Wednesday, December 11, 2013

Nifty Intraday Update-III


41 comments:

Ilango said...

@ Swami Shivkumaar,

Your understanding is correct. Also be vigilant while follow up price unfolds the next day.

There are times, signals are negated the very next day depending on strength from higher T/F.

Swami Shivkumaar said...

Dear Sir, It happened the last time we closed below both the averages and the next day we opened up with a gap of almost 100 points. Thank you very much for your reply.

Ilango said...

Everyone has their own style of learning.

Just because a technique works for you, it does not mean it will work well for others.

If you wish to pursue a most effective way to learn, you need to experiment on yourself slow & steadily with each technique before discard them off & finally to arrive at a more practical one.

One of the strategies in that quest is to "share your experiments" as they happen in real time.

Kiran said...

Does SBI has some political (Election result) connection. Currently it's below low of last week.

Raghavendra said...

Dear All,

From the Blog archives : Ilango sir's notes on using the HEMA , Close EMA, and LEMA.
Last paragraph is on giving significance weightage to Higher Tim frame while applying this concept.

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Using HEma & LEma for Trading from Tech.Table(TT):
In the TT, there are four guidelines given for using HEma & LEma in trading:-
When prices move above Low Ema & Closes: Buy on dips to High ema+
When prices move above High Ema & Closes: Buy & Hold as upward momentum picks up.
When Prices move below High Ema & Closes: Sell on rises to Close Ema/ Low Ema-
When Prices move below Low Ema & Closes: Sell & Hold as downward momentum picks up.

Trend indicator in TT is 5DEma. One could opt for JNSAR too.

While the market is comfortably above 5DEma/JNSAR, the close below HEma suggests weakening of upward momentum which means short term traders would move into sell on rises...investors have taken a pause as well as do part booking.
Subsequently, if market survives the LEma, it would attempt to move higher. In a strongly trending market, such as the current one, market is coming only upto 5DEma so far. And after a two days of sideways move, it has closed above DHEma & poised to take another move higher. In normal conditions, the close below HEma generally takes the market towards LEma-20pts.
Markets have occasionally closed above HEma but has gapped down next day. Most TA studies suggest overbought conditions but the corrections have been of “intraday” nature so far.

While the market is comfortably below 5DEma/JNSAR, the close above LEma suggests weakening of downward momentum which means short term traders would move into buy into dips...investors return to re-enter into their fallen favourites.
Subsequently, if market is unable to close above HEma, it would attempt to move lower again and the downward momentum returns once it closes below LEma.
Knowing the market strength/ weakness with the help of prices’ positioning in the Tech.table of different Time frame, one could choose good trade set ups and initiate trades at appropriate levels. The levels are arrived at using Pivot table and Tech.table and other considerations such as Fibonacci table, Elliott wave study, etc.

While reading the TT during uptrend, it is very important to know that as long as the Week TA is in upmode(green), the down (red) that appears in day TA will not give sharp falls except at the point of major reversal. Similarly as long as the Day TA is in upmode(green), the down (red) that appears in Hour TA will not give sharp falls except at the point of major reversal. And during downtrend, read the same appropriately by respecting the higher T/F TA.
TT-Tech.table; T/F- Time frame; TA-Technicals.

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Raghavendra said...

Dear All,

NR7 day in progress. Lower low below 6278 and Higher high above 6317 will invalidate this pattern for today.

Raghavendra

sarvesh sharma said...

respected sir,, tatasteel breaking it 2 days low , seems to be exahauted too..please give your views, if possible..

Prithvi Raulji said...

@Master,

Please correct the Date in Daily JNSAR

cooldent said...

Sir whats developing Jnar for BN?

gs said...

@raghavendra many thanks for posting the above notes

Prithvi Raulji said...

Tomorrow will Crusialday,

JNsar 6254 and WHEMA 6232 ,wow wt a combination

JNSar 6254-20= 6234 and WHEMA 6232

I m long

nissan deka said...

Hi San. Must the closing of DLF be below or at 156 TODAY itself??????? please advise

satheesh said...

Nifty Possibility of a Bullish Rising Three methods pattern - invalid if EOD close is below 6270.

CLICK HERE Nifty Day CHART

Chetna Jethi said...

five waves from 6415
6415-6345 = 70
6345-75
6375-6308=67,,,,3rd cnt be shortest
6308-6345
6345-6380=65...it should be over here...other wise 3rd extending and not over yet...
respected sir, do you see it this way?

Manish said...

Goodafternoon master and all friends,

HDFC rises to its day high just last few minutes.

Chetna Jethi said...

keep retracements...ready 6312. 6331, 6347, 6364 and strength above it

Aly said...

retraced more than 80% of last fall from 6312 to 6080?

dharmu mishra said...

@ sateesh
could you tell me what is this Three methods pattern
thanks

naresh ganesan said...

how to know closing price of stock or nifty?

satheesh said...

@dharmu Mishra,

A bullish continuation pattern in which a long white body is followed by three small body days, each fully contained within the range of the high and low of the first day. The fifth day closes at a new high.

Source : http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:candlestick_pattern

Raghavendra said...

@ Dharmu,

http://www.investopedia.com/terms/r/rising-three-methods.asp

Chetna Jethi said...

respected sir, do you agree with the way i have counted the downmove from 6415

Raghavendra said...

@ naresh ganesan,

30 SMA in 1 min chart.

Raghavendra said...

All,

Closing average is approximately as of now - 6295 and rising.

Ilango said...

@ Chetna Jethi,

It is more like iii rd extending..as long as 6315 is not breached.

From 6282, it has completed an irregular correction. (This gets negated above 6315 and gets confirmed below 6280.)

Raghavendra said...

All,

Hammer pattern in development.

Raghavendra

dharmu mishra said...

@Sateesh @ Ragvendra sir
thanks

Chetna Jethi said...

0.236 retrace of the whole fall done and first higher high

vksoni said...

From low of 5973 chart symmetry playing 3rd time if it in role again might be a gap up of 40-150 points

Ashish Agarwal said...

the fall from 6312.15 at 1:50 pm ended at 2:52pm at 5280. This is an ED pattern that overlaps and took 62 minutes. The whole pattern has been retraced in approx 30 mins now. Further, price would close above Daily close EMA, tomorrow Pivot and psycological level of 6300. Would be a good time to go long.

dharmu mishra said...

@ragvendra sir
could u pls show me the labelling of EW in 5min chart for intraday nifty
when time permits

Ilango said...

@ Chetna Jethi,

It is retracing for the 6415 to 6280 fall or resuming uptrend.

Chetna Jethi said...

respected sir, now can we consider 5 waves done or we have some other EW option too???

Kiran said...

BankNifty in green...

chetas said...

avg close above 6300 avg running at approx 6304 as of now

Chetna Jethi said...

thank you, sir..i dint notice your comment,,you replied before i asked

Raghavendra said...

@ Dharmu ji,

Master has strongly adviced not to get too close to the market with EW labelling in very smaller timeframes.

I follow Ilango sir Day and Week TF labelling only and dont follow the 1/2/5 min labelling.

Using latest charts from morning - i assume the rise is either part of 2 or a B wave after the fall from 6415 to 6280.

Raghavendra

dharmu mishra said...

@Ragvendra sir
a small doubt
when we label intraday chart in lower time frame should we start from wave 1 or it should be the continuation of previous day labelling as it is in hrly charts
thanks

Chetna Jethi said...

@dharmu mishra,,,previous day labelling has to be taken for sure...

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