If you are keen to make intraday trading, it is very important for you to assess the likely supports & resistances in a sideways/ Range bound market.
It is also important to know the likely retracing points to initiate "resell in a downtrending" market and "rebuy in an uptrending market".
Till you attain a fair degree of knowledge and discipline to apply that knowledge, you would be better off with your capital "depleted by the unforgiving market".
"Objectivity" is the term grossly underestimated & often ignored by most in relationships, work and in our case... in trading.
If you can be objective enough to follow one study, you would find adding few other studies would not pose a problem "as long as you remain objective". Only when I added Elliott study to my strategies, my understanding of the market became crystal clear. And I kept EW as an "Use & set aside" kind of study and have been using it quite meticulously whenever the need arose. This improved my understanding and application of "Technical Analysis" better.
Your experience could be different; and you must follow the one that gives you a better "strike rate".
But just becos' it hasn't worked for you, you shouldn't pass a "judgement".
Which study hasn't suggested "weakness" in the market..? It is our own opinions of "what the market should do" that keeps us from following the simple message that our studies have shown.
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DLEma/WLEma would be the critical resistances for the day.
200dsma-5614/ Earlier peak @ 5630 are key support levels.
New signal that would emerge would be "a close below or staying above WLEma" that would bring back the downward momentum or keep Nifty in a trading mode..
It is also important to know the likely retracing points to initiate "resell in a downtrending" market and "rebuy in an uptrending market".
Till you attain a fair degree of knowledge and discipline to apply that knowledge, you would be better off with your capital "depleted by the unforgiving market".
"Objectivity" is the term grossly underestimated & often ignored by most in relationships, work and in our case... in trading.
If you can be objective enough to follow one study, you would find adding few other studies would not pose a problem "as long as you remain objective". Only when I added Elliott study to my strategies, my understanding of the market became crystal clear. And I kept EW as an "Use & set aside" kind of study and have been using it quite meticulously whenever the need arose. This improved my understanding and application of "Technical Analysis" better.
Your experience could be different; and you must follow the one that gives you a better "strike rate".
But just becos' it hasn't worked for you, you shouldn't pass a "judgement".
Which study hasn't suggested "weakness" in the market..? It is our own opinions of "what the market should do" that keeps us from following the simple message that our studies have shown.
----------------------------------------------------------------------
DLEma/WLEma would be the critical resistances for the day.
200dsma-5614/ Earlier peak @ 5630 are key support levels.
New signal that would emerge would be "a close below or staying above WLEma" that would bring back the downward momentum or keep Nifty in a trading mode..
24 comments:
Good Morning Ilango Sir and Friends
NIFTY and TATA MOTORS Chart analysis: CLICK HERE
Good Morning, Ilango Ji
Good Morning Sir & All Friends.
Happy Morning Master n JN fmly
Good morning everyone.
For NEWBIE's: Never even focus on any other comments in this blog. Only watch for JNSAR number in price for trade. Do not get distracted by any other comments. ONLY JNSAR FOR TRADE.
Historical Put/Call Ratio of NIFTY
Date Spot Price Put/Call Ratio
21/03/2013 5658.75 0.83
20/03/2013 5694.4 0.89
19/03/2013 5745.95 0.96
18/03/2013 5835.25 1.15
15/03/2013 5872.6 1.16
14/03/2013 5908.95 1.18
13/03/2013 5851.2 1.28
12/03/2013 5914.1 1.29
Sir
NW
Bearish
Big A zz done at 5663.
X done at 5791
Big B on and has broken the diamond base at 5663 yesterday.
channelling the AX suggests 5600 will be seen
within a day or 2 and a bounce from there is possible.
Namaste Dear Master and all friends
Have a nice day of trading
good morning sir and all
on daily chart neckline of head and shoulder pattern broken at 5680.
for that target may be 5200
Good Morning.
Camarilla Keylevels - Nifty Spot
H4@5719 ↑
H3@5689 ↓
L3@5629 ↑
L4@5598 ↓
Good morning Ilango sir & all blogmates
Rgds
Saravanan
Namaste Ilango sir and all,
CLICK HERE Nifty Bearish Shark Pattern
CLICK HERE Bank Nifty Month Chart
1. NF : yesterday Value are low , as per sanjai sir blog is 5679, today in the open so far we got resisted at 5679, lets see what happens.
VAL - 5679, VAH 5745 POC 5712, these are levels given by sanjai sir
Good Morning Sir and All
master acc to the elliot wave theory should we go for call option now?
Good morning sir & friends.
From h/l of yesterday fib lvls to watch
5758.00 5648.00 110.00
5673.96 5689.80 5703.00 5715.98 5728.96 5736.00
http://www.youtube.com/watch?v=KMT1FLzEn9I
Good Morning Ilango Sir and Friends
gm master , dr ji , julius sir n all back after long time
Good Morning Mr.Sandeep
Dear friend ethan hunt
How much of the material suggested by the readers here did u finish reading?
1. Nf shows a freak low of 5645.45 , its 50 wema
2. NF looks like taking support at yesterday close 5664 levels
While calculating Hourly EMAs, what does one consider as a starting point EMA? Are they the EMAs of previous day end? Or is it based on hourly charts kept over a period of time. I do not get hourly EMAs as calculated in Tech table.(But daily EMAs are okay) Would you please clarify?
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