Dear Sir, please reply if time permits. What are the reasons which is stopping this breakout ? Technically it should rise towards 6375-77 but...
Strength returns from "6337", a critical point from now on for the day.
@Ilango Sir,Does the price action of last 3 days on line chart look like a wedge? If so, could this be an ending diagonal, with hidden bear attack in making for tomorrow?
@ sony your prayers answered??
6337 also developing DHEMA so a close above 6360 will be advantage for the Bulls
@ sony victor,I do not know the reason; but I know that market takes its own time:"The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight." - Jesse Livermore
@Sonu:my take is why go on predicting what it is looking like. just keep the structure in mind and put appropriate stop loss. In this case it can be 6337 as mentioned by ilango sir or the lower trendline of the wedge that you are seeing
@Master: With 6350 nifty spot being conqured by bulls, what is the next resistance level?Ideally bears should allow mkt to rise to 6400 so that they can write the spot for higher premiums & then they can bring it down untill RBI policy meet on 28th. But mkt never listens to all these & they do what they got to do.
@Aly, For Intraday we can manage with small SL but how to manage positional trades in this situation?
@Sony: After intering into a position in mkt, it takes patience & nerves of steel. Patience comes with great experience & great experience comes with a great teacher. We are so lucky to have Master to guide us whenever we need him.
Dear Aly, questions still left in mind. Although i am having longs. Alt. view - nifty shall go above 6358 to post a neg. Div. w.r.t last high of 6358. Time frame - hourly. how high ? don't know...... just going with the flow but with cautious approach. Remember only going above 6415 will be super bullish till then might take u-turn from anywhere above 6358. So i will choose exits at resistances accordingly.
@ Experts,Do you see a -WW in 5 min charts. If thats the case, we can have an inverted hammer today by closingRS
@Sonu: You have day JNSAR @6284 for positional trades. Intraday JNSAR is maintained by hourly JNSAR which is @6331 spot. What more do you want? For intraday, what ever point you are with the trend, keep -20 pts as SL.
Thank you dear Ilango Sir - your words always enlighten. My query was just to catch that part if i was missing any. Regards.
Dear Prabhat - That's right. But learning is a never ending process. Shall we not arise technical questions which comes in mind. Its beneficial for all. Right ?
@ Sonu,You should manage positional based on JNSAR
@Aly, Prabhat,Point taken. Thanks
trader baniye analyst nahi, sab jyada saaf dikhega...stoploss kate to accept karo aur bahar aaiye aur next trade set-up ka wait kariye...warna sabko batane wale analyst ban jayenge aur khud ka account dekh kar frustration hoga...
@ Mukesh Honest:Thats a true line... 1st time you have said something that added value to the knowledge bank, rather than questioning motives . Thank u
@ RS:Let the -WW activate 1st...
Last rise be treated aS 6327 TO 6356.6342 6338 ... is 50%-61.8% retrace of the last rise from …… 6327 to 6356 80% is - 6333 If strength to return again, it should be around 6342 6338 Weakness gets confirmed Below 6338 OR 6333
Today's market action till now does not inspire confidence
@ Mukesh HonestYou have done justice to your screen name with your comment. Keep them coming.
Yet another day of very less movement coming to an end.... Looks like mkt will be dull till RBI policy meet next Tuesday after which we may see big movement coming either ways.. Thank you Master & to all. Take care. Tata, Bye Bye.
So far it has been like this, lets see how waves unfold next. http://postimg.org/image/talrfu2lv/
so as per master guide i triger my stoploss 6330