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 ... -
Will not be available to intra update . Suggest one of our readers to update on DHEma-HHEma-HCEma & HLEma for possible support points fo...
72 comments:
Thanks cooldent and piyush for the explanation. So in summary what I understand is that I should be long at 5880 NS. and keep SL at 5860 for tomorrow if I use 20 points as filter. Now if SL hit then instead of reversing just wait for the jnsar to hit for the next short trade. Pls correct me if I am wrong.
Good Morning Sir and Warriors
SIR ANY COMMENTS ON BANK NIFTY
debdeep a 20 point sl for today i dont know buy today eod
sir will give tomm jnsar use a filter in that to
reverse tomm as sir mentioned it will be approx 5862
so use a 20 point filter with it say 5840 for the first day
ie tomm. then let it ride without filters
@ Vikas,
It is updated this morning. I don't do intra updates other than Nifty with other commitments.
@ Vikas,
BN faces resistances @ 12150-12200 area in the short term. It is the earlier supports acting as resistances now.
GM everyone!!!
I have downloaded the Nifty TA, a lovely peice of work, though am not able to update it. Can anyone suggest how to do it. On first opening it shows links not found.
Thanks for the help ji
@san,
Good analysis. Thanks
You can not visit this space after abusing my readers.
ok piyush. So for today I am keeping SL at 5880-20=5860. And will not reverse there if SL hit. But then if nifty keep falling where to reverse today?
Thanks golfdude
@Debdeep
http://tradeinniftyonly.blogspot.com/2010/09/jnsar-stop-and-reverse-trading-method.html
Thank you Sir
@ Debdeep,
The principle that I have adopted for JNSAR is:
1. Initiate a new trade on the first triggering of JNSAR.
2. This trade should not be reversed on the same day. However, if the individual wishes to protect himself, he may keep a Sl of 20-30 points as per his wish.
3. On the 2nd & 3rd day, keep a 0.3% as an added filter to give the trade a surviving chance.
4. Always take a min. of 2 lots on triggering and book profits on the 1st lot 50 to 100 points as the case may be to make it easier to hold the 2nd lot and to mitigate the whipsaws effects.
debdeep,
what i am saying is that jnsar is with the trend
usually big falls happen when trend turns negative.
20 point sl is less and might give whipsaws .
sir is always there to alert. if u ask me i'll keep a deeper sl
than 20 points
@prashant shah
JSK Prashant bhai and Bhavan
@Rajgopal Sir,
UCO on fire watch for chambal 110 call and nagarf 40 call
GM All,
Future premium is reducing!what does it indicate any idea?
Thanks Ilango Sir for the details. It's clear now. Thanks piyush for your effort. Thanks u.k.Raj for the link.
Ilango ji, market not too choppy..could this be the
fifth of fifth wave targetting 6200 plus?
Sir,
I would like to tell my experience with JNSAR, particularly BN JANSAR.
My experience with that is, we can have some buffer points. But always stay towards JNSAR while closing. No need to avoid trade if JNSAR hit happens more than 2 times in day
Hi PT and Friends - JSK. I am out of Equity. Taken over by a team mate. I will pass on your kind spottings.
(Sticking to Mother,Son,Gold,Silver and Crude). (I am growing mummy....)
==
Will give one ear to know the first back which got the whip Sir.Wish it is the "Spot" of bother.
JSK
@ babu,
a lot of time we dont get a chance. this is nifty i am talking
abt, bnf is much more wild. like 6225 short was touched
once, retouched after 4-5 min the the level was never touched.
@Prashant be patient with your NTPC yesterday also heavy buying in energy stocks check REC and BGR .This will give you real money next year.Sir no takiya kalaam be rich slowly
@ Illango Sirji
Couldnt understand the figures....please guide
"As the JNSAR for yesterday was 5468 and the previous trade taken was a sell @ 5483 on 25.08.10, the moment Nifty breached 5468 yesterday, you close out your earlier short and take a long position in minimum 2 lots - Stop and reverse (SAR)".
sorry in failing to understand & thanks for your effort & time
@RG metals look strong and that will reflect on our stocks like Tisco sterlite Hindalco etal
@Debdeep are you trading according to JNSAR for the first time
@piyush
what ever you are telling that case is more easy. Coz always you will be towards JNSAR only. I am telling about wild moves near JNSAR either NIFTY or BN
@ Avinash,
If it is the dreaded 3rd wave, then it should not cross 6020.
If it is a larger 2nd/ b wave, the retracement should restrict to a normal 6015 or 6091.
Beyond 6100, we may consider the possibility of 5th.
In all these cases, we know the short term direction is UP and that is all I take from EW/ TA combo.
Another clue one could find is the retracement to this rise, whenever that materialises: how much it falls and holds will have upside possibilities.
Hi Bhavan. The next link of the chain is if TISCO is up, market is up.
@Debdeep please ignore i wanted to explain you how to trade on JNSAR but had earlier missed sir's explanation on it
@RG
I have been following Tisco since two days and had asked u on the unusual vol. day before yesterday early in the day think smart money bought it
@ SAZ,
For settlement: I go by Critic's mantra which is "Whoever is in pain, market will make it more miserable for them" - Accordingly, the longs are in big pain and there could be only unwinding.
That's thought applied yesterday in my Silver Trading yesterday on settlement and what a profit I have earned I can't tell.
In Silver shorts are in Big pain due to big rise in Silver in last two months and yesterday Silver move 1500+ just against short trade.
Thanks to Ilango Sir for such a Good thought shared by you.
Anybody not on this Blog is definitely missing everything about trading.
Thanks Sir
@Pawan thanks for remind the critics view because we tend to miss many things as we run a lot daily
ok babu
Sir
thanks for giving the expected target
Oh PJ: I completely missed this angle. Went Long against conviction. Thank you for emphasising.
Good morning Ilango sir and all,
Sir, the 38.2% retracement for the fall from 6335 to 5690 comes to 5936 NS. So can we expect some resistance at these levels? Can we part book longs created earlier ar 5840?
@ Rajagopal,
Explaining is finding "No Takers".
Stockmarket.com doesn't understand our language.
I feel grateful that I have so many to share and they have given me so much respect.
They are under the impression that they are blessed.
But I feel I am so much blessed to have them in my life.
Nimesh bhai Jsk:) aaje late ?
Bhavan Jsk
Got it Ilango sirji,
:-))))
The price had gone below 5468 and then reversed up again breaching 5468....
You are a great teacher..
Thanks once again
Sir, Very nice competition on who is "blessed". You will remember only two had felt that way - both Ram and his Hanuman(s).
This spirit will defeat many .COMs.
@ Rajagopal,
How are you managing the "Wild commodity moves"..? BN experience might help, I guess.
Ha ha. Sir. Even you have not realised the value of the "(SAR)Amrut" you have created. I am utterly tamed by my second teacher (I shared in mail).
good morning friends...i think...nifty is trading at important level of 5930 which acted as support for 3 times earlier, so it could be a good resistance zone...upside breaking this zone will trigger the price upto 6030-6040 or downside breaking this zone will drag the price upto 5860 to 5770..so we should look at it closely...but i personally feel 6030 should be the target for this upward momentum
Above Cam H4 Level 5930.84 NS.. and Gann 0.5 5939.52 NS, If breaks out can move higher..
@All
IDBI is a good bet for target of 180
@satheesh.
Sirs words. Part booking makes you wealthy :)
but a downward sustaining drag below 5920 can take nifty to 5890 to 5860..
rg sir ,
the wilder the commodity gets the better it is for
sar traders. though i never traded commodity.
PS: I promise. You are fit for and will LOVE it. Start with Crude and Gold (stick to it). The day you declare that you are in Comm will be a very happy day for me.
i think risky trader can take a risk of at 5927 ns for the target of 5890..
38.2% retracement of the fall from 6337 to 5690 is 5937,
attempting a short here for 5874 (23.6% of rise from 5690 to 5937)
rg sir ,
let me gain some confidence in nifty. even i wud
love to join but i want to make some money here first
and see that i can. still i have the problem of analysing
something correctly and trading something else and losing
money
@ smokin - hope u got double top + 10 points grace??
An alternate EW count for thought:
The downside correction could have ended at 5768. So far looks impulsive. Needs to stay above 5840 levels to confirm.
All the Best PS. When trades based on educated reasoning fails, we don't suffer Loss, just pay our tution fee. You will be a WINNER. That mad jungle just needs a patient hunter to catch the golden deer.
@Sujatha ji,
Could you please explain then double top and +10 point gain phenomna.
Thanks for your time.
regards
@Sujatha ji
sorry +10 point grace
@ Rajagopal,
yes, inspiring from you,and after gaining from SAR trading system of Gauresh in equities, even I have started to trade little little in commodity as per the SAR values given by gauresh for commodities in his blog and benefitted to some extent.
@Sujatha : GM.What's your trading level for today seeing that NS couldn't b able to break 5930?
thanks rg sir,
NEW POST DONE.
arpitg345 : Yes. Gauresh is doing great service. I visited his site based on his mail. But found it difficult to post (a thank you atleast).
@arpit if u apply j10 sar of sir which is 10 ema,
that will also work excellently. u can backtest it over
the data u want
Sir,
the Hr14RSI has turned down.
hi@ all...i am new to this blog...watching it
for the past 1 week..all of u r doing a gr8 job...
hope to benefit from here
NIFTY SPOT CLOSING ABOVE 5920 IS GOOD FOR LONGS
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