Thursday, June 20, 2013

Nifty does a "Bearish Island Reversal" & closes below "all Emas"..

Make use of the various objective market observations presented here by me.
Only you can remove the "bias" in your actions.
Only you should act promptly when market prices demand you.
If you find yourself lacking in any of these, work on those areas.
It is possible to make big money from the market in a slow and consistent way if only you surrender yourself to your studies without a bias creeping into your head.
Most traders lose money attempting to play the "bounces/ corrections" during a trending phase. Hold yourself in check during such corrective phases.
Trend indicator gives you the big picture; while following the "hour prices", do not let go off the larger trend.
As suggested on 14th June, the bounce in day T/F completed in the "Middle of this week" and weekly momentum returned.
Except for 17th June, prices have been closing below DHEma everyday of this month. 


anand said...

"Only you can remove the "bias" in your actions."
"Most traders lose money attempting to play the "bounces/ corrections" during a trending phase. Hold yourself in check during such corrective phases."
Simple but not easy to follow these words- just like trading.

May I Bow again...and dare to submit :

Following your labels on EW (Last time when iii of 3 gave gap down and you were not posting much due to health reason), sitting on positions to ride the choppy 4, and waiting for the killer 5th - was really difficult without your earlier lessons, guidance and faith you have helped us generate.

Yesterday, I made a remark to follow the rules you have taught about SAR/Stop loss (even at the cost of ignoring your post in last hour! Pardon me for that but I followed your teachings and you were candid even for the gap part.)
For range bound markets, I am yet to conquer my fear of buying at a support in a fall (dips) and selling at resistance in rebounds.
Losses or gains- they will occur- are not end of this journey. Some of us are learning to live a better and enriched life as well.
It has taken me more than a year to follow the discipline from this month, when I have started to posting on this blog. And, as they say, money is a by product of Good Trading.
Thanks a lot for being there. Let's be good traders - Market is the Master! Surrender before it, follow and flourish!

Sahil said...

Red, Red everywhere RED.

Adrian Jose said...

I would like to express my sincerest gratitude to … ... Ilango Sir,
from your guidance, great kindness and patience and
I wish to say a heartfelt thank you.

Maddy said...

Hello Master,

Can you please upload RSI chart.

Thank you.

Jay Mataji said...

U forget to posted 9day RSI chart

J.R.Julius said...

For Chess Lovers : Carlsen Beats Anand!

Anand Kumar said...

ABCD pattern:
C=6134(61.8% retracement of AB)
D=5657(161.8% of AB)
Pattern completed
Also, supporting at 78.6% retracement of 5477-6229.


Sourav Kundu said...

Dear Gauresh sir,
I pray for their safety. God is there... I have faith. And whatever happens, happens for the best. Please if possible do inform us once you hear from them.

Dear Friends,
I know today has been bad. But today was bad only for the first 5 or 10 or 15 minutes. I know we cannot control the gap down... but whatever happened after that was completely under our control. At the same time, I also know that having lost with a gap down it is easy to say to reverse trade... but in reality it is difficult. I have faced such situation in the past and had suffered huge unnecessary losses, because I was reckless... I tried to find reason as to why Nifty should go in my direction and not in the right direction. Eventually I learnt my lesson and updated my notebook. I read my notes even now to remind me that how much I had lost by having an "opinion" and not listening to the ticker.

In the last three days we had multiple JNSAR triggers or whipsaws. That is something that should go into our notebooks. These are not normal phenomena... treat them with respect. Back in April or May of 2012 we had 11 days of JNSAR triggers or whipsaws... that was again not normal. Think about what would have happened during that time. But you know what... I held on. I took each of those trades... I was determined to play it till the end... and I lived. I lived through that. It was my decision whether I wanted to curse the system or embrace the learnings... we get hit... we get hit oh so often... but whether we stand and fight again.... that is what separates the boys from the men. It is easy to give in and leave... but its a battle from which we ran away... I tried to run away too, but could not. I came back and lived.

I'm not saying that 20 pts filter taken here or there would have saved us. No, even with JNSAR, every trader learns to trade in a different way. Some take only the longs... some apply filter... some wait for 5 minutes to reverse position... some don't apply a filter... some change position on the next day's JNSAR in the last 10 minutes of trades... some part book, some don't part book, some check how the week JNSAR number is positioned vis-a-vis the day and then take a position.
I'm not talking about the mature traders who have mastered the art of JNSAR with other technical indicators.... I'm talking about us... who follow just JNSAR. And see there are so many ways of trading... and believe me... different people apply different methods. We have to find the one that suits us... and our temperament. How much can we take? Find that out... and then figure out which version of JNSAR trader you are. Over time with experience we will eventually learn how to reach excellence which suits our temperament too. This happens over time.

My notebook has been my greatest companion all through this. My notes when I failed are more helpful and I refer to them every week. Seek seek and seek... there is a lot of knowledge available in this blog of ours. Rest its upto us whether we want to stand up and fight again.

Good luck my friends... I wish there was something more I could say or do... but its a path that we have to walk alone and on our own.

Anandha said...

@ Ilango,

You re labeled iii and remove iv in Lead Indicator chart ? Could you please let me know why does the earlier counts are re labeled.

STOCK4SURE said...

Most traders lose money attempting to play the "bounces/ corrections" during a trending phase. Hold yourself in check during such corrective phases.

trade what you see, not what you want to see

sometimesbullsometimesbear said...

Sell off on the Dow....Hope folks did reverse their Nifty and BN trades today as per JNSAR....Pls dont crib come tomorrow 9 am...:):)

ankita said...

a little knowledge is dangerous.??

shriram said...

Dear Sourav,

Your sincerity @ being systematic & maintaining a trade-diary is most appreciable indeed, kudos !

A little mathematical insight for you.

Even though ysday's NS close was > DEMA / Dev.WkLoEMA, & most Importantly > JNSAR

following pts should always be noted is the feeling:-

1. Prior wave had just pierced St.MnEMA decisively @ prev week & now price was Struggling near same St.MnEMA (*meaning Higher T/f support was now a RES)

2. The "wave form" of rise 5683-5864 was ABCDE (and not impulsive)
was a Beautiful -WW actually (had hinted this @ 3:10pm, see ysday's posts pls)

3. 5864 was GOLDEN RATIO for the fall 6133-5683

4. NF had added 6Lac Shorts Intra !

5. OTM CEs esp 59 / 6K strike had maintained their Gross OI near EOD --> no liquidation there (though one has to accept that 57/ 58PEs had also added huge OI intra... so it was a risky view)

All these obsvs should be seen along with JNSAR to trade in totality.

My aim is to share with you the view that HOLISTIC TA will always keep eyes on all weapons @ disposal. Any SAR based system STAND ALONE) always runs the RISK of whipsaw.

This is becoz all MAs EMAs / SMAs / WMAs, have lag, so if the wave TURNS before the Delta of the EMA, the EMA says LONG, while TREND has already TAKEN A BEND :-)

Best of Luck with ur trades

sarvesh said...

how foolish it was not to short markets at open today was the first jnsar big trade...i am almost crying

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