Tuesday, April 16, 2013

Nifty Intraday Update-I

EW offers you very valid options.
I chose the "Bearish" one for my trades. But "Not breaking 5555" @ open gives you the first indication of bullish "Flat" completing.
Moving past "5563" JNSAR is the next cue.
Even if one misses it, after the (i) wave @ 5591, it retraced to 5577(38% of 5555 to 5591) to give you another indication.
If you miss even that, move past (i) @ 5591 is the final cue.
No other study gives you more in depth guidance than EW and it is the simplest one to follow. Unfortunately, the followers of EW have messed it up mostly.


97 comments:

Ilango said...

REtrace for 5555 to 5629(3.1) comes @

38.0%:5601
50.0%:5592
61.8%:5583.

Relevant till 5635 is not broken.

Navnnit said...

Stock4sure & Shriram,

Wolfwave 1st started on 9th of April, 10th of April low made 2nd (5475) and 11th April high made (5594)3rd and 15th April low (5594) was 4th and today high will make 5th (5630-40) and then counter trend starts ... tgt 5300 .. This is purely on pattern of WW...

Rgds

prakashbkc said...

Master,

If these comment appear in premarket it helps me much to save my loss.
as now buy on dip should be followed ?

Sujatha said...

GM sir nd all :)

ANM :) Nifty future dancing @ 623 impt. level. pending 5677/80/97 after some consolidation. Not above 5677 is -veness. SPOT abv 5603/14 and future above 618/23 will give more..let us see

STOCK4SURE said...

5630 near is channel resistance in 30 min charts

is it asking for caution for long posns??

Nandi Sharma said...

What are the meaning of comments appear in premarket, then what you learnt here?

Its not a tips giving blog, its for learners & earners. Whatever ILango is doing for us & society, that is beyond imagination.

shriram said...

@ Navnnit

yes, my eyes are the same thing since ysday.. but pl note it needs 5WkEMA to resist.

Stand alone WW is never confirmable, as its a REVERSAL PATTERN, needs aid of Higher T/f EMA , Oscill & OI

For now OTM OI is with Bulls.. lets c how things change when EU opens

mmarketman said...

Ilango,
1) I said ....no use for intratraade.......have you taken any trade on the basis of this wave count??
2) I am again very humbly raising the question .whether you trade practically or just putting numbers on paper??
3)Whenever I asked this and expected to get answer with high objectivity ...every time you sidetracked the question by using rich language...but in all your answer there was not YES or NO about practical trade
4)I am saying '..no use for intratrade' because its very very difficult to get trade on such small subwaves on intraday basis if you are practical trading......puting it on paper after market close is very easy and simple thing (this last sentence is not as criticism of you but I am putting it as a fact)
5)Practical difficulties on SMALL WAVES trading on intra basis......
a)in sub waves on intra chart there is journey of very few points and if brokerage is high (if 5 points /lot on nifty (on single side) and 100/lot in option) then one cannot control such trades practically.......
b) Gets big stress with entry and exit and to remain in trade...
c)Infrastructural problems..i.e. connectivity loss, hanging of systeam increases those problems.....
d)Gets to much trade and excess trading damages the capital...
So calculating of such small waves on intra basis serves no purpose of getting money but only takes you in next standard of your school
(those all points are for small waves i ..ii...iii etc)

HARISH TAHKKAR said...

Observations :
Monster Bar : Open = 5562, Close = 5616
H.C.at high of 7 trading session.Vol 63 lakhs.
At present H. macd 1st time C/O " O " after 8 days.
Should maintain 50% gain = 5589
Reliable till holds 33 % = 5580 (SLO for longs)

Ilango said...

@ prakashbkc,

Am I God to know what the market would do?

I follow as the prices unfold. EW helps.

Ilango said...

@ prakashbkc,

Why don't you use our 20 point principle to manage your trades.

But you must make your trades as per appropriate studies.

Anandha said...

@mmarketman
Trade is always risky. Its all depends on your trust on the trading system whether you take trade based on the counts.Do you like to see Ilango sirs trades as per these counts ? Do you know how it is when you ask? Few things are difficult to few members and few are easy to them.

mmarketman said...

.i.e. connectivity loss, hanging of systeam increases those problems.....increase those problem read as increase stress

STOCK4SURE said...

Bn making an expanding triangle pattern

11708 is 55ema in daily charts
today high so far is 11714
near 11720-30 is also upper T/L of expanding triangle
4th wave will be completed(pt5),sometimes pt5 overshoots abv T/L for a false breakout
if this pattern holds
then 5th wave may see BN towards 10700 levels

Tintin said...

@mmarketman

Do you want spoon feeding? All the indicators were in front of you......analyze them and make your own conclusion....

shriram said...

@ mmarketman,

Seeing ur comments, I realise my old follies,
used to ask Ilango ji similar Qs when i started out trying EW...

Later i realised, that EW labling on smaller t/f is not in my SKILL SET, and wot Master is able to see intra-day is an UNIQUE SKILL.

If one can accept, one's limitation, one will not question "Is EW usable ?"

For eg- evaluating my own aptitude, Hi-Lo EMAs , WW , OI, Ocill are better suited to give me best chances of generating winning trades

For ppl @ diff levels of skill, the tools will differ

Everyone wants to drive a Ferrari, but just becoz U cant , doesnt mean "MASTER" also cant..

Maybe its his Unique skill set

Relax, find ur own talent, deploy it with Clarity & become RICH boss !

Tintin said...

@mmarketman

Here you get the fishing rods and the bait to catch fish....but don't expect someone to catch fish for you.

gauresh59 said...

Namasthe ilango sir and friends,

Today's quote received :

Your value does not decrease on someone's inability to see your worth...

Jitendra Mishra said...

Respected illango sir i loose because of my mistakes in trading trying to learn from what ever u guide but i really find it difficul to talk to someone in market hour but sir u inspite of being hving knowledge like ocean u keep on guiding updating ur blog even during market time its great on ur part irespect u for that heads off sir

Navnnit said...

Sotck4sure,

I also have same view on BN tgt of 10500 or even less. Pls. do comment on my Nifty tgt too ?

Rgds.

Ilango said...

People who look at EW thinks I trade (i) to (ii) and then (ii) to (iii) and so on.

You do not need to take each and every minute trades.

BUT

following these small sub-waves help you in affirming continuously of the "Correctness of the trade".

I'm aware many "enthusiastic EW followers" get carries away by small movements and predicting them.

Unfortunately, some are more interested to know "What I trade" than what I share.

Why take "Stress" when you are incapable of "Following"?

All the EW labeling was shared during live market yesterday. It was posted EOD for a "reader's query".

You still have problems with my approach, Stay away politely.

prakashbkc said...

For me U r GOD for this market for me,

I made the mistake that my strength is reading ur TT Not in EW study I should wait for 10 am closing to see changes in TT I regret

STOCK4SURE said...

@Navnit
the WW pattern developing is not symmetrical as apex of converging lines is very far off 5th point(have seen many a times this type of pattern getting fail)
while 1-3-5 are nearly placed
my view is it may develop into a channel pattern with slope upwards
with support near 5500 this week

gkm223 said...

Ilango said...
@ prakashbkc,

Am I God to know what the market would do?

I follow as the prices unfold. EW helps.

April 16, 2013 at 10:29 AM

I will say feel like. Goodmorning sir.

Ilango said...

prakashbkc said...
Master,

If these comment appear in premarket it helps me much to save my loss.
as now buy on dip should be followed ?
April 16, 2013 at 10:22 AM
--------------------------------------------------------------------
Did you read the "Pre-Market fully.(Unfortunately, today it got cluttered.

Strength above JNSAR & the developing 80% for the fall from 5593.

JNSAR:5563
80% of fall from 5593...?
It fell to 5555 at open; Hence, 80% of 5593 to 5555 is: 5585.

mmarketman said...

Ilango,
'Infy surprised us but the Nifty prices had closed below JNSAR; we made an error on that day.
Shouldn't we learn from that.'
1)will you guide me plz when to use filter and when not to? as y'days your trade showing short @ 5590(5593) as JNSAR trade
2)why not long taken on y'days jnsar hit???

Ilango said...

3.2 completed; 3.3 is on as long as 5614 is not broken.

Ilango said...

@ mmarketman,

Ada karuppatti,

Didn't I say 5-waves are completing around 5585. Hence, the sell.

Lalit said...

can any one give me OHLC 15 min data of IDFC from 1-1-2013 till today,,,, pl mail me on smihir33@yahoo.com Thx in advance

Ilango said...

@ mmarketman,

You are not here to learn.

You have no attitude.

And you are definitely "Unfit" to be my student.

prashant said...

sir good morning....... can i sell nifty against nifty 5638 month low ema ?

Ashwin said...

@ master

அட கருப்பட்டி .... முடியலடா

couldnt stop laughing....

Ilango said...

Alternatively, 3.1 could be completing just below 5635.

In such a case, 3.2 would unfold;

Challenges of 2-min sub-waves.

Ilango said...

@ Ashwin,

Ivaru imsai arasanukku thaatthavoo...!!

Manish said...

@ Master

Tussi Great Ho....

Why get disturbed if a couple of Pupils are not able to understand the system.

There are hundreds and thousands who are benefitted.:-)

mmarketman said...

Ilango again you are avoiding answer and your answer is the major major part of what this going on.....
1) To put a journey on paper is different and to trade it and follow it with actual money involved is different
2) First one is ANYONE'S job but second one is job of that personality who is having misture of trader's psyche and study.
3) In practical trading this Psyche Affects and Study Effects and that is the conflict every trader faces while trade might be for intra or positional
4)And so many times, so many traders, because of this Psyche cannot take entry and exit accurately the reson id money involved in trade...
5) If money is not involved then it is very easy to say I am long since 2250 of nifty and @ every series I am rolling over long position..my total profit is 4000 points.....

Take criticism as constructive....every time who criticises one cannot answer him by saying GO AWAY.....

Abhi said...

Sir,

u did not consider the retrace of the fall 5946/5971 - 5477. Is there any reason ?

Regards

Sanjay Jaiswal said...

Dear Ilango Sir & Blogmates,

OI Table Update at 11:00AM, Pivot-5557, R1-5612, R2-5655, ATP-5611, VWAP-5611

The PE writers are back and how, with huge addition at 5500-5600 Level, looks like 5600 has been wrested by the Bulls, moving below 5600 won't be easy for the day…

Thanks & Regards

prakashbkc said...

Master,

Market move so fast inital moment unable calculate Fibbo level Moreover, I m in mood of sell on rise so I concentrated on selling not buying which resulted in loss.

Now I bot nifty at 5625.booking loss which shorted at 5580

mmarketman said...

I will not be your student ...as you are not answering whether you trade it practically all trades shown on your trade table?

STOCK4SURE said...

very strong addition in 5600pe
more than 21 lakhs intraday

Ilango said...

When we were small, we used to be scared of "darkness".
Scared to go out of the house.
Scared to go to the terrace alone.

Our father used to hold our hand and take us out there and say, "See..nothing is there".

In his presence, we had no fear.

Now, we have also grown up and understood the psychic effect of darkness which is "mind created".

Who said, trading is a walk down the park.

However, it will be a "walk down the park" only when you are "exposed enough".

While you are exposing yourself to the market, stop picking on others. handle your emotions, your turmoil. I am not here to train your mental strength.

I'm here to keep repeating that "there is a method to madness" and sooner you find your method and surrender to it with complete faith, you can master this financial jungle.

I have fear of trading even now; but is under control because of my tremendous FAITH in my studies.

Is this language "Rich enough".

Ashwin said...

@mmarketman

you aren't here paying him anything to clear all your doubts and you are not understanding anything he says or the way market works. just think about ur trades and making money here yourself. let him trade too... however he trades thats off no use to u !

Ilango said...

I'm a "Love Guru".

I teach you various ways to woo your woman.

Should it matter whether I wooed my woman in all those ways.

You spend all your days "picking holes in everything", you'll end up nothing.

Swami Sukhabodananda is unmarried.
But he has written the best book for married couples.

Are you still in "stone age".

Sidhharth Noman said...

@master has this movement since morning completed 5 waves?

Atharva said...

Good morning Master : Is this view still valid? or there is any change in tgt
A=5477-5607=140
C=5501+(140*.618)=5588
C=5501+140=5641

mmarketman said...

@ Shriram
I am not challenging HIS knowledge of EW...even i am not interested in it.....the point is use of EW small waves on intra basis and whether he has trade those small waves
If it dosen't serve purpose then the remark I have made will not hurt anyone
in black and white one can say.....how it is not useful see those trades I have taken on those small wave caounts...and trade not taken then one may say...yes its academic only and it is with that purpose only...

Ilango said...

@ Sidhharth Noman,

Keeping below 5635, it seems so.

Ashwin said...

@ Master

இம்சை அரசன் மார்க்கெட்மேன் கருப்பட்டி ....

I teach you various ways to woo your woman.

Should it matter whether I wooed my woman in all those ways.

You spend all your days "picking holes in everything", you'll end up nothing.

I'm a "Love Guru".--- he he ! very true

Ilango said...

@ Atharva,

Bears would challenge it as "A=C" almost done.

There are few technicals suggesting, it could be a ST reversal.

chetas said...


Atharva,

Though your question was addressed to master, i was also looking at that option, that this being an X-wave, dividing to abc

from 5477 we rallied till 5611, unless u consider that irregular and a stopped at 5477-5607 = 130 pts

i was reading it has 5477-5611=134
so 5501+134==5635 so far holding

anmpatel said...

@mmarketman
pl stop this. I find ew diff so follow only jnsar. nobody can say "6ati thok ke" what happen even next min. at present I am in surgery but I trust on jnsar so went long in morning aand holding long with partbook at 5638.

DR sir ku6 kijiye.

Atharva said...

Master : thanking you

Aly said...

Dear mmarketman,

Let me answer some of your question. You have been constantly asking whether Illango is making those trades or not. let me instead ask you how does it matter to you? Let us assume, illango is making those trades as actuals. Is it going to help you? Are YOU making those trades? Can you sit tight. Can you follow the system mechenically? If not then it doesnot matter whether he is making those trades. He is just trying to highlight that It is possible to make money in this market. If you dont believe, try paper trading for 2-3 months only on JNSAR. If you can make money in paper trades then you can earn. If not you need to understand the system more thoroughly. I have already given my story. I have made 10 times money in 2 years when I followed system less than half the times. I missed big rallies too and avoided small losses too. But net net after 2 years i made money. So can you. but Can you compete with someone who is following a system? The short answer is NO. You have different attributes as trader than any other person. So you need to follow a system which suits you. Yesterdays trade was a classical example

Lets say you were long at 5573. Stop loss was 5553. in this scenario, your stop loss wasnot hit and you should have made 50 odd points easily. One example is DR posted "I was in pain last night". Of course i know its a joke but you should understand what he is trying to convey. US markets were in deep RED. Nifty was expected to open deep in RED But nifty still respected 5555 and moved up. If you had taken JNSAR trade, you would be sitting on profit

Now lets say someone shorted at 5573. his stop loss is 5593. He lost 20 points at 5593 but at the same time, he should have reverted to long at 5593. he would still be in profit at 5630.

Dont focus on what Illangos trades are. Focus on what your trades will be. If you can then make money, follow the system otherwise find another system

Atharva said...

Dear Mr.Chetas : thanking you

ITradeForProfit Daily said...

@master,

Now 5635 is crossed, may be not decisively. Should we watch out for ATR break out target of 5672 now?

Secondly, although NS keeps on overcoming intraday highs, the NF is not able to do so. Is this some indication of weakness creeping in?

mmarketman said...

Ilango at the same time you must not ignore SHANKARACHARYA...

anmpatel said...

@master
it looks only hrly data is updated at 11am
thnks

mmarketman said...

practical experience must
shankaracharya parkaya pravesh..

http://www.hindu-blog.com/2012/07/adi-shankaracharyas-parakaya-pravesha.html

Ilango said...

Chinna chinna alaigalai paarthu rasippavan Naan
Chinna chinna alaigalae yen paathai sari yendru solbavai.

Chinna chinna alaigalukku mikka Nanri.

Periya alaigal uruvaavathu yellam intha chinna alaigalil irunthuthaan...

Yennai theriyumaa...

shriram said...

@ mmarketman,

If u feel ilango's reply is IVASIVE , then leave it @ that.

take what is useful, add onto to ur own knowledge & make ur self a better TA

Why worry, waste time in pointing out his flaws ?

We are all human aren't we ? To err is in our Blood, relax !

mmarketman said...

@ Aly...
you are saying long on JNSAR...but Ilango was short at the same time on JNSAR..

Ilango said...

Market is still @ 5638-WEma.

Offerings being made to weekly T/F.

sudharsan said...

Good Morning Master and Friends....Master can we assume this corrective (abc) rally to complete considering larger T/F is still down???? and partbook longs and trial with strict tsl

prakashbkc said...

Master,

If I hurt u kindly forgive me, Kindly let me hold ur hand in this financial jungle.

rrknan said...

i want to buy gold in soft form not etf how do i do it without an account in commmodity trading?

J.R.Julius said...

Good Morning All,
Today late & Could not update Cam in time.

Ashwin said...

@ master

fantastic ... is that ur writing?

Jayaraman said...

mmarketman ji,

There is an old saying when our Indian market was opened to MNC

Think Globally Act Locally"

Similar way think positionally and act Intra day. Currently you seem to be worried about " Winning" before that add arsenal in your rowing boat to navigate the Waves. The arsenals are " Training your eyes" with objectivity and few tools which can confirm your studies and helps you to strengthen your " Faith " in your ability to follow the market price action.

discipline focus said...

@Ilango,
Master so much of noise being made here since last two days, had to come out of my meditation...

Since almost two years following JN.sar and 3.5 years of following this blog, I have seen you being so harsh only once or twice. Sir forget trading and markets, we have learnt the art of "meditating" ,being calm and having our positions do their Job from you. You would be the last person who has to prove anything to anyone here.


@mmarketman-
The doubts you raised regarding are fine - but the language used, invalidating everything that EW does on small time frame is impolite--- coz for validating/invalidating a theory/thesis one should have complete knowledge of it, wouldn't you agree??

and regarding your question of asking whether its worthwhile to trade on sub-waves of EW count-- or for that matter smaller time frame and EW theory - and asking for a direct yes or No.

Have you done any professional course like engineering/medicine etc? where they teach you different aspect of approaching the problem-- In different industry/ patients only the best methods are used or the most suitable ones>>>BUT DOES THAT STOPS THEM FROM TEACHING YOU THAT THEIR ARE DIFFERENT APPROACHES TOO, WHICH MIGHT BE DIFFERENT FROM THE WAY YOU DEEM FIT.

look brother if it works for you great, if it dznt then try something that works for you--- a teacher will teach different ways of approaching a problem, what he does personally is what works for him, but still he teaches everything>>>>BEING UNBIASED AND OBJECTIVE

regards
discipline

anmpatel said...

@master
Ilango said...
Market is still @ 5638-WEma.
Offerings being made to weekly T/F.
April 16, 2013 at 11:28 AM

could not understand

STOCK4SURE said...

5623 is immediate support now
21ema in 5 min charts
and 55ema in 2 min charts
5609 is 5ema in 30 min charts

gauresh59 said...

@ mmarketman,

Just give some points of Shankracharya ....then go ahead arguing.

You must be knowing Swami Sukhbodhanand ji is a disciple of Shankracharya

Ashwin said...

@master

தொடர்ந்து நடக்கிறேன்
குறைந்து நீள்கிறது நிழல்
குறையாது தொடர்கிறது ஆசை !

It suits traders too!

J.R.Julius said...

@Mr.Illango,
The last words in your cool reply
'Yennai theriyumaa... '
sounds like
'Yaar endru theriginratha... __ Thee endru purihiratha'
:)

shriram said...

trading > St. WkEMA

-WW on Hr invalidated !

Ilango said...

I know Sukhabodananda well. He's human and easy to follow.

Shankaracharya can easily move into anothers' body and have a month full of sexapeds. How could I do that. In today's context, it would be dangerous. That must be one imaginative fictitious tale.

NarayanaMoorthy was not educated inside a "Computer company". He applied his knowledge and created one.

Hence, we have our own Applied Technical Analysis

Aly said...

@mmarketman

Even if he is short at 5573, as per the rule he will have to revert to long at 5593. Still a profitable trade, isnt it?

Again dont focus on his trades. Focus on his teachings.

First of all understand the concept of JNSAR. What is JNSAR? is it a magical number which is bound to give you huge profits? NO. It is a number which Illango has arrived out of his own studies which should reflect when the trend his changing without too many whipsaws. now does it mean that there will not be any whipsaws? Again No. Whipsaws will be there but this number is supposed to reduce them so that we end up with lesser number of losing trades and higher number of winning trades. It CANNOT give you 100% profit results. but it can minimize your losing trades and maximize your winning trades. You can for all that matter choose any other number after your own studies and follow it. If it gives better results, do share it with others. But I would be surprised if you can find me any trader on this planet, living dead or alive who made 100% winning trades or even 90% winning trades all his life.

what is he trying to teach here is Try to gain confidence in your trades. Learn basic principles of trading which is let your winning trades continue as loing as possibel and cut your losing trades as early as possible

Vicky said...

Illango Sir,

Could we also consider the target of the inverse H & S , with the neckline at 5605 and the length of the head about 130 points...which would give a target of 5735...
This would also go with you count of wave (1) being complete from 5971 to 5477 , with lower degree wave 4 at 5755. Normally incase of an extended 5th, prices tend to retrace to the 4th wave lower of lower degree. It would also be a near 61.8% retracement levels.


rrknan said...

there was gap down on 3 or 4th of april can sombody tell me the numbers ?

shriram said...

Ilango ji,

Tgts ahead for C ..
1.382-1.618 x A = 5679 / 5710 ??

or are the early signs enuough to pronounce it a new MOTIVE wave ?

J.R.Julius said...

@Sujatha,
Yesterday booked 1 lot 23pts and hold another one
for today, but the res@5593 and 30min Pin made me
to exit after 3.05pm. அய்யோ... அய்யோ...
No aggressive entries today just playing games
with my kid :).

Ilango said...

Ashwin said...
@ master

fantastic ... is that ur writing?

When you want to convey some deep emotions and truth, "mother tongue" beats them all.

I'll translate it later for our other readers.

u.k.Raj said...

http://www.youtube.com/watch?v=dHNFl7sF7Ss

Ilango said...

@ shriram,

Each day end alone could give us more validity.

Present structure suggests:
1.....3.1 done & 3.2 on.

OR

2.....3.2 done; 3.3.1 done & 3.3.2 on.

OR

3....."abc" of A done and "abc or abcde of B" on.

Each has their own invalidation point which you are well aware of.

Atharva said...

Thanking you Master : would love to know meaning in English or hindi.

CDG said...

Dear Ilango,

Thanks for all your efforts and guidance.
Going by the 2 min charts of this morning and the post market post of yesterday, the 3 should target 1.618 of 1 (of 2 min chart). This will come around 5705. Am I looking it correctly?
Thanks and Regards

Anandha said...

@Ilango
My apologies for asking you to be active with your comments to educate us time to time.Now I see you need to spend more time to educate people.Moreover ppl are hitting your emotions with their questions, where one should have free and calm mind to handle trades.Earlier when I came to this blog, it used to be very calm & cool.For almost 3 or 4 days, here is too much noise. Why noise? understand things and apply as one feel comfortable. Sir ji, Please follow your own way. No need of adding your comments at market times.

vksoni said...

as per rounding bottom pattern in hour charts we may trade in range 5607-5644 for two hours and then a breakout

mmarketman said...

@Aly
It is a number which Illango has arrived out of his own studies which should reflect when the trend his changing without too many whipsaws

I dont think so......JNSAR is nothing but 9sma....test it....I am doing it with 9 sma.....Ilango has for his interest has shown something adding in that 9sma number.....you will get same results if you follow 9sam instead of JNSAR.....do test it......

Ilango said...

@ CDG,

Current JNSAR trade triggered at appropriate time - @ open.

And is a big one so far.

We need to sit tight.

As suggested earlier, technicals suggest a ST reversal after "testing most patience".

Abhi said...

"Sit tight". So simple thing but so hard to follow. I part booked @ 5630 NS :(.
Plz give 5600-5610 for reenter.

Sir, can I reenter above day's high ? Think risky but ...

STOCK4SURE said...

NS got resisted near 21ema in daily charts(5644ns)

or will try another high near 5644 and then may rest her case for tomorrow

today reliance will declare its result after close of markets

may see some influence of result at open tomm

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