Friday, April 4, 2014

Nifty "pauses", confirmed by day TA..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

What is a "Roll over"?
And what does it do to your account?
What is the difference between "Marked to market" & "Margin money"?
And what is booking out loss or exiting a position?
What is an illusion?
What is "Hope"?
And what is "Acceptance"?
What it is to make trades based on merits and merits alone, removing the money aspect of it?
Make a credible statement based on these. Let it be a simple one taking into account all the above concerns.
I can write it. But it would be better if you apply your mind and put forth your thoughts incorporating all these points in a cohesive manner.
It would help traders having this illusion for very long time. Let us just simply break from this cancerous act.
EW: Prices did a 5 fall from 6777 to 6702, a 75 points of max. hour correction and did an irregular flat correction from then on with its "c" ending " 6746" @ 61.8%.
To continue the correction in the form of a zigzag, it should not cross 80% @ 6762 and start another 5 down. a=c would give us 6671(almost JNSAR/ Channel bottom) by which time hour could be oversold. a x 61.8% = c would give 6700.
To continue uptrend, prices must hold above 61.8%-80.0% retrace of the last rise from 6697 to 6746 @6716-6707. And 34 Hr sma is placed here.
Correction could be a single zigzag or a double and it will be known as the technicals unfold.
It is also possible that this fall is the start of a 5-wave of which 1 & 2 are completed and 3rd is underway.
Prices have closed below DHEma and it would go towards DLEma less 20 points in the coming days, provided key retracement of last fall is protected.
As a trend trader, you could look for new buying opportunities at critical retrace zones. OR
As a trader following new signals, look for selling opportunities for "intraday" based on ST signals.
The choice is yours, a choice that comes out based on your perspective and there comes the subjectivity.