Saturday, January 8, 2011
"Walls" needn't be built.
At first there was no place for us to go until someone put up that "Black Granite Wall." Now, everyday and night, my Brothers and my Sisters wait to see the many people from places afar file in front of this "Wall." Many stopping briefly and many for hours and some that come on a regular basis. It was hard at first, not that it's gotten any easier, but it seems that many of the attitudes towards that Vietnam war we were involved in have changed. I can only pray that the ones on the other side have learnt something, and more "Walls" as this one, needn't be built.
Friday, January 7, 2011
Nifty engulf's last 2 weeks' prices...bearish.
Hi..Wolfwave, You did an excellent job with your "Patterns". Your 5880 came..Now what next..??Never lose heart if no one noticed. They did but quite busy..It is a place where everyone want to feel right...Make your money with your work..there is no other accomplished feeling than that.
Today's action reinforces the fact that when a trend is on, sitting tight..& tight lipped is the most rewarding one. When most of us were busy part booking., it moved down another 100 points from there.
I remember my critic's brutal censoring me when I try to point out a support here..there & so on. He says..just stay with the direction (Macd) ., no supports can hold till market decides to stop and no resistance can stop it till it exhausts itself. We saw the exhaustion on Monday and Tuesday but we are yet to see any "stretched fall".. may be in the hour but not in the day.
Just recap the fall from 6339 to 5690. If this fall is the 3rd wave, it will be bigger but may have more pauses..
Today's action reinforces the fact that when a trend is on, sitting tight..& tight lipped is the most rewarding one. When most of us were busy part booking., it moved down another 100 points from there.
I remember my critic's brutal censoring me when I try to point out a support here..there & so on. He says..just stay with the direction (Macd) ., no supports can hold till market decides to stop and no resistance can stop it till it exhausts itself. We saw the exhaustion on Monday and Tuesday but we are yet to see any "stretched fall".. may be in the hour but not in the day.
Just recap the fall from 6339 to 5690. If this fall is the 3rd wave, it will be bigger but may have more pauses..
Thursday, January 6, 2011
Nifty PreMarket View.
Those who use filter all the time may not have initiated a JNSAR sell. I use JNSAR filter only for the first two days after triggering.The last intraday high of 6117.85 is crucial for the bounce/ rally/ reversal.
The filter may be flexible upto 6118. Manage it with ORB.
The filter may be flexible upto 6118. Manage it with ORB.
Wednesday, January 5, 2011
Nifty Closes below all daily emas.
When market held 6110 twice in the opening session, the rally then on was quite feeble with the short term indicators trending down. Once 6110 was breached, it fell steadily. The overstretched market gave ample indications of a correction/ fall from Monday .. how much we did not know but the clue was with the BankNifty which has been the main driver of the run from 5349 to 6339. And it was a matter of hours before the main index caught up with that. Trying to take a long trade in a falling market makes you forget to take the "Short trade" once you pocket few points or stopped out.
Believe in your method and once it is triggered, stay with the trade. When JNSAR triggered towards the end with oversold intra, the prudent thing to do would be to sell one lot immediately and another on a small retracement. The last JNSAR buy was @ 5920 which went upto 6209.(289+). Go with this JNSAR too. If you dread of a loss, you are not then entitled to greedy profits.
More detailed Technical Analysis here:NIFTY TA(06); BANKNIFTY TA(06)
Nifty PreMarket View.
Resistances: HHEma(6165) to recent highs(6178/6181)
Pivotal points:HLEma(6136)
Supports:5DEma(6117)&DLEma(6091)
Pivotal points:HLEma(6136)
Supports:5DEma(6117)&DLEma(6091)
Hourly JNSAR(Aggressive) is in downtrend;
Daily JNSAR(Conservative) is in uptrend & would reverse on a breach of 6065.
Tuesday, January 4, 2011
Nifty PreMarket View.
80% retracement of the fall(6339 to 5690) comes @ 6209 beyond which the 5th wave possibility increases.
For Intraday trading, initiate trades only at the calculated levels while the intraday chart exhibits Overbought or oversold. For eg: do not sell when the intraday chart shows signs of moving higher even though it is at the resistance levels and vice versa.
For high probability selling, Nifty should have closed below DHEma and more below 5DEma and more below DLEma meaning when the day has given a sell indication, the hour(intraday) would find it hard to sustain higher levels. Shrewd traders would wait for such set-ups to emerge to initiate trades. The same may be applied for buying.
The aggressive selling is based on overstretched hour with negative divergences as well as overbought Day and closer to the last retracement point of 6209NS.
For Intraday trading, initiate trades only at the calculated levels while the intraday chart exhibits Overbought or oversold. For eg: do not sell when the intraday chart shows signs of moving higher even though it is at the resistance levels and vice versa.
For high probability selling, Nifty should have closed below DHEma and more below 5DEma and more below DLEma meaning when the day has given a sell indication, the hour(intraday) would find it hard to sustain higher levels. Shrewd traders would wait for such set-ups to emerge to initiate trades. The same may be applied for buying.
The aggressive selling is based on overstretched hour with negative divergences as well as overbought Day and closer to the last retracement point of 6209NS.
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