Friday, August 2, 2013

Nifty Intraday Update-III


Ilango said...

@ Iris,

My critic used to state the perils of "playing the bounce in a downtrending market":

Most traders get stuck with long positions.

Trend followers, whatever they level they enter, will always get a much lower levels to make a profitable trade till the trend is intact.

shriram said...

+WW invalidated...

Iris said...

Thanks master.

I always miss chance by waiting for right level to short.
Today also missed the opportunity at 5760 as I looked to me that market will reach 5800+ levels and will be good to short at that point.

shree said...

5667....S1....attempting this opp...

shree said...

only 10 points SL......

anand said...

Will the breach of 5676 force us to re-label the corrective "b" or still it is active with some other form (expanded flat) etc?

Playing contra in strong trends is really full of perils! Difficult to play, will keep on learning.
For trend following- "No-action" is the best action.

Guru Krish said...

Trend followers, whatever they level they enter, will always get a much lower levels to make a profitable trade till the trend is intact.

This is what it happened to me now :) Thank you Master

shriram said...

An obsv i notice now..

once the low of 5677 was in place 2 days ago, the Rev. St.WkLo of 5771 -5814 NS / St.MnEMA combo zone

has resisted, BIG TIME.. can mean only 1 thing


lower supports MnLoEMA @ 5650 & lower @ 5610 will possibly be tested now !

shriram said...

57PE OI tho is unsually high..

can MnLo hold?

anand said...

A closing below 5660 (MLEMA) will only accelerate the down trend, no?
In that case, each rise will be sold into more vigorously?
Today a weekly close below the critical 5771 is almost there (1 hour remains)
And your ambitious labels of extended waves - will achieved faster ?

Sahil said...

Good Afternoon Sir,
For those who made shorts in the morning, how should i trail my profits?

I might be wrong but b.B unfolded in a traingle and C is unfolding, this is my view at the moment.
And 1.c completed at 5705 and 2.c at 5734.
I understand i should apply fib from 5734 to the recent low and trail accordingly. But what is stopping me is MLEMA-5660-5666 (apply 40 pts filter it is 5620-5660)

How to handle this. PLease help!!

Sahil said...

how to trail the profits*

Prasad said...

+ww on 15 min charts from 5677(1st low)?



5694 < 5758 < 5771

" All things comes to those who wait "
Steve Nison

shriram said...

@ Prasad : yes... and 57PE OI in sync , but needs MnLo to hold !

@ Anand:

Thats where the risk in trade comes !
DATA --> 57PE OI in this fall, is still high, seems ABNORMAL ?

Now do we give more wgtage to HARD DATA, or to direction from EMA / Lable in HEAD ?

Thats where the RISK comes in trade , nahi? :-)

sarvesh said...

RESPECTED SIR,,,As nifty sold of through MHEMA +40 points and this august series has just started..EOD closing below MLEMA might not be a big thing..and same way nifty can be tried to be bought in MLEMA -40 points....can this be a way to look at it for an absolute contra intra month trade,if yes how to put stoploss for such a trade?

sarvesh said...

shall this be a hema- lema trade on a bigger time frame, at least for a bounce?

varun kumar said...

@ Harish Tahkkar ji
i was waiting for your comment.
so if this bonanza set up work out then again nifty can give 100-200 point to down ?

dharmu mishra said...

dear friends +WW is it wolf wave or something else sorry for this simple q i dont know pls

shree said...

@ Anandha

its true ..against trend is a big risk...but if you manage well..then no big loss....and in the morning shorted ..but ...afterwards....on lower level changed strategy ..the day not much good but not bad toooooo

my brokerage allows me to have small trades with 10/15 points....sometimes I prefer that...if movement is there..

anand said...

Jai Shriram !
Yes, Risk is the pivot.

But consider that 57PE is from smart buyers. ;-)
Well the inactive, sitting zen style trades work best.
And Let's see which way it unfolds. Going against trend never worked for novices like me.
Also, see what Master says before we wrap up this week.

GANESH said...

@ Ilango Sir ,

We can see "(v)" 2 places on the chart .... pls enlighten ...

shriram said...

1 invalidation & that's enuf for 1 day..

Lets sit back & enjoy the price action.

Happy weekend all , bye :-)

anand said...

@Dharmu Mishra ji

Yes , +WW is Wolfe Wave.
Sorry to advise, since I am also a novice, but as a classmate, I would suggest that do not follow ALL the setups.

try them on paper/just watch when they work.
Shriram and S4S are masters of these waves (Even Master don't try these) but sometimes these fail and novices like me get stuck - especially when these are counter trends (Refer Master's remarks as well)

Keep the trend following and don't make losses, which can be avoided. The pain is not worth it.

Sorry again, if I offend you or anyone by this remark of mine.

@Shriram /S4S : I would request ,if possible, You may like to enlighten us guys on these setups in some post on a weekend or when you get time, for the benefit of those who wish to learn them.

shree said...

@ Anandha

Master has said it in pre market view..and it was it happened..

dharmu mishra said...

Dear anand thanks wanted to ask u hv u understood EW and r able to follow it .for me i m trying to learn from this blog feels like learning it by meeting those who hv same interest

NK said...

Hi Friends,

I think operators are injecting slow poison by showing support or halt are critical levels for some people to try contra trade.

But as master says look at the larger picture plus today being the weekly closing.

I think market will make a panic bottom soon either today or Monday.


satheesh said...

Sir, the swiftness of a 5th wave seems to be missing? Is it becoz of the Month LEMA?

anand said...

No Sir,
I am a new learner. But I know one thing, unless you practice, you will not learn...
Have spend much time to read and understand but unless you start seeing waves in real time or on the charts made my Master, these concepts will not be drilled inside the head.

Also, TA patterns-> When I see them working in real times, only then next time when we see them we can take action. It is a great place to learn and practice what you read/study.

Simple methods liek EMAs, SAR are really simple to understand, without much maths (I still do not understand the indicators much, but will learn them).

As they say, idea is to find what suits you and not what others tell you about a method. Try a few recommended by master (Go thru them again and again, try will "actual trades").

It will take me few years before I can make some real contribution, but i have started to share, in order to learn.
Enough gyaan from me !!
(Someone would like to kick me out / bar me from this blog for all this from a newbie :-)
Take care and have a great weekend.


@ Varun kumar ji,

Why you are expecting so small ?
Take the trade and come expiry end.
I use 5DEMA or 34 HSMA trailing stop.
Do not sell in the market but let the trailing stop loss force to exit.

Manish said...

@ master

Please give your important views on the terms of EW..

You still feel "b" going on ?

Ilango said...

@ satheesh,

We are passing time by labeling the "Hour chart". It is all a guess work.

Strongly trending market(Month & week) is giving everyday 100+ points on the downside for the person who trades with the trend.

That is the main takeaway for all the traders.

Understanding a "trend in place" is very crucial for the keen trader.

Ilango said...

3.00PM TT & Chart updated.

Ilango said...

@ Manish,

Yes. It is possible.

Identifying such a possibility should make one cautious of trading during such times and also when prices rebound, there is no surprise.

Simplicity is available in Tech.Table.

STOCK4SURE said...

support of T/L joining prev two lows of triangle pattern comes near 5600 +/-10 pts

will it test 5600 and bounce towards upper T/L near 6000 of developing triangle pattern in coming few weeks or more downside is pending
general observation:pt 5 may give a false breakdown(busted pattern)to show breakdown and this may be big trap for sellers

Trader Junkie said...

thanks guys for all the info ...have a good weekend all !!!!

Sir - my regards...

time to unwind and look forward to the Saturday lesson :)

sarvesh said...

RESPECTED ILANGO SIR,,,As nifty sold of through MHEMA +40 points and this august series has just started..EOD closing below MLEMA might not be a big thing..and same way nifty can be tried to be bought in MLEMA -40 points....can this be a way to look at it for an absolute contra intra month trade,if yes how to put stoploss for such a trade?

shree said...

last attempt worked...

Ilango said...

@ sarvesh,

"Counter trend trades" should be attempted only when you are experienced and it should be for "Intraday only".

SL of 20 points is what we suggest for any trade and in rare occasions we alter it a bit.

sarvesh said...

thank you , sir!!

dharmu mishra said...

dear HARISH thakkar could u pls tell regarding ur strategy back test ad is it for intraday positional or monthly basis

Prabhanshu said...

Sir, learnt another lesson on cost. Always go with the trend. Attempt counter trade once get experienced. Attempted 2 long trades:
1.long at 61.8% of 5677 to 5775, sl at 80%
2. Long at 5678 with sl at MLEma
Both sl hit
Please suggest if I were wrong in my trades. As I followed plan which seems fine with me, but somewhere I m lacking and that I want to know.

Please guide.

Prabhanshu said...

Sir, seems my comment gone to spam. . please advise on my query once you have Lil free time.


@ dharmu mishra ji,

Please read in details explain with chart example in google group
of JUST NFITY GROUP dated 17th Feb.2013!topic/justnifty/ii0BIxdS7Sw

rose mary said...

Nifty closing below DLEMA & WLEMA.. carrying shorts peacefully...

Bye sir and blog mates, have a peaceful weekend :)

Ilango said...

@ Prabhanshu,

If you can attempt 2 long trades in a downtrending market, why couldn't you attempt one "Short" trade during intra bounces...??

Reflect on it.

dharmu mishra said...

DEAR THAKAR JI YEStDAY i saw that but could not trace for it backtest pls


@ dharmu mishra,

If you back test yourself than only understand the importanace of the
result how it gives.I trade regularly but we are not expected to
give call.It will give very less number of trades but almost all powerful
one.It is nothing but to trade only when both short term day T/F &
long T / F Weekly give signal at a time.

Yogesh said...

Its Amazing Ability to Multi Tasking of Ilango, watch market, update charts, judge things, write comments and read comments ( including stupid ) and questions by followers and reply to them, and Most of All maintain Cool/Calm and Concentration Intact. Simply Amazing and that too for No Fees, that's height.

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