I think it's much more interesting to live "not knowing" than to have answers which might be wrong. --Richard P. Feynman.
Don't need to be "Nostradamus of financial market", just follow the prices and they have been oscillating within a narrowing trendlines this entire series.
A 5-wave fall unfolded from the resistance zone of 6105-6115(6112) to the channel support @ 6040(6042).(A golden ratio retreat.)
With a close below most HEmas, it becomes a sell on rises.
Considering the larger trend being intact, one would initiate longs closer to the channel support or above 21/34 Hr smas and trade the bounce(only if you get appropriate entries) and hold them only if closes above HEmas because there is a possibility of "rising wedge(ED)" continuing as well as the "Bullish impulsive upmove" continuing after the "running correction @ 6008", holding above 6029.(80%).
-------------------------------------------------------
RECAP:
There are two "converging trendlines" in the "Price chart".
Prices are right at the midpoint.
High reward low risk entries would be closer to these trendlines.
Upper trendline would be around 6135 & the lower around 6030(80%)
-------------------------------------------------------
And the market provided with a "low risk-High reward" entry @ 6105-6115 as well as another
likely "low risk-High reward" entry closer to the channel bottom @ 6048(Golden ratio).
Don't need to be "Nostradamus of financial market", just follow the prices and they have been oscillating within a narrowing trendlines this entire series.
A 5-wave fall unfolded from the resistance zone of 6105-6115(6112) to the channel support @ 6040(6042).(A golden ratio retreat.)
With a close below most HEmas, it becomes a sell on rises.
Considering the larger trend being intact, one would initiate longs closer to the channel support or above 21/34 Hr smas and trade the bounce(only if you get appropriate entries) and hold them only if closes above HEmas because there is a possibility of "rising wedge(ED)" continuing as well as the "Bullish impulsive upmove" continuing after the "running correction @ 6008", holding above 6029.(80%).
-------------------------------------------------------
RECAP:
There are two "converging trendlines" in the "Price chart".
Prices are right at the midpoint.
High reward low risk entries would be closer to these trendlines.
Upper trendline would be around 6135 & the lower around 6030(80%)
-------------------------------------------------------
And the market provided with a "low risk-High reward" entry @ 6105-6115 as well as another
likely "low risk-High reward" entry closer to the channel bottom @ 6048(Golden ratio).
43 comments:
Good Morning, Ilango Ji
GOOD MORNING ILANGO SIR& BLOG FRIENDS. HAVE A NICEDAY.
gm master
Good Morning Ilango sir and JN Friends
Looking at other markets today, bulls might take the opportunity to push up to 6100. Tight range markets really must be avoided by small traders. Wait for breakouts is best option.
Good morning Ilango sir & all blogmates.
Rgds
Saravanan
Good Morning Master & Friends
Namaste Dear Master and all friends
Have a nice trading day
R/Ilango Sir,Namaste n Namaskaar 2 all reader's.
Good morning master & JN family
Have a nice day !
Good Morning Sir & All Friends.
GoodMorning Sir and All..
Morning Master & JN Family,
Good Morning Sir and all dear blogmates.
Does any one know how to contact Rajendran Sir from
marketcalls. His website is not opening for the last 2 days.
Dear Master
Good Morning, As per EOD close JNSAR is down for Nifty but you posted up in Tech. Table.If correct please consider.
good morning to illango Sir and all
Good Morning Ilango Sir and Friends.
Ilangoji,
Is BN is in the making of RS of H&S with 12700 as NL ?
Yash and Dhan
His Twitter id rajandranr.
Thanks Sara. I will try to contact him there.
Good Morning Master and copy to All
Yash and Dhan
Rajandran: iam working on it sir
site is often going down coz of very heavy traffic
2:58 PM
me: Congrats once again for heavy traffic - no worry issues will be resolved with time
2:59 PM
Rajandran: Bought a new high capacity server...so resolving with few problems
Goodmorning master and all JN friends.
Good Morning Sir & friends.
Can any one post view on ICICI Bank?
Thanks.
NeoWave Extracting Triangle formation is happening is my present understanding as V of 5. The chart is posted in JN Group. The non- members of group can view the chart in my Blog.
Wish You Happy Trading
i want some help with selecting a realtime data provider.... could the members of this blog please suggest to me some names...
Dear DR Sir
GM. That is an excellent book. I enjoy it.
Thanks and regards
LV
Please help! where may i get a list of NSE stocks which are least influenced by Nifty movement,
will highly appreciate
Good Morning Ilango Sir and Blogmates
@ hitendra,icici dhema 1202 & lema 1171 now well above dhema. so buy on dips with proper s/l.anwell above all emas & smas.
Sir ILango ji and everyone good morning
Thanks DR sir. Yes saw it on his twitter account.
Yesterday Index fully obeyed RBI. In the first half it marched up to express the joy for decision and in the second half fall down to show sympathy towards Hon. RBI Governor speech each and every word of which was revealing the truth. Now inflation may become headache for market again and Index may not rise with the rising food prices..
i want some help with selecting a realtime data provider.... could the members of this blog please suggest to me some names... illango sir could you please take a min to help me with this.. i'll really appreciate some help... thank you
wait 3 days nifty moving up side
kentuky3
are you having Sharekhan, it provides a lot of data
Thanks Chetan,
I have got a msg like
Axis Bank > 1478 targets 1484-1491-1524-1540
< 1466 targets 1440-1408-1382-1375
SBI > 2468 targets 2479-2502-2521-2552
< 2455 targets 2451-2440-2419-2400
ICICI > 1205 targets 1216-1227-1231-1240
< 1199 targets 1194-1186-1178-1170
Do you focus?
good morning dinesh rishiji :))
Dear Kentuky3 & all jn friends,
You could get the realtime data yourself if you get the data to excel. The excel sheet was shared by josh1
pl go through the link
http://www.traderji.com/data-feeds/70159-realtime-data-now-odin-tradetiger-google-yahoo-amibroker-fcharts-qtstalker.html
Dear Ilango Sir,
If you feel the above is unethical, pl. let me know and i will delete it.
hello PARIMAL and PRABHAKAR... first of all thanksyou for replying.. i want realtime data for amibroker... i dont hv sharekhan.. i use yahoo for realtime data but yahoo gives bad data on some days like today
to PRABAKAR,
i chekd the link bt i think for it to work... office 2007 is required.. and i use 2003 and xp..
hi evryone, and can anyone of you teach me how to use all these levels given by illango sir, i m bit confused
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