Do not have opinions but you could have conclusions based on what the prices have revealed or what your studies have suggested. Do not take "long time to conclude" like our Judiciary or the decaying govt. officials. Some of the best cooking has been achieved with "fluid like movements of the chef in the kitchen". Only if you have an "open mind", a mind that does not have a preconceived notion, you will be able to understand and accept the unfolding prices.
The group of traders who participate in this platform have been contributing "quality inputs" which go straight into a profitable trading plan.The improving confidence among the participants is mainly due to their belief in themselves and their studies. Weed out the emotions constantly and stay alert. Markets will continue to fox us..throw many challenges at different times. But rewards you right when applied well.
Dear Que sera sera,
Here below are the "5-minute NF charts with macd(12,26,9)" for 08th & 09th sept which reveals everything about weakness, exhaustion after a climb of 550 points in 11 days. We also observed 11 days ago that a corrective "4th" wave rally could last 11 days as did the "2nd wave" which lasted 11 days.
14 comments:
Wonderful Write up !! Ilango Ji !!
We must keep reading it often to become a mature trader.
Please accept my Sincere Thanks !!
Thanks for the lesson master, much needed for me!
Master,
how could we have observed the weakness in yesterdays 5170
case.. because it was making higher highs(in 2min and 5min)
till then..and everything was looking alright
Also how you manage to initiate trades at pin point.I mean how would you sense
weakness even it is making higher highs
Dear Ilango Sir,
Another GEM.
Thanks & Regards,
Sanjay Kr Jaiswal
Hi... Que sera sera,
I have uploaded the "5-minute NF charts with macd(12,26,9)" for 08th & 09th sept which reveals everything about weakness, exhaustion( -ve div reveals it) after a climb of 550 points in 11 days. We also observed 11 days ago that a corrective "4th" wave rally could last 11 days as did the "2nd wave" which lasted 11 days.
I am reposting some of the earlier comments only to highlight the studies that led us to understand the market moves.
Ilango said...
@ Manish,
I have uploaded the 5-min chart.
@ Nilesh,
This rise is being seen as the "iv"th wave which could target 5000-5150.
August 29, 2011 1:05 PM
Ilango said...
@ Nilesh,
A zigzag "iv"th would have 50% to 61.8% of retracement in its 'b" wave.
Flat & triangle could come all the way down to "4720" during their "b" wave.
Identifying the end of "a" wave is crucial initially.
August 29, 2011 1:17 PM
Ilango said...
@ Sarvesh & Hitendra,
I see this corrective upmove for the fall from 5702 to 4720.
The "ii"nd wave took 10 to 11 days. So "iv"th wave may take around that much or more.
Price wise, the 1st resistance is in 5000-5055 zone which will coincide with Hour TA nearing OB zone.
Subsequent correction may take more time to be followed by another upmove targeting 5195-5230 zone.
Though this is our anticipation, we should follow "How the prices unfold and alter our views accordingly".
DLEma less 15-25 points should alert us of downward reversal.
August 30, 2011 1:24 PM
before i tumbled upon this blog of the Master (i came through
Marketcalls) i had the stubborn attitude of seeing the
market moving to my expectations. now i have changed
my attitude by learning from the Master and many teachers, especially
Kumar Sir.
thanks Ilango Sir for the simple but profound writeup
regards. hope you will take sufficient rest during the
weekend
regards
Hello Ilango sir and all, what is JNSAR Value, I know each details of how to use it, but don’t know how to calculate it with out TT table.
Say for example If I need 5 days EMA or SMA Or High EMA, Low EMA I will go to Icharts and add the technical for those variable. But with out knowing what is JNSAR I am not able to add indicators, is it 12 days EMA ( close ) ?
hello sir, i m new to ew theory and learning from this blog only
one question-your notes stats ..the 4th wave should not cross the low of
first down wave means 5177..it is in rule...so why all these
retancement and other method? i was inetially thinking that 5177 is h
hard line for this up and confused after many other method
like trendline..% retrancement and ascending wedge resistance and
cof a =to a=c like this...please explain all in contest of the
rule...4th never enter in 1st terrirory...thanks
@Ilango Sir - Assuming that Nifty is STILL above the week pivot( and considering that it stays above with minor corrections here and there), do you think there is a possibility that Nifty might meet R2 of the week (as said earlier), i.e 5229 in the coming week? Would it be wise to buy around those 5000 levels?
Wasn't the rising wedge formed and confirmed today ? So if one can spot this pattern, one understands that though higher higs are made, there is exhaustion setting in. How ? Because the slope of the top line is not keeping pace with the higher lows.
So upon the 3rd top of the rising wedge its a reversal and one should go short then.
As Sir has pointed out, there is divergence on price and momentum indicators too.
Is my understanding correct Ilango Sir ?
Week end time pass - Howmany bearish engulfing (EOD) in 30 days?? Excellent support and resistance lines clear lines. Me too watching charts?? Clear indication for next week and month. It's better that option traders can concentrate on October series.
NIfty 50 can you update open intrest.
@Ilango sir - Considering that the rising wedge pattern is confirmed(almost, shoud'nt there be a "definite confirmation by forming a triangle? i.e, shoud'nt there be another round of upside (maybe till 5250, as you had mentioned earlier, for the rising wedge to get TOTALLY confirmed? Please guide!
Post a Comment