Friday, May 9, 2014

Nifty, having completed the "abc" correction, steps out of the crease and shows a glimpse of "things to come"..


14 comments:

Venkat said...

steps out of the crease and shows a glimpse of "things to come"
Master stroke!

Prabhanshu Raman said...

Sir, I need your help.
1. How to keep faith on my own analysis. Sometime I am able to but sometime not. Whatever I am analysing, with the god grace it's working, but I am not able to act on that at the same time. For example tata steel, there was a breakout above 404.25 tgting 410 and then 420. Both got achieved today. But I didn't take this.
2. How to train myself to swiftly change my view. I understand I need to follow prices but still missing the chances just like today.

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Raghavendra said...

@ Prabhanshu,

From my experience :

I was facing the same issue and during trading time ( when i have a trading plan ready ) -
I stopped looking at the charting screen and started to follow only the price ( Ex : Get quote window ) only.
It really helpep as i am following only the price..and nothing else ( chart - Indicator - XX - XX ).

You may give it a try.

gauresh59 said...

@ Prabhanshu,

You said that your plan is working on paper, but you cannot implement it as and when price reaches to the level. This shows your weak determination power. Having full self confidence for the system and plan, you must put it into action. If you cannot, then try to find out which factors are playing and making your mind hesitating to take action. May be due to fear or lack of confidence. But once you have determined plan and determined stop loss, then why to fear to take action. Try to find out the cause which create confusion in your mind. If you want to cross the river, you have to jump into the water.....if you know swiming (means you know technicals) then, why to fear for jumping. Accept the result whatever market gives and see ............you will find....all is well in the long run provided you follow your plan, system with discipline and firm determination. While taking action, do not think any other things except price you watch and your system.....not any other thoughts should be allowed enter into your mind. Just like Arjun concentrate on your goal only and for that concentrate only on the action required to achieve that goal.

Self confidence with positive thinking is a must...........Fear is the only factor which weaken our determination power..........Be fearless.

durga said...

@prabhanshu, what is stoping yur conscious mind is yur subconscious- yur emotions - known / unknown. One way of dealing with is- Neurolinguistic programming-N.L.P. . Yhere are many books on it. I know one book - The power of yur subconscious- joseph murphy. There are some books by pustak mahal.
They base on isualisTion techniques. Hw to practice them . Remember the saying
Wn yu trade - yu encounter yur selves- and in that case yur Emotions win- so study them understand them tame them.
Best of luck.

Ilango said...

@ Prabhanshu Raman,

The day "Prabhanshu Raman" disappers, his work will appear.

Epic Bhagwad Gita has failed to transform the millions who read it barring the few who chose to follow it.

Largest selling "Bible" hasn't done any better to its readers and so did scores of other Life guiding books such as Quran, Guru Granth Sahib, Dhammapada, etc......

Man knows it all and thinks knowing is everything; but living is everything.

To live truly, you have to let go..

Having mastered the art, you have to let go to practice it fluently.

Learn to let go.

Do not bet your life on a Tisco study. It should just be a momentary learning.

Champions have choked at the critical moment; do not be harsh on yourself. If you learn your way around this...letting go of yourself, you'll find your life throwing up many, many opportunities.

Life flows eternally; one who flows with it finds many opportunities and miracles.

Technicals should flow...Elliott wave should flow...you just can't be stuck with your yesterday's analysis. It changes every hour.

Learn quickly the difference between "Being right" and "Doing right".

How many times must a man attempt ?

The answer, my friend, is blowing in the wind..

deepak pinto said...

EW wise daily chart
Since the corrective that preceeded was too slow to break the trend it ended as expected shallow.
this move up can only be a part of 1 of 3 of a larger degree
or a 1 of 5 of a smaller degree in which case the preceeding 4th wave is a zz or the unlikely expanding triangle.unlikely as the post e move of the expanding triangle is not so exlplosive.
Either way strong upmove to follow

sometimesbullsometimesbear said...

@PR...
Cannot but agree more with Ilangoji....All masters perfect...their teachings perfect...the problem is with us human beings who PRETEND to follow and practice.....ONLY PRETEND....

Tomorrow Saturday...7.30 AM .Headlines Today Channel....:):)

Hope to see u...:):)

Janak said...
This comment has been removed by the author.
kizar khan said...

Hello Master and seniors.

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Prabhanshu Raman said...

@ Raghavendra, thanks. I too feel that looking too much on chart during trading hours might hindering mine decision taking. But sometime, I feel looking is better, so that I can find out (if any) pattern in making/triggered. But yes, i should restrict myself looking at the chart to min required times.
thanks once again

@Gauresh, very well said. There is a fear and that too not 1, couple of fears. 1 is hitting stop loss. earlier when i was trading in equity, this fear was not thr, but in futures yes. there are few more, which i yet to discover. Thanks for pointing it out so correctly.

@ Durga, Thanks mate, I will surely look into these books.

@SBSB: Yes, I think Sir's weekend post is only for me or people like me. Its amazing to be a part of this blog. :)

Thanks again to all for commenting and giving such beautiful advises. :-)

Prabhanshu Raman said...

Sir, I am choked. Thanks a tonne. Your words means a lot. I think I understood, just I need to see whether I am following what I understood.
Knowing is not everything, to follow or to live the knowledge you gathered is more important. - Master words. As if I dont know this but always forget to implement this. Implementation is more important once you learned things.
I don't know how you got to know, but yes, at times I am too harsh on myself.
Next step is to let go...

Thanks Sir

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