Monday, May 19, 2014

Nifty, after the sharp profit booking, moves into a "pause mode"..

Nifty Intraday Update-III


Nifty Intraday Update-II


Nifty Intraday Update-I


Nifty Pre-Market View.

Remove the veil of ignorance....? Only you can do it.
Insanity...? doing the same thing over and over and expecting a different result.(when failure repeats).
A JNSAR trader/ EW trader/Technical trader would do the same thing over and over and find insane results....provided they maintain discipline & patience.
This patience is needed when prices exhibit high level of choppiness with in an acceptable range as per your study.
This discipline is needed when it breaches the range, to act.
Believe in something...and let go of your opinions and prejudices and learn to follow the things you believe in.
Life is flowing continually. No matter how many times you fall...fail, get up, dust yourself off, start again but stop the "insanity"..
Only you know the subtleties (sub-waves) of your actions. And if they are leading you in the wrong direction, you must sit back, take stock of your situation honestly and then go about changing those subtleties "consciously".
Markets are different all the time; hence, your methods/ systems should be able to accommodate the changes to stay relevant.
A trend trader must never ignore "part booking", "trailing" and "re-entering". Repeat these again and again but this insanity produces desirable results.
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Prices after a huge gap up showed the first weakness with a retrace of more than 1.3% and then below "6352", the first set of 5 sub-waves low.....
A distinctive 3 wave fall was completed at 7131, the confirmation for the same would come only if prices breach 7352. If prices make another low without breaching "7352", it would become a "5 wave fall" following which 80% would become relevant.
There are two scenarios labelled in the chart. Hence, 7102 and 6992 are critical supports to hold initially as per the first scenario..
Prices would reveal how they are going to discount the future..