Monday, June 17, 2013

Nifty, holding above 38% retrace @ 5767, extends gains.


jvr said...

Thanks master

J.R.Julius said...

Excellent day for the cam trader.
L3[BUY]triggered@5786 and gave good run
without hitting TSL till the close.
Tomorrow hopefully one can expect Scenario#1

arvindkering said...

Please reupdate TT in stockwealth for BN and stocks, cannot read it properly

Amol Sharma said...

Trade initiated from 5849. If anybody keep filter please tell me level.

Sourav Kundu said...

Are we long now? Did we close our shorts? If we are long -the reason is very simple; JNSAR triggered and we went long. Today's JNSAR and not tomorrow's. If we are holding onto shorts... what is the plan? Will you wait for the first hour tomorrow and see how NS behaves against tomorrow's JNSAR? Whatever be your analysis? My request is to write it down in your trading journal... write down the situation... that NS did trigger JNSAR but was close to the end of the day and closing is also above tomorrow's JNSAR. I usually do not mix studies... so when I write about JNSAR, I do not write about Fibo retracement levels, wave counts, support, resistance numbers etc... since it tends to cloud my trade execution.

After writing down the present situation... I also write down what I will do tomorrow after watching NS movement in 1 or 2 or 3 hour... worst come worst... assuming we are really bearish... by end of tomorrow if NS close above tomorrow's JNSAR and if we are still holding to your shorts... that would mean that we have broken the rule. And as per Jesse Livermore -The only time I really ever lost money was when I broke my own rules.

For those who have gone long... the SL is tomorrow's JNSAR -20 pts[filter]=5805 on NS. Different people have different ways of dealing with the SL on JNSAR... your notebook and experience will teach you what is the best approach. But for that we need to maintain a record of what was the situation and how had we reacted to that... after that tomorrow we will again have to write the results that our actions have yielded... this will help us in our understanding of trading.

Goodluck my friends... these are the best times to reinforce our studies... do not ignore them, but learn with the situation.

ravi said...

Sourav ji,

Nice write up. Small correction. Stop loss should be 5849-20=5829 since today's JNSAR is 5849.

dinesh said...

Dear Master,
The stop loss for longs for tomorrow should be by applying afilter of 0.2-0.3% filter to tomorrows JNSAR which should come to 5925 -17.4 = 5907.6(5908). I have been a silent follower. This is my first comment. If I am correct or otherwise, pl guide, Master.

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