance of 5700PE rising
on expiry day
Thanks in advance
freinds sl for yesterdays last hour carried forward longs now at todays low of nf 5611
Dear Geet
5700 PE OI raising and Price decreasing signifies that put writing is on, expecting that nifty will move up so the put premium will come down along with Time decay.
Later today when profit booking or covering takes place in 5700 put, NS will come down.
@ dare,
That is one factor which generally pre-warns. A close below DHEma(presently 5563) is the first confirmation of weakness.
Dear Ilango, cooldent, isthamus and anil
Many thanks for your reply. Sincerely do appreciate it.
Will take the next trade and will request for guidance if needed.
Will look at re-entering at a later stage or when Ilango suggests to do so.
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cooldent, wrt point (a) If Nifty opens / gaps down below JNSAR ... what I was referring to was whether keeping a filter like 9.30 low - 15 would work as a filter.
I have been trading on the basis of 23 sma NF and this works well in 95% of the cases. What has been your experience.Once again, thank you all for your help.
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Dinesh bhai, special good morning to you :)
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Thanks and regards,
Amit
Thanks again Prabhakar ji
Yesterday, Ilango was talking about the 9 RSI and it's usefulness. Take a weekly chart of Voltas, Bajaj Auto, Kalpataru Power, Venkeys etc (clean charts) and plot the 9 RSI with overbought level marked at 65. Once the RSI crosses 65, see how the stock runs up.
Have uploaded the charts of Voltas and Kalpataru for your reference.
http://www.imagebam.com/image/23b595138578520
http://www.imagebam.com/image/f4b777138578522
Regards,
Amit
@hops
23 sma in daily charts???
Good morning sir and all :)
DR-ji - "you got your socks thro google" but i got a "good disciplined brother" learntttttttt much on your 2-2 line(like our thirukural) posts :)
Now experiencing professional and experienced people rarely have any view on the market. Simply having their plan and trading the plan. you are winning because of a trading strategy, risk management and your ability to follow the plan consistently. It is not easy. But u r achieving. Aware mindset is fundamental skill."Playing it in the field" requires mental fortitude, unshakable determination.
Hats off to you and Master. Learnt and learning a lot from this extended family.
@ Alisha alias Capital Via
fishing in wrong place, try elsewhere
revised sl for longs now to 5608 nf which is my cost and also todays low and is close to sirs level of 5600
hops,
what are those blue lines on price in ur chart.
:)
Hi Piyush,
Yes, 23 sma on daily charts. But, I have added a filter of 5 to 23 sma to go long / short. It saves a few whipsaws. Have also made my own set of rules for profit booking.
On an average, it has given 230 points per month from Dec 2008 till date. There have been a total of 95 trades inclusive of 16 double trades in a day.
The maximum whipsaws that this used to give was 7 till 18-Feb-2011. But from 18-Feb-2011 till 23-Mar-2011, it gave 15 whipsaws with a total loss of 164 points. This was reduced to 110 because of part booking profits.
However, after looking at the JNSAR results, have decided to take the plunge :)
Regards,
Amit
WW on 15 min target ~5596
revised as dow futures are relentlessly still up however freinds made a mistake in the morning should have booked out longs above 5630 today morning
SIR,
IN YESTERDAY EVENING UPDATE U SAID THIS UPMOVEVV
CAN LAST ANOTHER 4 HRS TO 10HRS SO THE 4HR END AT 1.30
Anyway Nifty currently broken the raising wedge on 15 min chart.
What has happened to me? I was following tony Coldaro's charts, but i cant Go long now, Why?
there could be a flare up for new highs if nf starts trading above 5626
thankx amit its decent. had i been at ur place
i wud be satisfied.only one thing i wud like to
point out that the performance sheet is result of
experience of ilango sir in combining jnsar with
other studies. it wud be different for different
persons .
very tight range now for breakouts now 5526 and 5508 nf
Hi Manish,
The blue lines are the pivots. Buy above the previous pivot high and sell below the previous pivot low. Use 9 RSI as confirmation.
Regards,
Amit
Sujatha,
DR's discipline comes from here
Salute
Rainy Season coming
Take out old newspapers and keep your paper boats ready
Woh Kagaz Ki Kashti ghazal by the great ghazalking Jagjit Singh
http://www.youtube.com/watch?v=EB7ih3X4C9M&feature=related
Piyush, I was okay with the 7 whipsaws. But the 15 whipsaws really frustrated me. I have been also experimenting with combining Fibo levels since Apr-2011 to better the system. So far, it has shown good results. But I want to keep the system as simple as possible.
As Ilango says, trading is challenging. Just trying to get better :)
Regards,
Amit
New Post Done.
hops,
thanks.
:)
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