It is easy to get distracted when various techniques are discussed. It is the same with life too. Once a businessman chooses his trade, he/ she will go deeper into that trade and attempt to excel in it by applying all his/ her resources and such an enterprise will always deliver satisfying results.
So choose your method.And be prepared for 25% failures which will get managed by your "Stop loss application" and the remaining 75% will be well managed with "Part booking and trailing stop loss or till a reversal signal is generated".
Knowing the principles involved in your chosen method helps you to plan, execute and manage your trades independently. The initial time well spent in acquainting yourself with your system and constant affirmation to yourself about your belief in your system will help you "Stay on course" to "Get Rich Slowly & Quietly".
EW has possibilities but it generally comes down to directions in which the "distance varies". After a 5, a 3 unfolds and after a 3, a minimum 3 unfolds. This is the basic structure. Now you have to decide for yourself, what kind of trader you are and which time frame's waves you intend to trade. Choose and stay glued to it.
17 comments:
Ilango Sir,
Sir it is very good guidance for ppl like me who have just
joined this class.
Sir I also wanted to develop my trading system (specially)
positional one. I am very simple person and I want to
develop my system which will simple too. I dont want to
get stuck in learning EW as Its complex study. Sir if possible
please highlight some points which are essential to develop
one's trading system and as well as what one should keep in
mind (Nifty Lvls) every morning for initiating his/her trades.
Sir it will really benefit for ppl like me. Today I missed
the Buy above JNSAR 5027 cos I was thinking of Pre-mkt JNSAR
5037 only and when it passed that level, your comment
Ilango said...
Let us also remember our "5040-5057" as the maximum bear rally for the current week above which the week TA gets some strength.
September 14, 2011 1:53 PM
came to my mind. So I have not initiated longs. Sir you please
highlight some simple start up points for e.g what levels one should
look every morning for trading, how plan your trade what are the
ingredients to initiate one simple trade.
Thanks Sir
.
There is so much confusion based on so many scenarios like the following -
1. Gap up/down across JNSAR
2. Touch JNSAR intraday and go against expected direction.
3. Miss JNSAR during cross of price and what to do after some time ?
The thing to note is JNSAR is to be traded based on closing price.
Closing price can be on any time frame ( hour, day, week ).
Ilango sir gives JNSAR for different timeframes as well.
So today before trading, day close was 5012. day JNSAR was 5037 ( which means if market crosses to the upside, go long ). But the market gapped up to 5066. So what does one do ? Well, 5066 IS NOT DAY CLOSING PRICE YET. The market can make multiple trips across DAY JNSAR number. Sir has done back testing to see that happens very few times. So you plan JNSAR close to end of day, if you are using Day JNSAR as your guide.
Today intraday around 12:30 or so, the market cross DAY JNSAR and came back 20 points. Should I have traded ? Well, you take a chance. JNSAR is there to better your chance based on back-tested idea. As sir said, such whipsaws are few.
So you are not there when price crosses JNSAR and you see the market 50 points above JNSAR. Now what ? Again JNSAR might give the direction, but prudent use of SLs will help reduce the pain
if the market turns against you.
JNSAR IS NOT A MAGIC BULLET. IT IS THE CLOSEST I HAVE SEEN.
Good luck trading.
-- sorry about all the caps --
thank you very much master for guidance.i have saved
this on my desk top.so i can read it many times.
master,JNSAR for stocks not updated.pl.do the needful.
@ Ashish
Dont misunderstand my statements and also i am not here
to prove my points, I am just discussing my state of mind
at that point of time and asking Sir's help to overcome
such problem in future. I didnt traded it was due to my own
confusion on nifty lvls not blaming anyone for that and I also
beleive that markets are always there only traders come and go.
I am here to learn a lot from sir. You are senior.
I will appreciate your guidance also.
thanks
Thanks a ton to GD for explaining the use of JNSAR in
simplest way.
Thanks again GD.
nifty range based on vix for today 15 sep is 4946-5093 posted tomorrow by great sanjay sir our own oi expert frm market pulse snp.....thanks sanjay sir for your selfless service
The moves which look very confusing during intraday would look
very simple after market closes.
My understanding today..
Morinng low 4968 is 61.8 retracement for 4910 to 5062
then during upmove nifty resisted at 5018 and it is 0.5 retracement
for 5062 to 4968
then it came to 4986 which 61.8% retracement for 4968 to 5018
and invalidation point that is 80% retracement for 5062 to 4968
move comes at 5043 which is 6 points away from JNSAR reverse point 5037
I wish I were as clear as now during intraday:(\
Master any suggestions?
uo ssɐlɔ ƃuıuǝʌǝ ʎɐpoʇ ɥo
ʇxǝʇ ǝɥʇ oʇ pǝuǝddɐɥ ʇɐɥʍ
pɐǝɥ ʎɯ oʇ ƃuıuunɹ sı poolq ʎɯ ɟo llɐ
@ market gyaan,
Sir said that 5040-57 is the maximum bear rally - He had been repeating for the past three days. Always whenever sir mentions certain levels specifically one must take it straight into the head ( I do that)!! Even if you missed JNSAR at 5027 - once the level is surpassed and closed above those levels (3.00 pm close – 5042) immediately the entry can be taken. You have the SAR at 5027 which is barely a 15 point SL.
Even if you wait for 5057 to cross take entry at 5060 – and place the SAR at 5027 – a SL of 33 points. When you wish to get the fruits of JNSAR you must be prepared at least for a min SL of 20-30 points.
Sir has also told in one of his posts one can use the SAR without waiting for any close. Just get it into it whenever the number appears on the screen – to be on safe side he added filter also. It hardy whipsaws twice in a day!! If you are not able to monitor the close prices etc and get confused just key in the entry and wait for it to trigger. You will definitely reap the benefits.
Believe in the system and it will never fail you. One loses (I LOST) because of me and not because of any system. Now I am confident enough to say that even if I am not winning I am not losing!!!
@ DineshRishi Sir,
hahahaha.....
Very very much enjoyed.......your ulta..pulta.....
When all blood running to head,
knowledge of all aspects increases...????
I must follow you...Sir
Namaste Ilango Sir & Blogmates,
Bullish for the moment, will RBI move puncture it: Option Analysis for 15-09-2011
Duplicated at Wordpress Site
Thanks & Regards,
Sanjay Kr Jaiswal
,,ʇɔǝɟɟǝ sɹǝɥɔɐǝʇ,, ʇnq ɯǝlqoɹd ɯǝʇsʎs ʇou sʇı ploʇ ƃƃuǝ ǝɹɐʍʇɟos
so I kept my LCD upside down and not its OK
thats Y Evening class is not recommended
DR - :) :) :) OMGGGGGGGGG . i suppose to come hear to inform that "i am going to take break" for sometime donno lot of Good stuff and fun i am going to miss?? anyway yesterday's nos. still valid for tmorow also + 30-50 points bonus. 5093 almost achieved today.
Sir - what to say??? am remembering one line
காத்து இருப்பது எத்தனை பேரோ
உன்னிடம் தோற்பதற்கு - from one rajini song
Gud night .. sweet dream to "gap up" opening let it drag drag and hit 5232/338?? any guess??
saravanan said...
sir,& blog mates
5740 - 5497 = i
5497 - 5702 = ii
5702 - 4946 =iii [756]
4946 - 5198 = iv
5198 - 4720 = v.[478=756x.618]
this is right or wrong
pl reply
thanks
August 30, 2011 11:19 PM
@Ilango
Sir,
Thank you very much for the update. I am really benefiting from knowledge that is coming up here.
Thanks.
@ilango sir,
Nifty EW longer term analysis chart. Please
let me know your thoughts.
CLICK HERE
Post a Comment