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 ...
77 comments:
@ All , can we call the last hour candle
"Hammer"?
I am still not able to post at my blog. Trying to delete older posts.
Dear parimalji yes ur right jnsar to jnsar trading is best and its tension free but to pick up more points as sir says these resell or rebuy trades using emas are always good dont you think?
back -->
luck smiled on my dosa & scalped it @ 5305 NS :-)
but on hindsight, not a 100% SYSTEMATIC trade !
Ilango ji, is right.. the wave channel has scope for some more downside
@ Prabakar,
Picassa album which stores the images has a "limit". If it exceeds, you can not upload images.
Only solution is: (I'm doing it presently)
Open a new gmail a/c., open a new blog., upload the table in that blog., copy the html and paste it in the current blog.(If you want to continue with the current blog. If not, start a new one and give the link of the new blog at your home page)
Sir and freinds any comments to my query posted in last section?
Dear Jay Shah
yes of course, this remains as another possibility to trade as per Emas etc. that's what Dear Master recommends most of the time.
cheers
Illango sir,
Move from 5294 to 5448 (104 candles in 30 mins chart) is retraced in faster time .
Can we let us know if we are still in "d" or have we ended in a-b-c to start a new downtrend.
Raghavendra
Ilango ji,
Corrective B can be called in play once NS > 5313 (price exceeding 3rd made ysday @ 5312.75) ??
@ shriram ,
It is 5316.80, (i) of this vth wave, breach of which "B" wave or 2nd wave could be said to be in progress.
Reminder: Shorter T/F labeling needs to be flexible.
Dear Ilango Sir,
Thanks a lot for guiding me. Will do as you mentioned above. Thanks again Sir.
@ Raghavendra,
Thank you for that input. It is an additional info. that would alert the possibility of a weekly sell.
Both possibilities exist.
Only a break of 5200 would negate the "d" wave scenario.
@Ilango is there a way of knowing exhaustion of trend------down or up..............?
@Shriram ji, Hamari prashn ka yaha koi jawab nahinn deta , aaap hi bata dijiye , Kya hum last hour candle ko hammer bula sakte hai ? Open and high are not same though.
@Nifty Simba
I know ? is not for me but would like to add to discussion...
I use ROC as one of the indicator which give pre indication of trend exhaustion... ROC will start giving divergence at market top..
Sorry Smita
(is it okay if i answer?)
yes, last hr candle is a doji formation
regards
Namaste Ilango sir and all,
"HAPPY ONAM TO ALL"
@ Nifty Simba,
One reasonably good method to know the "exhaustion of trend" is:
Look for +ve divergence when one cycle higher time frame is in the "Oversold region".
For eg: Day is near the oversold region; Look for +ve div in Hour TA which is not visible yet.(May be tomorrow)
Caution here is that the week TA is at Overbought region and threatening to "reverse to downtrend".
@Ilango......Isn't 30 m NS chart showing 5 wave completion with + diver?
hi smita,
v sorry, was so caught up in my own trade, i missed ur post :-)
Am not a "stickler" for NAMES (hammer, Doji , gravestone. all mean possible trend exhaustion or a temp lull)
Ans to ur Q: Yes last hr does look a Hammer.. but it has been negated by this Hr price moves..
need a close by 15:00 > 5306 to make the hammer, meaningful ji :-)
now IT index at 55ema res
may correct which in turn may see BN moving up
My Dear Nifty Simba
on exhaustion Dear Master has given a very detailed post on Sunday, March 11, 2012, titled 'Get to Know your Technical indicators to use & keep aside....'.
you may kindly refer to the same in addition to some other suitable inputs
regards
@shriram ji
5290 hit and trading below it. now any alt view?? thanks.
@ Smita
Yes it is more or less a hammer though there is a small bullish tail. Scientifically speaking it is a spinning top.
Regards
LV
Thanks Parimal ji for replying , you are senior to me ,aap shanka door karen isse achcha kya ho sakta hai .
Thanks Sriram ji for replying , As I write to you ticker shows a new low , negating the hammer .
ilango ji
tks u very much sir
(vth) of "v" pro'lly cud end @ 5307-29 = 5278 ??
@Ilango.......please don't ignore this query of mine....I am in NEED of this answer......In light of your comment to my earlier query...can we assume...Day being OS will bounce to atleast retrace to a certain level.. wherein week will hover 'around 'OB region...we wait for Hour to go in OB/-ve divergence ...and then short.........????
@LV thanks for replying :)
@Anmpatel:
My understanding as of now is we very r near serious support on Wk TA (WkLoEMA)
Lets wait for master to clarify his take on the sub-waves presently as he deems fit ...
Have been gunning for a long trade (via B up min 65-70pts) since 13:00 hrs & and that view remains !
@ Smita
The small upper tail is bearish and not bullish.
As Sr Ram says is less relevant now.
LV
@ Nifty Simba,
All technicals will go for a "Toss" around the settlement day. Only the OI positions dictate.
5 waves could show extensions too.
There are some "uncertain" days; Handle them with care.
And there are many "Certain" days; make use of them whenever they show up.
@ Nifty Simba,
Let 9 day rsi come to 20 mark or below, I'll then consider the Oversold in Day T/F.
@Ilango............Sir, I meant .......on 'usual days' ..........is it the method?????....as I have understood
Nifty spot...2nd consecutive close below 5340 seems....it will take to 5260/5240.....
Just aday to go for expiry and today there is good 22 lac i.e.63% addition in Aug 5300 CE and Nifty yet unable to cross 5300 though it looks Hrly.oversold ..
Sir and freinds a query if resold jnsar today morning according to emas what should be the stoploss for such a trade? 20 points as sir says often or 5377 DHEMA or jnsar 5385 + 20 points filter = 5405 as it is second day today . what should be the strategy since i have just started jnsar trading and after booking part yesterday resold today at open many thanks
sir you said there is no +ve divergence in hour t/f but 9rsi and 14rsi are showing +ve divergence or am i reding them wrong.
@LV ,
5 waves seemed to over , with a +ve divergence in 30 min and hour charts along with it a hammer , made me ask the Q.
Thanks
:)
@ @ Nifty Simba,
on 'usual days',it is the method.
Remember to pay attention to the higher T/F being oversold to see the lower t/f for +ve div. 9 period rsi is a fairly good indicator.
In the background, keep key support & resistances numbers.
When a major support is broken, such div. may become traps too.
For Nifty, one major support is 5200 & then 4975.
"5287" is 34 Day Ema.
Looks like the bulls will be in pain this expiry. Reversal from previous expires??
@Ilango......Thanks a ton sir..................Much Obliged....
If I am not wrong , in TT, Sep'12 Values are appearing as Aug'12 in Monthly section
One more day (3rd) Nifty may close below DLema (5327 NS).
lower band of BB is at 5221 (NF) whereas 50sma is at 5258 NF on day chart.
regards
@mynac so can it be safe to assume that 5300 will act as a strong Resistance which till now was an imp. support?
Jay
20 points
today 5300pe low and hi is 6 and 20
tomorrow may repeated with 5300ce
yes sanpot..
From Mynacs obsv,
looks like punters will first suck juice out of 53K CE & then may be 53K PE tomo @ expiry !! :-)
And if it is not sustaining there then 5185
Today..coming 5269????
Thanks Shriram.
Dear SANPOT,
It looks so... and some more down side from here tomorrow.. because just 10-20 points away from 5300 are not sufficiant...Sellers need atleast 30 plus point to eat "that" premium comfortably... so let us see...
My DTP has given 100 points exact in short....5286 hits
Thanks mynac.
dear blogmates i have pe@5300 should i sold it today or wait till tommorow
CAM L4 trade @ 1.55 pm..(5307) again given 20 points....
y'day -32 points...total upto y'day 53...today -20+40=20....in all 53+20=73 points
niftynindia
mail me excel sheet to asmitacorp@yahoo.com
thanks a lot cooldentji so on resell jnsar stoploss should be only 20 points many thanks
trade in options ..different....5400 pe long from 45 current 102.....5300 ce sold @ 18..current 0.65....one sl of 5300 pe 5 points....
DIVISLAB and WOCKHARDT up again today after correction.
@ NIFTYNINDIA,
Please do not post calls as well as "counting of your gains" henceforth.
@Ilango,
The closing might be below the support of 5294 and if that happens tommrrow will give more downside towards 5245-50
@ Ram: ideally, u can exit ur PEs if in profits or @ open tomo if u get 5270
Bye all, have a nice day :-)
Nilesh....ok tommorrow..
I lango I am also doing it on purely mechanical....as jnsar..
and not any commercial interest......but those who criticized for them it was proof trade...
Closed above 34DEma @5287.
and there are so many methods gives hundreds/thousands of points.....I am with 2 and showing it...its humble approach....
thanks sir, parimalji, cooldentji and piyush shardaji for kind words and encouragement good day to all freinds at just nifty
and I am also pointing out position with DTP...tomorrow DTP is 5368
@thanks srirsm i have still hold the positions good bye
Thank you Sir, mynac and Shriram.
Bye.
Blue Bear....where excitement?
Good day friends!!
See you later..
I want opinions on HEMA and CAM using for intra.....of course practical experiences....not on paper or with biased mind
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