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 ...
46 comments:
@AJ,
You can decide on TSL. I was just telling you
how I did the back test. Start trading with a
50pt SL. Close trade when either SL is hit or
JNSAR reverses. Based on that, those were the
results.
@ DR,
Your
http://timcorrigan.com/wp-photos/20080916-143916-1.jpg
gives me the stomach ache laughing..
@DR - HAHAHHAHAHAHHHHHHHHHHH CAN'T STOP MYSELF
@DR,
Good one.
@ DR
I am amazed. How can you manage to get those pictures appropriate to the time and event. My appreciations.
Respectful regards,
LV
GD,
True.It will be frustrating to play for 10-15 ticks.
May be for intra players, it will be a nice attempt compared to other studies.In a good range day, we can have minimum 2-3 trades using Hr JNSAR.
As I said, deep pockets can do it with reasonable volume.
Big qty with small profits will do good.
Reliance resistance line: CLICK HERE
@ Nifty rider,
If you are a new bee....
stay around to see the exchanges here...
Stay around to see various methods applied to trading..
Stay around to see different styles..like only one method or combinations..
Stay around to see the advantage/ disadvantage of such styles...
stay around to gather strength of experience...
And sure.. you can share your observations... but not your direct comments to buy & sell.
H-JNSAR again go long. Seems a whipsaw. Have to wait.
Ilango sir NIFTY's last hour close was below HLEMA,
HRJNSAR, HR10JNSAR & also traded well below day's pivot.
Still its not a sell?
SAN,
Thanks for ur ril chart.
at present, it looks very difficult to close above 870.
Do effect with nifty?
PDD
@ Number Game.
If you are an intraday player, then Nifty opened at the major resistance @ 5160(Resistance being double top @ 5169 & 5168)is a sell.
If you wait for confirmation, breaking ORB low @ 5130NF was a sell. And if you had done so, the 50 point gain @ 5080 would coincide with 5085NS-55DEma, the first ema to offer support.
All the rest are to be treated as confirmatory/ reference points.
NS sustenance below/above days Pivot Point 5110 is important
GA sir and All friends
After some 5 trading days nifty is trading below the
DHEMA@5110.
It went up now but price got rejected.
Precursor of Weakness lying ahead.
Rgds,
Bramesh
@Brahmesh
It would be useful to await closing prices today
moreover on an hourly chart NS is trying to keep above
the Kumo (cloud). if it moves and stays below Kumo it could
give buying opportunity
Ilango,
In your own experience,
Which can produce better results in a long run - say about 5 yrs?
SAR system
or
Discrete system by using multiple tools with complete knowledge.
ilango sir i never boast about my knowledge n also never mocked others knowledge directly or indirectly.i wont comment here onwards.bt surely iwont leave this forum coz its my learning place and ur weekend stories. thank u
@indus
Yes i agree with you.
Last few occasion it just bounced from it once was 5000
and another was 5057 never closed or traded below it
Rgds
you can reply EOD. not urgent.
retracement levels of fall from 5160 to 5084..
38.2% - 5114
50% - 5123 (watch out here)
61.8% - 5132
78.60% - 5145
GA Everybody
@ Nanjil,
Every method has certain nuances to reading them.
For eg: The lead indicator works as overbought & oversold in a sideways market but it starts to stay in OB/ OS area once a trend is confirmed. Identifying trending/ sideways market is essential.
Besides based on higher T/F trend, this indicator travels to midway & then reverses.
And in strongly trending market, it rises or falls while the prices are stagnant/ sideways.
If the follower can not understand these nuances, he will call it a "failure". Whereas the experienced will use it according to various market conditions.
Many readers are looking for "Absolutes". There can never be as each market is different. There could be partial resemblance but not beyond that.
Why one need to know various studies..? - Your trading decisions may not be based on all of them but their observations reinforces.. reconfirms.
SAR is wonderful as it removes "observations & conclusions" but nevertheless one needs to take "Decisions to initiate a trade for which he/ she needs:
Strong belief
Willingness to accept whipsaws/ losses
Willingness to reverse trades as per SAR signals.
Understanding of sideways/ trending markets help a lot.
Part booking/ re-entry till SAR reverses.
Sir Ilango great post it is
thanks sir for your unstinted educative spirit
regards
Yes Anil,
5123 crossed but not hold in 5 min charts.
It is 5110 & 17k is important for remaining part of day
as well as EOD.
pdd
@ilango sir,
35Hr-D below 75 after a long time.
@ GD,
Caution reqd as Day/ week indications haven't changed yet.
@ilango sir,
Thanks.
Ilango,
Agree that every system has its own nuance. Picking up right entry and exit in discrete and living with whipsaws in SAR system are the primary nuances.
But danger of missing out a giant trade is quite high in discrete system but it gives you the cushion to stay away from sideways market.In the same way, SAR system will make you lazy and there are sign of danger that your knowledge growth will be slow.
So, it depends on individual's fortitude and belief.I agree.
But what i try to understand is,
If a person is allowed to trade in one account with discrete system and in another account with SAR system with the equally divided capital,which account would stand big after some 5 yrs?
I put up this question with you coz you have seen both ups and downs of both systems in a long run. So, your specific answer would help.
Hour 35-D is breaking a H&S??? :P
LOKESHWARRI COMMENT:
To put it simply, investors need to sit on the fence for a couple of sessions to see if the index manages to gather sufficient power to move past 17,200. If it doesn't, this rally will also have to be categorized as a will o'-the wisp.
The next two sessions will be critical in determining
the medium-term trajectory in the index.
A sharp rally past 5,170
will take the index higher to 5,230 or 5,350 o
ver the ensuing weeks
@ Nanjil,
There is no answer to that.
Each one's ability to apply TA is different.
For eg: SAR would have given a buy @ 4895.
But a regular TA would have given a buy earlier to that.
SAR would reverse @ 5005 as of today.
Regular TA alerts you about "established resistances" with divergences to trade while the SAR trader waits for his next trade.
There are failures/ successes. But the bottomline is your own "Objectivity".
If you do not have a "Poise", "Calm temperament", any method would not work.
A thorough knowledge of a system, gathering experiences by exposing oneself to the market, accumulating discrimination is a minimum requirement.
Hitendra,
As of today, that comment would fit for any financial instruments like
forex,commodities and indices.. make or break time!
As fall from 5160 to 5084 took 2 hrs, this leg
retracing in 3 moves , where first one from 5084
to 5126 completed and second down going on then
final third up for tgt ing 5130-35 levels...that
may complete around 2:15 - 2:30 then final down should start for gt ing 5084 or lower upto 5060 levels...where aggressive longs should be ideal...
EW observer plz comment...
Two girls are having coffee when one notices that the other girl seems troubled and asks her, "Is something bugging you? You look anxious."
"Well, my boyfriend just lost all his money and life savings in the stock market” she explained.
"Oh, that's too bad," the other girl sympathized. "I'm sure you're feeling sorry for him."
"Yeah, I am," she said. "He'll miss me."
@nanji,
you wrote which is better?
SAR system
or
Discrete system by using multiple tools with complete knowledge.
Answer is self explaining as you have mentioned discrete system with complete knowledge. If the knowledge is complete than you are on your way to become the greatest trader the world has known or will ever know.
"Discrete system by using multiple tools with complete knowledge."
i)it depends on user of discretionary system
2)there is nothing as complete knowledge. it remains incomplete in evolving market
3) what if the discretionary trader is not
well versed with the concepts but thinks he is
well versed.
Ilango,
Thanks.
Lot more there to discuss.But thanks to EB, they will pull the plug soon.
Will join later.
Manojag & piyush,
Will join later.
Anil,
someone has told in morning,
today is the 8th day of upmove from low of 4728..
8th is again fobo no.
if so, we may fall till friday with possible
50?% tgt of 4944.
pdd
@Hitendra
i am not seeing great fall, since daily momentum
still up, i am llooking upto 5040-60 levels, or
worst case 5020-5005 level,.. i am expecting expiry
above 5050 level..
this time bears in pain...
@Hitendra upmove started on 5th with a big jump at 4880,
14L calls added at 5100. OI at 5100 seems to favor
the bears a little. Options experts ???
New Post Done.
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