Thursday, July 11, 2013

Nifty Pre-Market View.

"B" waves have been known to be treacherous in nature, oftentimes.
We could identify this corrective setting in on 02nd July, followed it for 7 trading days and
suggested ways to deal with it,
its choppy characteristic of moving back & forth between HEma & LEma,
its craziness to give new signals frequently
while prices are kept within the price range of the first fall ( "a" wave).
And we identified the "end of "e" wave of the triangle yesterday.
For an objective trader, following this triangle would have been easy.
For an emotional trader, it is roller coaster ride and would have reduced his capital too.
For a sensible trader who does not know the "abcde" of a triangle, it is either
"Trade the extreme points" or stay out till it resolves to move out of the contracting range...
This is pure study and pure following and such studies repeat often in various patterns.
If you can maintain your balance, holding the larger picture while dealing with micro choppiness, your sailing would get a lot smoother & richer too.
Triangle target calculations: Height of triangle:5904-5760=144.
Breakout point + Height of triangle: 5870+144=6014.
Breakout point is debatable.
Knowing the target should not stop you from monitoring the progress of the prices and technical developments along the way.
Minor resistances are 50dsma @ 5915, previous low @ 5937.
Major resistance is @ 5970.

73 comments:

Bala C said...

Good Morning, Ilango Ji

SJkolkata said...

Today's market should give a befitting reply to all critics now.
Ilango sirs comment in the EOD update clearly says that the traingle is almost complete and everyone knows the veracity of the c wave mostly with huge gaps.
Those who want to see the trade table, do they still doubt the bias?
Cause when the update and view was given yesterday, neither FOMC has presented their minutes nor Ben had opened his mouth nor there was any indication from SGX.
High time people participating start seeing the value here in the JN Institution.
I don't know how very well people want clarity inspite of the week closing yesterday.
Jai ho JNSar ki.
Jor se bolo.............

SJkolkata said...

Whether anyone says or not, don't know but SGX is saying Jor Se with 88 points gap.

SJkolkata said...

And before any argument, with kind permission of Master, I would like to clarify that JNSAR had a whipsaw on 8th, so as per rules yesterday 20 point filter should have been applied, if anyone argues of being short.
Rule no 2, which Master have pointed was the Close, nifty closing yesterday was above JNSAR which does not justify shorts overnite.
I would like to plead Sorry to Ilango Sir, in case he feels anything negative about my aggression today, but silence of someone should also not be construed as weakness and I am just trying to point towards the reply not given by us but the Market itself.

prakashbkc said...

GM Master,

Kindly update BN TA file master too.As I have position in BN
Also, Master thanx for giving bit by bit information on treacherous B wave

Nilesh Patil said...

Good Morning Master & Friends

Kumar said...

Namaskaaram GuruJi and Brother & Sisters,

Good Morning.

Have a Good Day :)

Vaalga Valamudan.

Sourav Kundu said...

Dear SJKolkata sir,
You are on a mission... will tolerate no nonsense wala :)
Time and again we have seen... JNSAR whipsaws and that too twice in the last three days... these are not normal phenomenons... I do not know what Nifty will do today... and like you have rightly pointed out... that since the markets have not yet opened ...[I am trying not to jump the gun here], anything can happen.

Ilango Sir,
I have to say this -this was just too good! The last few days... amazing sir! You make me go speechless... and you do this oh so often!

Sonu said...

Good Morning All!

Agree with Sourav Kundu and SJkolkata.

Ilango Sir, One query from Pre-market: How did you calculate breakout point 5870?

Thanks in advance

Amol Sharma said...

looking at SGX nifty market is huge gap up ; but I stay out due to fear.
I bought looking at nifty not broken 5790 (as per market view) ; but sold due to fear. This time fear caught me. sir how to overcome this fear of gap up and gap down ??

varun kumar said...
This comment has been removed by the author.
varun kumar said...

@ Ilango sir, DR sir, all Seniors and my JN mates
Good Morning to all,
Have a nice trading Day !

J.R.Julius said...

Good Morning Sir & Blog-Mates,
Have a Happy and Prosperous Day.



Camarilla Keylevels - Nifty Spot
H4@5859 ↑
H3@5838 ↓
L3@5796 ↑
L4@5775 ↓

venkateshspices said...

Good Morning sir & Friends

ALBELA HOUSE said...

R/Ilango Sir,Namaste n Namaskaar 2 all reader's.

Manish said...

Goodmorning master and all friends,

Pranam to Gurudev....

With your consistent guidance and efforts EW is now much clear and has come closer to my Heart..

Thanks and Regards Always !!!

D.S.SASAN said...

Good Morning Ilango Sir and blog mates.

rama balaji said...

GM Ilangoji & all blogmates

Guru - Trading Nirvana said...

Thank you Master...

Good Morning Masters and friends.. have a great and prosperous day ahead...

Sourav Kundu said...

Dear Amol Sharma,
Though I am not an expert but here is my view.

Faith in the system... the system that you are following. That is the answer to overcome fear. And how do you develop faith? You develop that by tracking the performance of that system... how much it has generated minus how much it took away in stop losses. It can't be any simple than that.

Good luck my friend!

deepak pinto said...

Sir
At long last the bo looks to happen .
But is it a C or a 3 Remains debatable
The triangle just concluded retraced only 38 of the upmove from 5566 Which was itself a genuine fifer.
The speed of this move and the extent will tell.

Prakash said...

Gud Morning Master & All Frnds

Kirubanandam T said...

Good morning Ilango sir & all...

NEVER GIVE UP said...

Good Morning Sir & All Friends.

R.S. SUNDARAM said...

Good morning ilango sir and every one in the blog

vk said...

Good morning Guruji and Blog-mates.
Vkp

Arif said...

Ilango ji,
Good Morning...

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

amber said...

Sir ILango ji charan vandan and everyone good morning

Raghavendra said...

@Sonu,

Though you addressed it to Master..I can try to explain.

Look at the "Day" chart posted at end of the day ( Line chart ).
Draw a trendline joining close of July 1st - High of July 2nd and - High of July 10th.
Value of that trend line for today is "5870".

Hence Ilango sir is considering the Break out level as 5870.

Raghavendra

Suraj said...

Good Morning Illango Sir and All Seniors and Friends

sarvesh said...

good morning sir, i bow to you! though out of market since yesterday's high and then not taking re entry, you hsve made me confident and more tilted towards technicals and their outcomes..

Crorepathi said...

Good Morning Sir,
Learnt B of trading, B brought out my residual emotional trader back to life, upto 70% I could manage but at last the emotional trader took over, B has made me more humble.
Thanks without your guidance, would not have known the reason.
Will become 100% objective trader and kick this emotional trader out.

marina s rao said...

GM Master and blogmates - M S Rao

Pattern Trading said...

@sonu this value is wave d value conservative longs can be considered and traingle brekout is confirmed once wave goes above d

sarvesh said...

first time ever THIS B WAVE made me learn a little about B...thank you sir!

Sujatha said...
This comment has been removed by the author.
Suraj said...

Respected Ilango Sir,

Yesterday I shorted NS @ 5815 with the the stop loss of NS @ 5835.
Regardless of profit or loss was it a right trade.

Regards
Arvind

Anandha said...

Now Nifty looks at 5th point of -WW. Points posted 2 days ago. Lets see target of 5650 is on its way once started coming from 5th point.

marina s rao said...

Julius ji, Modified Camarilla levels please - M S Rao

J.R.Julius said...

Extended Levels

XH4@5937 ↑
XH3@5916 ↓
XL3@5874 ↑
XL4@5853 ↓

*Personal Decision Advised.

vk said...

Thank you once again Guruji, great lesson.
Vinay.

Anandha said...

@ Piyush,

Are we reached 5th point? Everything is time bounded.

Gita said...

Master,

Jai Ho!

On behalf of all the silent students of this university.

Regards

Tushar Thete said...

Good Morning Master and All!!

Sonu said...

Thanks Raghavendra Sir!

Tushar Thete said...

@ Pattern Trading

Please give your view on Infy.

Sandy said...

b - completed largest leg of b 5904.35 - 5760.4 = 143.95 75% = 108 (5802.85+108 = 5910.85 achieved) or 144 (5802.85 + 144 =5946.85) points from yesterdays low will be the minimum target and c leg can achieve equality with a leg too which is 5581.25 - 5904.35 = 323.1 (5802.85 + 323.1 = 6125.95). All can be the possible targets these may be achieved in 12 trading days.

Ganesh IMR said...

GM to Master & all blogmates.

Jai Ho EWP & JNSAR.

Those who waited patiently & handled emotional roller coster during last 10 days, are getting rewarded.

Critics will be silent for 2 days.

marina s rao said...

Than Q, Julius Ji for updated levels - M S Rao

Sujatha said...

julius - ur extended level spot or future?? obeyed to rules.. profit booked @ my own levels 5913.

sandy - u hv boldly posted me not (addressed to julius) yes.. my target is 6133 spot.once 5975 taken out..

Sandy said...

Missed out 125% of the largest leg of the triangle i.e 143.95 * 125% = 180 points (5802.65 + 180 = 5982) this is another target.

Sandy said...

Mamdam you are simply one of the most soft spoken greats. You are an asset we treasure.

Ding A Dong said...

Hello Friends,
My Nifty Intraday Trade Plan @ Jul 11, 2013

VWAP / LTP @ 09:33 - 5911

Buy @ or Above – 5930
Buying Stop Loss – 5910
Buy Target 1 – 5945
Buy Target 2 – 5965
Buy Target 3 – 5984
Buy Target 4 – 6003
Buy Target 5 – 6023

NO TRADE ZONE – 5910 to 5929

Sell @ or Bellow – 5909
Selling Stop Loss – 5929
Sell Target 1 – 5894
Sell Target 2 – 5874
Sell Target 3 – 5855
Sell Target 4 – 5836
Sell Target 5 – 5817

Buying with up trend and selling with down trend at 2min chart.
Entry is based on next 2min candle close above/bellow the entry price.
Trading with even lots as 1 half is for Partial Booking & Trailing Stop for rest.
Closing the trades based on Targets, SL or EOD, which ever comes first.
Options trading based on above table is subjective.
Nifty Spot Values & No Fresh Trade after 3 PM

Wish you all a good trading!!

Ravi Pillai said...

Good Morning.
Market astrologers who predicted today's comments from Mr. ILANGO well in advance not visible.

Market is playing Picture book Perfect For our blog.

Ravi

Nilesh Patil said...

@Sujatha sis,
What cooking next?

Suraj said...

I think my stop loss for longs should have been at NS 5795 instead of 5818.

Sandy said...

JNSAR + 100 = 5923 achieved. Calls for part profit booking as taught by master and only to rebuy in dips. Tringle breakout points are generally retested in a couple of days ( though not necessarily).

Raghavendra said...

@ Tushar,

Please find below my observations on Infosys.

1. Infosys has a very strong relationship with "89" Fibo number. Number of times it has taken support / resistance to move up or down in different time frames ( 1hr - intraday , 4 hr, Day , Week and Month Time frames ). Last support at 2189 is at 89 Month EMA.
2. Current price is exactly resisting at 89 Week EMA - 2552 - 2565 for this week.
3. Huge gap down + Bearish Island reversal from 2912 to 2582.
4. Fall from 3000 levels to 2189 was a clear 5 waves. Current rise could be a complex wave 2.
5. RSI Negative divergence on 9 day .

Considering above - My views are as below.
1. Bearish for a long term target of 1600 - 1800.
2. From a result point of view - volatility is huge this time around.
3.Good option could be to use a "Straddle" in Options. Buying 2750 Call and 2350 Put.

Raghavendra

Amol Sharma said...

@ Sourav Kundu rightly said. thanks.

Ding A Dong said...

@raghavendra

a small correction, your trade would be called as strangle as straddle is created with same strike price.

good luck.

m.veerasamy Maruthai said...

GOOD MORNING SIR AND BLOGMATES

Janak said...

master said small res at 5937 and major at 5970 - so 5990 in NF shd come

Kiran said...

Buying options CE + PE is Straddle OR Long Straddle.
Selling options CE + PE is Strangle OR Short Strangle.

Raghavendra said...

@ Ding a Dong,

Yes Sir - Mistake. Its a strangle not straddle.

Raghavendra

Ilango said...

From 5927-32, intraday correction possible for 20-30 points if kept below 5937.

DR.SGM said...

Dear sir,being in the corrective rally,considering the bearish undercurrent,can we expect ED? eventhough it is premature question,pis eloborate on this view.thankyou.

Ding A Dong said...

@kiran

are you sure about that? please check.

Tushar Thete said...

Thank you so much Raghavendra for you detailed view.

Anandha said...

Ha ha ha ha,
What a demand for Infy options. Even if stock is up by 1.2% today. OTM Puts are going up.

A day for infy options. :)

johnrego said...

Good Morning Ilango Sir & JN Family friends

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