Monday, May 19, 2014

Nifty Pre-Market View.

Remove the veil of ignorance....? Only you can do it.
Insanity...? doing the same thing over and over and expecting a different result.(when failure repeats).
A JNSAR trader/ EW trader/Technical trader would do the same thing over and over and find insane results....provided they maintain discipline & patience.
This patience is needed when prices exhibit high level of choppiness with in an acceptable range as per your study.
This discipline is needed when it breaches the range, to act.
Believe in something...and let go of your opinions and prejudices and learn to follow the things you believe in.
Life is flowing continually. No matter how many times you fall...fail, get up, dust yourself off, start again but stop the "insanity"..
Only you know the subtleties (sub-waves) of your actions. And if they are leading you in the wrong direction, you must sit back, take stock of your situation honestly and then go about changing those subtleties "consciously".
Markets are different all the time; hence, your methods/ systems should be able to accommodate the changes to stay relevant.
A trend trader must never ignore "part booking", "trailing" and "re-entering". Repeat these again and again but this insanity produces desirable results.
.............................................................................................................
Prices after a huge gap up showed the first weakness with a retrace of more than 1.3% and then below "6352", the first set of 5 sub-waves low.....
A distinctive 3 wave fall was completed at 7131, the confirmation for the same would come only if prices breach 7352. If prices make another low without breaching "7352", it would become a "5 wave fall" following which 80% would become relevant.
There are two scenarios labelled in the chart. Hence, 7102 and 6992 are critical supports to hold initially as per the first scenario..
Prices would reveal how they are going to discount the future..

43 comments:

marina s rao said...

GM Master & Blogmates.

Wish all Peace & Profit.

San said...

Good Morning Ilango Sir and Friends

CNX IT Trend update: CLICK Here

NEVER GIVE UP said...

Good Morning Sir & All Friends.

Prabhanshu Raman said...

GM Sir and Friends
Chart analysis on Rcom, idfc, ts, airtel, bhel : click here

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

amber said...

Guru ji charan vandan and everyone good morning

Suraj said...

Good Morning Ilango Sir and Friends

anmpatel said...

@master
good morning

todays HA open value is 7185.

is "7266" has any relevance now? thanks.

sometimesbullsometimesbear said...

Gm everybody....

@Anandha said...

Bcz there are ppl who gain 5 lakhs - 50K a day from market purely in options intra day trading.

Anandha buddy...looks like u missed a couple of zeros there.....:):)....LOL...:):)

Hv a great trading day....:)

salildali said...

@ sir,
Please mention Type of account as current account in Contribute section.

SKS said...

@ Illango Sir

Should'nt it be 7352 instead of 6352

POWERTRADE said...

Good Morning Sir and Warriors

anmpatel said...

@Master
one more Q.
long time back we discussed to increase filter for JNSAR if nifty trade beyond 6500...so now should we increase to 25 or 30....or just 20 is ok?
thanks.

POWERTRADE said...

SKS its implied :)

Ilango said...

A distinctive 3 wave fall was completed at 6131, the confirmation for the same would come only if prices breach 6352. If prices make another low without breaching "6352", it would become a "5 wave fall" following which 80% would become relevant.

Should be read as,

A distinctive 3 wave fall was completed at 7131, the confirmation for the same would come only if prices breach 7352. If prices make another low without breaching "7352", it would become a "5 wave fall" following which 80% would become relevant.

Still not getting used to 7XXX ???

Rasendra Zala said...

Good Morning to Ilango Sir and Friends.

Ilango said...

@ salildali ,

Savings account.

Ilango said...

@ anmpatel ,

We'll have to test the new waters few times before confirming a filter. Presently, we'll look out for any critical number is close to JNSAR when prices get close.

Hemanth said...

SIr developing Day High EMEA Pls..?

shriram said...

GM Master & JN Family,

have a gr8 trading day !

Ilango said...

Intraday weak below "6241".

Bharat Kumar said...

@ Chetna - Your views on RCOM pls!

Ilango said...

Intraday weak "if held below 6266-80".

satheesh said...

Sir - Intraday weak below -7241??? :) :)

POWERTRADE said...

fRIENDS

itS IMPLIED 6 MEANS 7 NOW

shankerlal0007 said...

llango sir, intraday weak "6266-80" ya "7266-80"

anand said...

Good Morning Sir,
On 5 minutes still look like a 4th wave from top going on and a 5th might happen?
Sold on Rise at open ?

a re-entry after gap filing will be possible?

Ilango said...

@ POWERTRADE,

Since 16th, we have to "modi"fy everything literally.

Ilango said...

@ shankerlal0007,

It is "7266-80".

Ilango said...

@ satheesh,

How has been your recent experience with the "Lead Tata Motors".

POWERTRADE said...

@ILANGO Sir,

Things have lot MODI fied now :)

prakashbkc said...

GM Master ,

Is it weak below 7241 OR 7266?

anmpatel said...

@master
can we label 'a' done at 7131 from the high..
"b" done at 7290..
and c from todays high...?thanks.

DN Shukla said...

Good Mng Sir and Friends.

POWERTRADE said...

Macro planning is handled by JNSAR

Micro planning has to be done by ones own little study and intution

satheesh said...

Sir,

In Weekly charts (Linear) it has given a clear breakout - now a little pull back - channel resistance near 470-475
As per Weekly Log charts - medium term Trendline has formed a strong resistance at 465.

As per day charts - holding 5DMA @ 443-442 - upmove continues within the Channel.



Ilango said...

@ anmpatel,

Anand looks at it as a 5th wave down from 7564.

You could view it as abc-x-and the next "abc" starting...

All these and more are possible. Only the "negation numbers for each can confirm or invalidate each scenario".

GANESH said...

GM Sir.... , Any chance that 4 up of C down is going ... and then we can have 5 or ED for C ?

POWERTRADE said...

Looks like Market is gearing up to break the lows of 16th today

Manish said...

GM master and all friends...

manas trivedi said...

VIX still decresing with decline in price, what it suggests?

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