Wednesday, October 1, 2014

Prices, having closed below month pivot, set the stage for "range bound market" for awhile...

Approach the market with a "Prime study" of your choice.
Understand it better by using "Secondary studies", preferably 2 or 3 to the maximum.
Wait patiently for these studies to align better, if not the best, and then make your trading plan.
Always, weigh your risk reward considering all the time frames, giving more weightage to higher t/f and choose a reasonable level to initiate a trade using the lower t/f's volatility.
When you initiate your trade based this way, there will be tremendous level of discomfort as your secondary studies would not be confirming and the counter trend moves are swift & powerful to unsettle even the experienced.- The uncomfortable trade yesterday would have rewarded the believers of trend.
Prices continue to close between HEma & LEma but owing to "downtrend", the highs are not sustainable.
Downtrend in week/ Day T/f does not have momentum besides having "month in uptrend" makes the prices correct in stages. There will be sharp falls followed by corrective rises.
As the chart below suggests, prices are most likely to reach the channel bottom as long as they are kept below "8040 & 8100".
For more weakness to manifest, Hour technicals should gather downward momentum & break "day Channel bottom".

21 comments:

anmpatel said...

Aaila master where is the TT?

good morning

please post it.

thanks.

Sonu said...

GM Master and All!

marina s rao said...

Namasthe Master & Blogmates.

Wish all Long life, Good Health, Peace & Wealth.

vksoni said...

Good morning ilango sir and blogmates...

Ilango said...

@ anmpatel,

"TT" is available in EOD post.

Guru Krish (Trading Nirvana) said...

Good Morning Master and JN family... have a great day..

Master, hearty welcome to our new companion.

Shriram -- Many many happy returns of the day..

Parminder said...

Master ilango and friends,
Good morning to all
Regards

Ilango said...

"8031 to 7924" fall of yesterday was of 5 waves...The retracement of the same is "Critical".

venkatapathy l said...

Namaste Ilango Sir an blog friends

LV

anmpatel said...

@master
ok. so now developing day jnsar will not available? also the hrly jnsar?

Ilango said...

@ anmpatel ,

I'll update minimum one "Intraday update" for those who want to know the "developing next day's JNSAR".

21 & 34 Hr smas have been proved to be quite efficient to manage intraday trades.. One can get them from "JustNifty TA" file.

Whenever time permits, I'll do full six updates.

anmpatel said...

@master
ok...ok...no worry..
take good care of your self.
thanks,

marina s rao said...

Master,

What about Trade Table ? Is it discontinued ?

Ganesh IC said...

Good Morning Sir & JN Family

vksoni said...

marina s rao,
support resistance level available in hour s macd chart..

Ilango said...

@ marina s rao,

The "aggressive trade levels" from "Trade Table" is posted on the chart. The remaining will not be missed.

But you gain a lot from the "new stuff".....quite practical..Keep watching for those "beautiful trade set ups" to emerge to initiate trades..

Day Rsi chart shows a tendency to break down....Hour rsi yet to break down and when that happens.....patience..

marina s rao said...

Master,

ThanQ for prompt reply.

marina s rao said...

@ vksoni,

ThanQ.

I see Aggressive Trade levels for the Day as : 7842-7935-48--7975--7993-8010-8050.

Am i correct ?

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