Friday, August 29, 2014

Happy Ganesh Chaturthi


Thursday, August 28, 2014

Nifty gets resisted at 7959-76 but holds the last rise retrace points..

Nifty Intraday Update-I

Nifty Pre-Market View.

Nifty, having rallied from 7862, has two options:
Continue the rally till 7959-76 and reverse as in "b". OR
Holding the last rise retrace from 7917, move higher as in "v th"

Wednesday, August 27, 2014

Nifty holds well above last rise retrace for a likely "decisive move"ahead of long weekend.

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

BN's chart shows a 4th wave done from 14709(Nifty's 7540) at 15503(Nifty's 7862)with a break of the Hour channel & reversing back into the channel. Hence, holding retrace point of the last rise from 7862 is critical for making a new high.
The fall from 7968 to 7862 is of 3 waves and hence, the retrace could be anything.
With the "Trend" intact and hour technicals completing their corrective move from OB to OS zone, prices may have resumed their uptrend.
Immediate resistance/ cluster points are 7925-29 and prices sustaining above it would bring the momentum.

Tuesday, August 26, 2014

Nifty, after a sell on rise mode, rose from opening lows, got sold to reach DLEma, as in trading mode, & closed firm.

BN's chart shows a 4th wave done from 14709(Nifty's 7540) with a break of the Hour channel & reversing back into the channel. Hence, holding retrace point of the last rise from 7862 is critical for making a new high.
The Bar chart shows prices closing at day's high while yesterdays bar shows closing at day's low. This suggests of a keen tussle.

Nifty Intraday Update-I

Thank you for your wishes and prayers.

Nifty Pre-Market View.

On completing the "Catch-up-with-averages", prices resumed their upmove but could only whipsaw the broadening top.
Prices managed to stay above "21/ 34hr smas" initially but fell down later and closed below 21 Hr sma but just above 34 Hrsma.
The -ve divergences in Hour technicals resulted in the sharp fall and have closed below DHEma. That is sell on rises...
If prices are able close above DLEma at EOD, trading mode continues.
If prices are able close above DHEma at EOD, trending mode resumes.
If prices are able close below DHEma at EOD, trading mode continues.
Once you start to see 3,4, (3), (4)'s, it is trading time..
Broadening top's resisting line coincides with 80% of the fall from 7968 to 7898 at 7954.
(My health is failing; my blogging will slow down - It is time for you to apply your first observations which is generally unadulterated to gain confidence..)

Monday, August 25, 2014

Nifty got resisted at "Broadening top" & has closed below DHEma.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Nifty has been pausing around the 7900 for three days - that is resistances established in the short term.
This has resulted in "Catch-up-with-averages" with the ST averages coming quite close to the prices.
Prices managed to stay above "21/ 34hr smas" so far though 21 has been breached once.
And Now, there are -ve divergences in Hour technicals.
If prices are able to sustain 7884-87 or 7870-74, upward momentum continues depending on EOD prices.
"Broadening Top" resistances is @ 7943 at open.
Once you start to see 3,4, (3), (4)'s, it is trading time..(Resistances established at 7920-29 and supports at 7846-56..)

Saturday, August 23, 2014

Share more of yourself by just "being yourself" in the "Stillness of mind"...

So many of us believe that we have to do something. We have to take action in order to make a difference in the world. We must have a higher purpose, a mission, a profound calling. And while action certainly has its place, it's really *how we are* in the world that makes the difference.
When you find peace within yourself, you become the kind of person who can live at peace with others.” ~ Peace Pilgrim.
Buddha was once travelling from one town to the other with some of his followers. While travelling, they happened to pass a lake.
They stopped a while and Buddha told one of his followers, “I am feeling thirsty. Please fetch me some water from that lake.”

Friday, August 22, 2014

Nifty is getting resisted at "Broadening Top" with yet another "pause"..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I


Nifty Pre-Market View.

Nifty has paused around the 7900 for two days on the back of overbought hour technicals. That is resistances established in the short term.-Yesterday, it got resisted around 7911(7920).
Now, we need to look out for possible supports. Prices, though breached the 21 hr sma, managed to close above "it" on the back of "avergaing".
Another reliable support is around the 34 hr sma +/-5pts.(34hrsma at 2.00PM when Nifty made a low of 7856 was 7851 which is 7851+5)
Another way of looking for support is whether DHEma less 20 or 30 points hold(It held in the region of DHEma less 20 or 30 which was 7881-20-30=7861-7851) but this must get completed in the opening session and buying interest should return in the second half, failing which there will be a likely "Sell on rises" signal emerging.(The low was made at 1.02PM and buying interest did emerge in the second half)
On the other hand, if the 1st session makes highs near resistances or new high, there could be "roll over" pressure....(1st session moved into resistances and roll over pressure was seen bringing the price down by 60+ points)
Once you start to see 3,4, (3), (4)'s, it is trading time..(Trading time - resistances to supports and supports towards resistances)
And this is called "only Ullu banoing..ullu banaoing.." 
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I have labelled yesterday's low of 7856 as "iv" tentatively, it could be 4 too. It depends on prices holding 7882 or 7872.
EW helps us to trail a position;
EW tells us if more price advances are likely;
EW is synonymous with channels and the channels help us to capture bulk of the prices.
There are no perfections in the market; Use your imagination to fit in the imperfections of the market into such anticipated perfections.
Above all, flow...& let your mind be like a mirror to reflect the price behaviour in the most objective way.
(This hour expanding triangle/ broadening top reminds us of the one in the Day T/F)

Thursday, August 21, 2014

Nifty, having averages finally caught up with prices, is set to make the next decisive move..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Nifty has paused around the 7900 for two days on the back of overbought hour technicals. That is resistances established in the short term.
Now, we need to look out for possible supports. Prices, though breached the 21 hr sma, managed to close above "it" on the back of "avergaing".
Another reliable support is around the 34 hr sma +/-5pts.
Another way of looking for support is whether DHEma less 20 or 30 points hold but this must get completed in the opening session and buying interest should return in the second half, failing which there will be a likely "Sell on rises" signal emerging.
On the other hand, if the 1st session makes highs near resistances or new high, there could be "roll over" pressure....
Once you start to see 3,4, (3), (4)'s, it is trading time..

Wednesday, August 20, 2014

Nifty continued with the "breather" for the avg-catch-up-act..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

The fall from 7841 to 7540 was a distinct 3-wave corrective and it is being followed by an impulsive upmove.
It was observed that above 7664-75, market could rally anywhere and it broke past the resisting trendline at 7675 and has climbed so far 250 points.
The reliable 9-Day rsi suggested of a reversal last week from its critical support and prices managed to hold well above 50 dsma.
There was also a fast rise set up noticed between 5 & 50 dsma &amp which has resulted in a sharp rise.
Strength continues above 7820, week pivot. Presently prices seem to move from the channel top to channel bottom..
Minor resistances are in the region of 7927-36 above which 8050-80 in the coming days, holding above 21 & 34 Hr Smas.
(Last rise retrace considered from 7817)

Tuesday, August 19, 2014

Nifty continues its sharp upmove at open and then takes a "breather" for the avg-catch-up-act..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Whenever I saw a footballer playing in the field or a basket ball player in the court or badminton player playing, the temptation to play like them was tremendous.
I would jump in and start to play with them and found myself lacking in co-ordination, stamina, technique, strategies and above all few tricks of the game that only comes from being exposed to the game regularly, sincerely and with full dedication.
Not giving up, I would spend hours, days, months & years to master the games. As I started to play each & every game, I would start to develop a strong liking to basket ball, Table tennis, Pole vault and concentrated on them and excelled, though I play other games & sports whenever time will permitted me.
When you come into trading arena, it is mesmerizing to watch the professionals execute trades effortlessly and seem to understand the market turns fairly well and getting a lot of admiration, adulation along the way.
You, in your enthusiasm and in earnest desire to duplicate their success, jump in to the world of "trading" just as I did..jumping into the playing field inexperienced.
I would have faced few ridicule or pushed away abruptly. But you'll lose your hard earned money which would otherwise have brought joy & growth to so many deserving people around you.
Spend hours, days, months & years to master this game of trading. Study. There are so many study materials available in this blog. Explore them. Apply them as in a test laboratory without employing your money. It requires tremendous amount of patience to hold back yourself from jumping into this mesmerizing world of trading where only "success stories" are talked about.
Gaining knowledge brings you only half way or I would say to the starting block. To select & execute your trades, use your head. Once executed, keep the "brains" out and follow your trading plan.
Do it with small amount and grow in confidence.
Why study so much when there is mechanical trading available? If you have an in-built discipline as that of a Military man, you will follow those simple rules. If not, you need to study to understand the markets and find , during the course of your experience, that mechanical trading with a bit of input from our Applied TA/ Tech.table is all that is required to win in this market consistently.
For those intelligent people who can excel in technical studies, to win consistently, make "part-booking" a part of your strategy and hold the remaining till a valid target is met or a trailing number is stopped out. Having spent many years in the market, I do not know where the market is headed for "sure" but that does not stop me from "Applying my knowledge for a credible & objective plan" to follow.
You'll find some of those strategies in the labels section.
I used to be excited about "where the market will go" & share it with one & all but years of hits & hits sobered me to be an objective individual.
There is money in the market to be mined regularly if you apply yourself, keep the patience at all times which takes care of greed & fear emotions as well as finding those high probability trade set ups and "act when you must".
Get rich slowly & quietly.

Monday, August 18, 2014

Nifty, having set the stage for a sharp rise with a +ve bias, rewarded the "followers/ believers"...

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Write a Pre-Market commentary based on your observations:
If our consciousness can be like a mirror, then the trading life will have a different flavour.
If our mind is like a plain mirror, then we would reflect only on the price behaviour of the index/ stock.
We would not look into every possible interpretation of the price, and create scenarios where none exist!

Friday, August 15, 2014

If only our mind is like a plain mirror....

"I do not wish to work under someone. I want to run my own business. For that, I need capital and experience. So I am working as a sales representative in an organization. But in this profession, I have to go from house to house; organization to organization. In order to meet a person, I have to wait for hours together. Even to get an appointment to see someone, I have to visit the place several times.
Many look down upon me as a 'nuisance' and treat me so. Because of this, my self-esteem has suffered severe blows. Sometimes I feel why at all should I get into any business. Why can't I get employed as a clerk in a company?" - A young man from Thanjavur, a temple town in the State of Tamil Nadu, once wrote to me like this.
Before attempting to answer his question, let us view an incident that took place in the life of Buddha.

Thursday, August 14, 2014

Nifty sets up a stage for a sharp price move with a +ve bias...

Nifty Intraday update-III

Nifty Intraday update-II

Nifty Intraday update-I

Nifty Pre-Market View.

The corrective fall from 7841 to 7540 showed a distinct 3-wave fall.
The fall from 7752 to 7540 was labelled with 5 sub-waves.
We, hence, looked for a retrace upto 7664-75, above which market could rally anywhere and it broke past the resisting trendline, again at 7675.
The reliable 9-Day rsi suggested of a reversal from its critical support which now depends on prices holding above 7631-40(50dsma) in the coming days. There is also a fast rise set up developing between 5 & 50 dsma.
Strength has returned with prices closing above 50 dsma @ 7631-40 and would continue staying above 7700, 2-Hour Low.  
Minor resistances are in the region of 7762-76, above which 7799-7809.
(Last rise retrace considered from 7699 after Nifty makes a newer high above 7757)

Wednesday, August 13, 2014

Happy Birthday to dear Gaureshji...

I wish you have a wonderful day and that the year ahead is filled with much love, 
many wonderful surprises and gives you lasting memories that you will cherish in all the days ahead. 
Happy Birthday, dear Gaureshji..