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...
41 comments:
@ bizagra,
If you are right, prices would confirm it.
5222-24-21 hr sma.
ns is trading in upsloping chanell but 200ma in 5 min
charts is sloping downwards
manytimes have seen that this becomes a setup for a
fast fall
no rules just small observation
near 5.88 lakhs unwinding in 5400pe??
is it just profit booking or big down move anticipated
@ Aly:
Thanks for ur insights, key is to Develop a Statistical Model based on the PRICE DATA
& work out Probability
A GOOD SYSTEM WILL ACCENTUATE TRADE PROBABILITY (% successful ENTRIES) & GIVE FAVOURABLE RISK -REWARD,
tats the learning for today :-)
@STOCK4SURE
u r talking abt this month 5400 PE, no premium left in that why would anybody write it..watch next series going buildup in 5300 PE...in 5400 PE march it is unwinding and shifting to different bases going on...
Triangle broken on the upside.... must cross 5235... Otherwise whipsaw??
IT index weak so possibility of bank nifty may show
upmove
again a new high on tata steel n LT :s
Tatasteel on a move.
Master, is it indicating something.
Regards
Tata steel is leading the way "UP" since morning.
@ shriram
yes but i think that you should remember that it is possible to develop a system which can give good risk reward ratio with high probablity of trades but it is not possible to develop a system which can give you 100% or even 90% / 80% results. because if that would have been the case, then a lot of people would have already developed it and would have been using it and then majority of people would gain. this is a contradiction becasue if everyone was to gain from market then who will lose??? and if nobody loses, then how will gainers get their gains
that is why i think it is more important to be DISCIPLINED rather than looking for a very good system and that is one of the best part about this blog. Though we have a system named JNSAR, people are free to follow their own systems but illangojis focus is always always on teaching discipline to his followers.
I am myself deficient in discipline (typical trader who keeps on piling loses but cash out at small gains :( )and trying to learn this aspect from illangoji as much as possible
In my view, this is what differentiate smart traders then people who keep on losing money in market
@ SJkolkata,
It is the "timing" that is difficult to pin down.
It has mostly led it.
Accordingly Nifty too could do it either today or tomorrow.(One day lag also noticed earlier)
An Hour close above HHEma would be 1st indication.
Today's spread has been quite thin - just 33 points. Nothing much could be read with this.
analyst saying ns may not break below 5200 on moneycontrol
hahaha.. ALY
Very true, that has been my story too :-D
Now I have a very funny self-psyching way to avoid it
Call it being ROBOTIC.. Whenever initiating a TRADE, I first dissolve the "ME" & place a 15 pts SL , NO MATTER WHAT !
And its helped tremendously ever since I have come across JN, all thanks to Illango ji :-)
@shriram (contd...)
and by the way you need to be only 50% right to make money in market provided you have Discipline (for e.g. if you have stop loss of 20 points but cash out at minimum gain of 50 then even if you are only 50% right, you still make money.
~ all this is easy to preach (which is what i am doing) and hard to follow (which is what i am trying to do)
80% of the fall from 5236.45 to 5209.2 is "5231", the intraday reversal point.
what is Tata steel jnsar? anybody? thanks.
454.48
@ shriram
yes i think that is the way to do it. being robotic, having a small stop loss. alll we need to do is identify a system, backtest for some time, find appropriate stop loss and expected rewards and mechenize our trading to it
wish you luck so that you are able to follow your system religiuosly
Tatasteel JNSAR: 454.48
bank nifty,It index and midcap inex all at res of
55ema in 5min charts
@ anmpatel,
For stock's JNSAR, refer Stock wealth
hello sir, simply marvelous. nifty returned from 5230-1.
sir, can you give some idea. how to use filter in stock for jnsar. same as nifty 0.2-0.3% or some other strategy? thank you sir.
@suresh
thanks.
@ anmpatel,
It'll not be proper to give a % off-handedly without me having studies them, practiced them.
I suggest you to choose few heavily traded stocks and observe how they fare closer to JNSAR and then arrive at a filter suitable to the stock.
Remember also, whipsaws could still come in despite a filter but they will be lesser with filter.
Myron Scholes- Who got Noble price for Black-Scholes model for pricing options, founded a company LTCM which used complex mathematical models to get best returns out of markets.
Eventually they made loss so miserably that FED had bailout $3 billion to avert a wider collapse.
Simple approach with discipline only brings fortune. Market is like spirituality where you learn to take control of internal to get result external.
I say this with conviction because am one among few who's making money consequently for at least a year, i could easily be disciplined because am doing meditation for a decade
@ilango
thank you sir.
Tata steel has triggered JNSAR.
Crorepati good feedback
yes master. three times. after first time triggered made high of 454.8 then back to 453.8 and now trading above 455
Bank nifty breached todays low..
Cam LL4 level held ... now moving up
a big down move ahead....corrections like these always move within FIBO bollinger bands...13 , 34 ...right now 13 period Bollinger band is wirking well....and the lower level is at 5165 in April futures contract ...we should be reaching there , most probably by Friday ...and that
means NS should touch 5110 area...these bands can move down a bit as we go down ...
@ crorepati
well said with right example
people who visit this blog come here for numbers and easy way to make money but dont realize that there is no easy way to make money.
I think illangojis most important teaching to his students is about Discipline only
FTSE & Hang Seng recovering.
After continue 5 trading day, making century (More than 100Pts swing) by NIFTY Bhai , today there is some tuk tuk , Half century made till now….lets hope …today no more four and six….
Observation: a-wave up move lasted for 44 trading days.
0.618x 44= 27
today is 25 the day of correction, so this b wave should end by friday.
C-wave should start from monday.
I know its a looney logic but worth considering to study fibbonacci.
If we consider avg 100 points movement possible for today..
then 5247-100=5147 (NF)
Lets see
New Post Done.
@Ilango Sir,
What would be SL for JNSAR for Stocks..??
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