Good evening MAster and Friends“Any fool can know. The point is to understand.”― Albert Einstein
respected llango sir pls help me for my query irregular flat characterstic c wave is longer than a wave .sir u told it consist of 5 wave i m confused and patern is 3 3 5. sir will irregular wave consist of abcde how to understand pattern of 3 3 5 in it.sir pls guide if it dosent take much of ur time or give me refrence of explanation i will go through it thanks sir
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.
SirBullish harami today.Above ur 76 level close.Range contracting.Close close to bottom of range but above support of the 70s.Rsi hit rocksStoch turning upTrend indicator firmly pointing down.Slowly but steadily selling getting absorbed the feeling at the lower end of range.The presence of strong opposing forces make it feel like we are in a triangle And in the bottom half of it.Expecting a bounce up tomorrow
@ deepak pinto,Unless prices close above 5DEma/ 5DSma & sustain, these observations will mislead.Attributing technical strength during downtrend based on "indicators" is a recipe for failure.Same observations during a corrective phase in uptrend will produce excellent trade set up.If we miss out on a bounce during downtrend or miss out on a fall during uptrend is perfectly alright.Having "supports & resistances" for intraday moves would take care of such "pausing phases".For eg: Today's pre-mkt support: 5660- Low made 5662.Today's resistance 5719- High made 5721.I hope & wish our readers would differentiate between "Intraday trading" and "Positional trading" and get themselves well acquainted with the different approach towards these two and the required temperament for trading each of these.We had a scenario of an irregular flat unfolding and while it was progressing, the correction off 5721 was expected to stop around 5697. It did not. And prices fell and never recovered.One need to be agile as well as be prepared of change in price behaviour which is possible only when a true understanding of "Trend" happens.
Good evening Sir,I'm new to your blog, this weekend i gone thru your article on EW. I tried to understand it thru the daily chart that you have postedin your latest EOD article.It wld be gr8 help if you can spare out some time and validate my understanding :Image Location : http://prntscr.com/1jil9g1) Waves 3,4 and 5 (parts of upward impulsive trend are marked with bold black line)Wave 3 from xxxx - 6112Wave 4 from 6112 - 5477Wave 5 from 5477 - 62292) Corrective wave A (marked with Red line)Wave A from 6229 - 55663) Corrective wave B (marked with Red line again)Wave B from 5566 - 60934) Corrective wave C ongoing (marked with Orange line)Wave C from 6093 - In ProgessMy doubts on above points are :i) Is my understanding looks correct??? or totally wrong. If wrong plz. don't answer below queries.If yes, i) Is ongoing correction is simple correction (Zig-Zag correction).As the corrective Wave A of a Zig-Zag correction has a five-wave pattern (marked in bold green color).Other condition that here holds here(for simple correction) is that Wave B : Usually 50% of Wave A/Should not exceed 75% of Wave A ii) And if above point is correct the this wave C (marked with the Orange line) should stop somewhere around 5470.~Rakesh
One more query in addition to above the "irregular flat" correction that you're mentioned is ongoing in hourly TF. is this correct??.
Namaste Ilango Sir & Blogmates, (Bearish: Nifty after 8 days of negative close so a small green day, now Bulls need to build on this to move forward or else the Bears are ready to break below 5600 in coming days. SMR is still above 20 so new shorts should wait for higher levels…: Option Analysis for 05-08-2013Dedicated Option Open Interest BlogDuplicated at Wordpress SiteThanks & Regards,Sanjay Kr Jaiswal
?? "" DEATH CROSS "" 200 dma and 50 dma ??
SirI am pleased to see ur reaction to the above observations and the length and depth of ur reply.Although it is to correct my judgement of what i percieve..What i understand is the gist of ur reply1. Understand the tf and the nature of ur set up.positional or intraday2.for intraday support and resistances are the best as demo ed today 3. For positional . Comprehend the trend.4.Trade with trend only. Even if it means missing the counter trade.5. Use indicators to spot weakness in downtrend and not strength and vice versa.6. Once the trend is understood be agile and prepared for change in price behaviour .I did not understand whether the last point was to spot the reversal? Or go along the trend from a better vantage point eg the top of a bounce in a down trend.My intention sir is not to be mislead and surely not to mislead .What i understood today in all this isUnderstand trendLook for signs of continuation of trendJoin it from vantage pointsDo not look for countersBe aware of reversals ?LastlyThanks for the understanding