Elliot's Impulse waves.(Part-5)
IMPULSE WAVES :- The Basics Waves that move the market in the direction of its main trend either up or down are called Impulse waves. 1....
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5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ... -
I 'll always be there for you. To make you feel that you're secured. And even if the rain is pouring hard and the sky is almost dark... -
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor...
90 comments:
@ power: Seems most people are buying OTM calls and puts for tomorrow. If lead indicator remains OB today, we could see downside instead of upside meaning QE2 may not happen.
dear prashant shah
i am also on your side (buying side) of ntpc
so no point debating each other
@Ilango Sir ,
is there any possibility of upper or lower circuit tomorrow
@ Rochak,
During "intraday trading" , especially in a sideways market, you pick up points and a SL should be kept well away from the day's low & Highs as markets often breach these extremes and continue to trade the ranges.
In a trending market, for eg: uptrending, if one plays for intraday shorts, the SL should be just above the recent pivot high and vice versa for downtrending.
For positional trades, SL is like a death row. Once a scrip breaches a certain pivot low in an uptrend, you keep it aside to exit during the subsequent "retracement rally".
However, if the same is happening in a higher time frame, do not hesitate to exit immediately...eg: 2008 highs and lows.(These are month/ week time frame)
One should adopt a flexible approach to these keeping in mind the kind of TA signals one gets. Each signal has its own strength and implications. Volume is another which should alert the changing winds.
dear PT
is there any such a bigger issue ??
i have seen fed remaining neutral on monetary sides earlier occassions .
BN running away towards 13K now.
@shrey ...
It is always that an overbought situation gets corrected with news flow and so and oversold condition also gets corrected with a new flow
But
Last year before the election results market was overbought and after the result a circuit on the upper side .. and market corrected the
OB situation on budget day
So signals are confusing in have booked my longs but didn't short any thing may be fear factor is playing out in Me.
@rochak.
I too confused so remaining neutral now
Any advice on BN? can it be shorted here?
@ Powertrade,
Overbought short term could give a sharp fall towards 6100 if world cues are negative but may continue up from such lows.
One could take some "hedges" ahead of such an event for their current longs based on current TA.
@Ilango sir
Thanks a lot
Pt: whew... thats scary... I am short..and then will be naked tom :p
Sir: Can it still happen that despite being so OB we go up tomorrow...Somehow, this last upmove seems like it went up without completing the correction and no impulse in it either...
Sir, just saw ur post. Thanks. What do shorties do? hedge on upside?
DineshKumar
I short nifty what is S/l
@Shrey
Thats the reason i am neutral ... Market gives enormous opportunities every day ...
@ power - me too only with small short closed my long in the morning itself :) as said by sir will buy if 6100 holds.
operator,
keep days high+15/20 for positional
ns 6213 is very good if ns tries to cross
then might pass the high of 6283
but now see seems difficult to cross in this leg
of upmove
Friends!
Nifty gapped up easily 6150 & holding well so closing above 6150-6165 will give huge strength to the market. We should not fear about the Fed result, prices will discount each & every thing. In my view every fall is a buying opportunity with hedging of proper buying of puts. As of now no euphoria, i think euphoria will be on listing of Coal India & Fed positive outcome and that will be best time of selling.
Dear @Powertrade, 2moro may be day of huge gap up as u expected few days back like 150-200 points.
KUMAR
@Sujatha
Very true ... Ther's alway's a tomorrow
any last hour dhamaka?
reliance 1065 imp.....if breaks then 1040/1032......or even below 1000
BN - crossed 12950. Time to short?
@ powertrade have we crossed previous high in BN?
todays rise is come with low volume
Bade bhai down but banking big daddy (SBI) is going up with his cousin (ICICI) and thats why Bank Nifty is on fire. Tatas also cheering so Nifty is in strong mode.
KUMAR
@ power - i said on friday nifty may see new high cross of oct high, but so early it will achieve?? what kumar says will happen??OOps.. but EOD should close below 6163 is -ve for bulls short term atleast.
not ruled out kumar if closing is good :P
Powertrade,
12950 is being held too so even though it is way over priced, is it a good time to short?
dow future is in RED
Dear Sujatha!
I m following bulls this time bcoz there grip & timing looking very strong, but i am fully hedged with puts to avoid any wrong footing.
KUMAR
Ilango sir, can we say now that we are resisted near 6175-6220?
So we can open near 6100 tomm(on overnight news) and make a high on Diwali day and reverse for c down??
FED cannot be indecisive.
It will pass on the problem to next generation so it has to release Q3(maybe a $Trillion)
That's why Aussies and Indians played defense.
SAR's are biased UP.
Fast rise setup in day(5,34 EMA) charts.
Already smart money accumulated at lower levels.
Higher Probability of a diwali blast
@ power: Hey, I don't think market was OB pre-election cause I remember buying calls since it was oversold in fact. Remember, the consensus then was the election result could be bad and it turned out the other way. Now, the consensus is that the FED will print more money. But it could turn out the other way.,
In any case,the positive news is partly in the price. So we should get a downside reaction tom. + mkt is extremely OB and -ve divergences continue. Atleast makes sense to buy puts.
haha...we are all confused.
Bought OTM calls and Put.
Reward-Maximum
Risk-2 days Theta.
:)
Ilango sir, plz give yr views. Wht possibility u see?
Thanks
Powertrade,
i think
we should get 6260 on futures before a substantial fall... same plays for for
ilango levels of 6220 spot nifty...
your call?
@ kumar - i got down from the long bus today boarded in "short term'bus :P
@ shreyu - what a thinking?? by the way let it close below 6163/6151 to @ EOD... sugar ghee to you :)
I fully agreed with kumar, bulls r holding mkt as off now, and only way they will surprise bears is gap up tomorrow, and closing above 6160 today, can create panic among shorters,
Disclaimer: long with Helmet(hedged) on...
Bought 6400 call : 6000 put (equivalent money)
Lets see...
Dear Sujatha!
U left long bus quickly & thats why u r always considered smartest traveller of this route(Blog). As of now there is no sell signal, except OB.
KUMAR
@Hitendra Daxit
Dont short BN now and if really you want to short the buy 12400 BN puts to be on the safer side ...
SBIN and ICICI are stealing the show and Mid cap banks like UCO ALBK are positive so dont short now
fast rise coming up?
@Ananyavrat
Ideally NF should have touched 6234-6260 levels ... But facing resistance ... Better to stay neutral or with hedge on both the sides
@ power, @ rochak,
Today ADAG scripts like Rcom, Rcap have been beaten up too much........why....? Is there any specific reasons for it...? What is the status for Rcom.....?
-arpitg345
@sujatha
True the friday blast worked excellent with almost 200 pts gain ....
Market is obsessed with an Hourly close of 6165-6168 whole day.
= = = =
3.00PM TT & Charts updated.
Arpit
Rpower looks promising as of now i have taken 170 Srike call target around 184 by nov end
Rcom will have to track
we willbreak the 6150 now
@Crorepathi
Thats the best strategy for tomorrow opening
but one bounce is still pending
Now critical position..
If break 6170 and trade below for 30 minutes, then probable fall start.
Be careful.
Regards.
Siddharth
sir
v r abv vah too
I am talking about Nifty future only.
Regards
Siddharth.
A very interesting fact that we all were waiting since last week to cross Nifty 6151, which was last week's high and when it crossed today...we are searching weakness or falls. Bulls are not giving any space to Bears to enter in danger zone of below 6150. Remember market made so many highs in Over Bought condition bcoz strong momentum can maintain OB market easily.
KUMAR
@ kumar - I am not the "smartest traveller" more smarts are here . i am nothing.. thing is trading short term watever it is first i will decide wat i want ,once i get it i am OK no hardfeelings whether if moves up another 200 pnts also :) now the same way, i hv some downside calculation, if i get it i will be out, will not hold :P
@ sujatha - yeah. 6100/6300 calls that day we discussed gave me good gains + nifty enough. now taking small risk from my profit
today added shorts at nf 6202..booked just at 6081..earlier carrying
@Sujata, PT: There it goes!
@ power - "The Power of Now" :)
@sujatha
You calculations have worked
Hoping for a close below 6133
Now i closed my intra puts and carrying "positional puts" finally "slight unusal wednesday" showed some downside
sir, the price action and the kind of movement does not suggest that it is
this is the third of 5, two probabilities are:
This is the B,
or the first of 5th has ended today at 6180, the move is now almost
230 points, so we may have a corrction upto 6100,the 23.6% retracement of the
recent move is 6121,
i prefer the second scenario, and think that we should now visit 6125, the overbought hour
now a bounce must come
before any further fall
sir can i carry my tata steel fut as it not close above 610
@ shreyu - ye trailer hai..picture abhi bakki hai??? let me wait for sir's NOTE
ilango,
I am buying nifty i think 6150 will hold on spot...
can we target 6220+?
Dear Sujatha!
Its ur generosity but we all know that u r smartest one, No risk no game. Dont be serious bcoz i like ur wonderful sense of humour for every occasion.
KUMAR
@ Sujata: i hope so... But even I didnt have the guts to hold my shorts except for my big loss making call option... I sure hope I get to cut my losses there.
people are just buying like there is no tomorrow
Ilango sir we all r waiting for yr final words today.
even 5 points dip in nifty is also bought into. amazing
BN vertical take off now.
carrying shorts taken at 6204, also one lot of nifty 6200 put bought at 121
one thought. if QE is less thann expected market will fall. and if it is more than expected than fund manger will think what fed knows that they dont know about how economy is growing so in both scenario market likely to fall.thats one view talk by amrican expert late night on cnbc
Nifty is closing above Week & Day High EMA and above Hourly low EMA, on technical basis it qualifies a buy with proper stop loss so best to hedge or buy Calls. Its a suggestion only, i am Biased bcoz i am Long.
KUMAR
BN - 40 points in last 8 minutes
Is it call false Breakdown ???
on sebi data FII NET BUY OF 5500 CR on november 1. is it true. where we can find this data??????????any body know. because this is closer to record inflow in one day
@Sujatha
can plse elaborate trin/adx
i will experiment on that
Regards
Siddharth.
Sir,
Can it cross the entire resistance zone in a gap up move tomorrow again?
Such a glorious year should generally have a "Buoyant Diwali" sentiments.
Waiting for a day more is prudent.
Ride the trend with small hedges if need be.
on sebi data FII NET BUY OF 5500 CR on november 1. is it true. where we can find this data??????????any body know. because this is closer to record inflow in one day
what a false breakdown ... everything recovered in last 10 minutes. Closes above 6160 easy.
Yes..Shreyunik.. It is possible.
@All
The master has given the verdict buoyant force always move the objects upwards
last tick in nifty of 10 point up
sir sorry for late coment.... i remembar nifty is arround 5000 and cement stock make new 52 week low and now cement stock r 52 week high similarly reliance was down to 985 and now 1080 so its good buy opperpunity with no SL THAT I UNDERSTAND IN SPECLIY NIFTY STOCK ONLY ONLY 1 OR 2 TIMW STUCK WITH NO SL LIKE SATYAM COMP ... THANXS
Bye Sir and Friends.
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