Friday, March 21, 2014

Nifty pushed to the bottom of the channel, saved by week TA..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Prices have held 6470-77 zone, channel bottom/ Falling wedge bottom.
While doing so, the channel has been broken briefly as in a 4th wave.
Now, prices must confirm by moving past 6504 initially and then 6524 while holding critical retrace for the rise from 6473.
When prices break & stay below 6458, it would then be considered a 5-wave done at 6575 and not until then.
Traders, often, debate about the efficiency of one study over the other- the perils of comparisons and the destructive habit of fault finding. We are here for making money by using effective tools.
The positive and constructive approach would be to use these tools appropriately at the correct junctures and leave them to be. They are there for a particular use and not for debate.
We continue to share our observations, findings, etc., etc but the journey of trading is lonesome. And if you are comfortable with being yourself, then it isn't lonely any more but rewarding.