Nifty, after a close below DLEma, failed to follow up and closed above DLEma and thus got back into the "Trading mode"...
FII's have started to buy again, after 3 days of selling- a consolidation within the major uptrend.
Prices, in the short term, have closed below the two key ST averages. (As long as prices close below these, technicals remain weak; only a close/sustaining above it would reverse the ST trend)
The ST direction is "biased DOWN", as long as prices stay below 7721 & close below these two key averages (21 or 34 hr smas).
The strategy that has worked consistently well with low risk-high reward ratio is "Initiating a trade at 50%-61.8% retrace with 80% as SL". Adapt to it.
Aggressively Holding below 7697(DEma), Conservatively Holding below 7715(34 Hr Sma), downtrend continues....
Aggressively Holding above 7657(DLEma), mild strength possible....
EW: In the ST, two scenarios seen:
Holding the retrace(7659) of last rise from 7636, new upmove unfolds, supported by OS day;
OR
Holding below 7721, prices resume the downmove.
12 comments:
Namaste Ilango Sir and blog friends
LV
GM Sir and Friends. Watch out for +ww trade today
Shri....where are you man??
Good morning ilango sir and blogmates
Prabhanshu,
I missed probably ur WW.
What's the trigger point?
Thanks and regards
Sir, do we need to see retrace for the rise from 7636 to 7714 (instead of 7695)?
@SJK:
Prabhanshu Raman said...
Another bullish pattern in making in nifty. If close is above 7701 for 2 15mins..then +ww will trigger with 1-4 tgt line at 7850+
August 5, 2014 at 12:23 AM
Thanks Prabhanshu.
7675 7666 ... is 50%-61.8% retrace of the last rise from …… 7636 to 7714
80% is - 7652
If strength to return again, it should be around 7675 7666
Weakness gets confirmed Below 7666 OR 7652
good morning illango sir & blog mets
Good Morning Ilango Sir and Friends
New Post Done.
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