Just Nifty: 2011-09-11

Saturday, September 17, 2011

Everytime you catch a fish, what do you do....?

A father and his son went fishing on a small boat, hungry. The father helped his son reel in his first fish, and it was a beauty. “Great catch, son,” the father said. “Yes, but I’m worried I’m missing out on better fish,” the son said. “What if I could catch a bigger, tastier fish?”

“Maybe you should try,” the father said.

And the son did, catching an even bigger fish an hour later. “A real beauty,” the father said. “But what if there are better fish out there?” the son asked.

“Maybe you should try,” the father said.

Nifty creates a short term resistance @ 5130 today.

1. JustNifty TA(19th Sep)

2. BankNifty TA(19th Sep)

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View

Beginners should visit "Technical Analysis" write up listed under "Always start trading with These" at the side bar of this blog and get themselves familiarized with the subject well and also the other write ups. Even the experienced need to visit the pages from time to time to "Stay on course".
For simple trading plan, read the instructions given in Tech.Table and find the strategies given and if you still have queries, ask away, provided you're familiar with the relevant subjects. Do not take the "Easy road"...The "Road less travelled" may be a tough one but the money earned with your sweat is sweeter than any other nectar of God's creation.

Thursday, September 15, 2011

Nifty, holding Day's pivot, moved past week's Pivot & touched Month's Pivot.

There are many studies available to follow market behaviour such as Technical analysis, Elliott wave, fundamental analysis, Market Profile, etc. Within Technical analysis, there are many methods based on various momentum indicating, trend indicating as well as reversal indicating methods available. Once a beginner goes through these studies, he/ she must choose one method to follow as well as trade the market.
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.

When you merge regular TA with EW, it favours 4th.c unfolding currently(OR an "x" wave). The bearish 5th wave down gets negated @ 5117(80%) but the negation gets confirmed above 5169 and above week's pivot, it has already lost its significance.