Friday, October 31, 2014

Nifty Intraday Update-I


33 comments:

anand said...

Good Morning Sir,
For Daily pivots, R3 at 8338 looks quite far. this also coincides with your top Resistance Level.
As per TA file calculations this is 8302. You may like to check it or this is R4 ? (if that exists!)

and again, your flexibility with waves labelling has been displayed today. We need to learn this true following of price. Jai ho.

Ilango said...

Opinionated traders will meet with pitfalls often.

If you try to catch the top & bottoms, you will meet with "missing the bus syndrome".

Learn to identify the direction, Trade the direction, Trade the points(merits) & not the money.

Follow the market with a "Trail" strategy except faced with a choppy pattern.

Remember to pay due respect to elders, experience....in markets, it is the "larger t/f".

Raghavendra said...

A small cluster resistance for the day is from 8242 ( Day R2 ) to 8253 ( Week R3 - if Diwali trade is considered as part of last week )

Bharat Kumar said...

@ Ilango Sir - By any chance, can we say that a rising wedge pattern is being formed in the weekly charts, with a Breakdown below 8150?

San said...

Good Morning Ilango Sir and Friends

Reliance Industries chart analysis: CLICK Here

Ilango said...

@ Bharat Kumar,

There is no rising wedge pattern visible in week or day charts.

Bharat Kumar said...

@ Ilango Sir - Ok. Thanks

Bharat Kumar said...

@ Ilango Sir - Just one more query, in the second chart, you have mentioned "x" some where around 8250. Is there still a possibility of an irregular 'B' being present there?

Ilango said...

@ Bharat Kumar ,

That is yesterday's EOD chart; ignore it.

As of yesterday's close, the high was 8182; hence, we retained "B"/ "X" wave. Now it is almost negated.

How far an "irregular B could go" is highly debateable; no rules but just too many guidelines.

The fact to remember is " once a 3 wave correction is completed, reverse to the "Trending direction" and later debate whenther "B" or "V".

anand said...

Sir
Am really Sorry for my pivot comment. Some confusion in the locked sheet. Cross checked with Pivot calculator and found R3 at 8338.
Sorry again.... for my blind eyes.

I am finding basic price levels / supprot-reisistances visible on charts more comfortable than multiple indicators (Will try to master them later when I grow up :-)

Thanks to you again for all the guidance.

Sanjay Jaiswal said...

Dear Ilango Sir & Blogmates,

OI Table Update at 11:00AM, Pivot-8172, R2-8286, R3-8400, VWAP-8271

Equally distributed addition for the time being with advantage to the PE writers as highest addition at 8200PE level, downside if any, seems limited…

Thanks & Regards

Ilango said...

@ anand,

What the locked sheet has is the "midpoint of R3" from Pivot calculator.

On quite impulsive days, I check from internet for the actual R3 and post it to prepare ourselves for higher target while trailing.

You have read it correctly; but I have more adoptable strategies.

Sonu said...

@Ilango Sir,
Is it time we expect some correction in price or time... PCR declining with rising prices.
http://www.niftytrader.in/nifty-intra-pcr/

anand said...

Thanks Sir..I am also keeping my own sheet for pivots with mid-points and other relevant numbers now.

Just training my eyes for Price Levels.
Now seems comfortably above day R2 lets see the Month and week close.

And Thanks for clarification. Other users of TA sheet would also take note.

Amit Agarwal said...

Tuesday, October 28, 2014
Overbought hour has commenced the corrections with a break below 2 - Hour low but held it above 2 - Day low..
FII's have sold in the 2nd half of September and prices came off the highs from 8180 & closed near the lows.
FII's have continuously sold in this month, barring one day(& 3 days of small buying) and if that trend continues, prices would close below last month's close (could even be the lows).
ST weakness would manifest, if prices are contained below 8060(8064 high) or 8090 and broke 2 hour lows @ 8015.
Presently, most t/f technicals are in uptrend except "Hour".
Day has reached OB zone; only EOD would confirm a reversal with a minimum close below DHEma.
Hour has reversed from OB zone and correcting...

First u sang dis song continously dat “prices would close below last month's close (could even be the lows)”,

wen ur followers lost hugely then now u r preaching :-

Ilango said...
Opinionated traders will meet with pitfalls often.

If you try to catch the top & bottoms, you will meet with "missing the bus syndrome".

Learn to identify the direction, Trade the direction, Trade the points(merits) & not the money.

Follow the market with a "Trail" strategy except faced with a choppy pattern.

Remember to pay due respect to elders, experience....in markets, it is the "larger t/f".
October 31, 2014 at 10:16 AM

wow ,wat a gr8 analyst of dis century...u deserve big applause...its gud dat u r not trading either at ur own...

Ilango said...

@ Sonu,

This is a speculative rise; excesses are likely. Trailing with 2 Hour low approx.

Big gains are made during such excesses; lots of patience is required to sit through.

Closer to "8300", one could do part booking.

Ilango said...

@ Amit Agarwal ,

Please read them again & again to understand the profound truth in them:

Overbought hour has commenced the corrections with a break below 2 - Hour low but held it above 2 - Day low..**Holding 2 day Low, uptrend has not reversed**

FII's have sold in the 2nd half of September and prices came off the highs from 8180 & closed near the lows.
FII's have continuously sold in this month, barring one day(& 3 days of small buying) and if that trend continues, prices would close below last month's close (could even be the lows).**FII's stopped selling from 20th Oct; I stated "If that trend of selling continues, then only prices would close below last month's close.**
ST weakness would manifest, if prices are contained below 8060(8064 high) or 8090 and broke 2 hour lows @ 8015.**Prices did not break the low-8015; prices surpassed 8090 **
Presently, most t/f technicals are in uptrend except "Hour".**When Hour TA reversed, it was pointed out with "Fast Rise" remarks & comments**
Day has reached OB zone; only EOD would confirm a reversal with a minimum close below DHEma.**EOD never closed below DHEma in which case, Longs continue.**
Hour has reversed from OB zone and correcting...**When Hour TA reversed, it was pointed out with "Fast Rise" remarks & comments**

First u sang dis song continously dat “prices would close below last month's close (could even be the lows)”, **I have sung only one song**

wen ur followers lost hugely then now u r preaching :-
**No one is my follower if he or she does not follow the prices or trail their positions**
===============================================
Making opinions before market reverses is what brings traders' down fall.

I hope this clears any doubts in readers mind.

Please come forward and state your predicaments while **following my blog.**

**I will stop it if it is of a distraction in your trading journey**

MUKESH KOTHARI said...

http://teachingsofmasters.wordpress.com/2013/07/06/osho-on-understanding-a-man-of-higher-consciousness/

anand said...

Nothing personal against anyone here....
But sad to see what people picks up from vast amount of knowledge/Information......I wonder if they take care to correct or criticse the predictions / advices about Nifty on innumerable posts and blogs on internet.

Sad.....
After a long time - someone was able to make Master reply to his frustration...and thus empathies with him in a way.
He must be happy now....! And we understand such frustration with markets.... We all go thru these phases in life and other journies...trading being one of the toughest since YOU ALONE are RESPONSIBLE for your Trades/Actions. (Just like if you are in a business, but expecting a salary income.....that won't work!)

Others still benefit from clarifications - which were not requried for the diligent - self learning students here...who are on "less words - more substance" mode here these days...

Some visitors have shifted to other methods/blogs who cannot learn here....cutting their losses! Still if we are hanging around, we must be "willing" to carry on the journey with the mentor....why else one would waste time of His Only ONE Life ...

Hope Master would not let one student stop the class..!! This has happened many times...and will not be the last.
Pardon me, if anyone feels offended .... My poor brains...! (using them even lesser now) ;-)

Cheers to all.!!

shriram said...

Gm master n jn family

Wot a fab rise.. missedit tho .. hv a gr 8 day !

gauresh59 said...

Today in most of the towns an event has been organised "Run for Unity"........being Sardar Jayanti today.....and market also run..........equally today........what a co-relation .........of the event.......!!!!!!!!!!!!!!

gauresh59 said...

http://youtu.be/iA_F2YNpm98

watch this clip.......... "Run for Unity"

mayank said...

Dear Sir and Blogmates

I think anybody following studies taught by you with discipline will be very happy and sitting on the right side of the market as soon as market reversed and infact never whipsawed this time around to keep any doubts .
1) JNSAR reversed to longs on 21.10.14
2) Nifty closing above DHEMA of 7907 on 21.10.14 at 7927.

So, there is no point making noises and diverting from what you have learnt .

Regards

Ashok said...

@sriram
i was expecting B WAVE and now it is new wave started(3of3 0f 5th).
next best step?
1)entry after correction to go long or
2)to short at topping pattern
your view please if any at present.

Guru Krish (Trading Nirvana) said...

Guys, please show gratitude... this is the place where lots and lots of new Traders have evolved ... they mite be silent (including me) but; please don't try to provoke them...

@master --- I am sure people who have learned here, would have read in the same line as you have written in Bold Letters ...

dv pandit said...

Master, please update 12pm chart.

Regard

anand said...

Mid point of day R2 and R3 at 8291 reached...Should hold 8260-70 to make to R3 on thsi impulsive day?
100 pts day as per pre-market is already done.

shriram said...

Ashok: classic Ta , asc.trig b.o pattern tgt is 8450-550 ns.

Sonu said...

Thanks master. Can this 2-hr rule be applied to stocks as well or only true for Nifty?

Sonu said...

@Shriram Sir,
Does this rise now look similar to last Sept?

Sanjay Jaiswal said...

Dear Ilango Sir & Blogmates,

OI Table Update at 11:00AM, Pivot-8172, R2-8286, R3-8400, VWAP-8291

The 8200-8300PE writers making sure that any fall if comes will be absorbed with ease, resistance building up around 8300-8500 level…

Thanks & Regards

I Trade 4 Profit Daily said...

Just wanted to humbly accept one of the things that I learned here and here only.

Noting various WW experts over here and their observations and accuracy, I tried to pick up one for myself and could identify a point 5 of a +WW on the daily chart on 16th Oct at the low of 7730. The next day when Nifty made a slightly lower low and surpassed 7730 on the upside, the +WW triggered for me. I went long on call options with a investment of 6000 and a 20 point stop loss.

The targets were around 8240 within next 10 trading sessions. We had only 8 till expiry by then.

That 6000 investment turned into a whopping 26000 yesterday on expiry.

Where else would I have been able to pick up this trick of the trade than on this blog?

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