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...
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Friends, we had a few whipsaws before the last JNSAR trade. How many of us have held onto the JNSAR long that was triggered last? Was there not a lot of bearish noise then? But if we are a trend follower, we follow the trend... and not listen to the voices. Did we hear the bearishness and not go long then? Are we now itching to go long? There is so much that can be learnt by keeping a small trading journal where we record our actions. Something that was suggest by DR sir. If I'm not wrong, we've locked in more than 250 pts atleast.. (I don't have my notebook handy so can't be sure on the exact number) this is much much more than what the SL had triggered with the whipsaws.
Like Ilango sir has said so many times... the problem is not with any system... the problem is with our mind... our ego. Remove the ego... do not apply our brains... and hear those jingles! Frankly speaking, my brain and ego would not have allowed me to go long at the last JNSAR trigger value and even if I had taken the long... the ego and brain would have again come to play and say -"ok, you've been lucky but lets close the long now with 100 or 150 points gain", even if JNSAR short has not triggered... this is also a flaw... and well, even if you have to close longs (part booking, taking profits off the table etc) keep atleast one lot open. Be with the trend and play till the end.
Follow and flourish...
For those of us who follow JNSAR, if we had not gone long last week, do not go long now... lets wait for the next JNSAR trigger. We've seen how rewarding a JNSAR trade can be... then why worry but rather be happy! :) Have a nice weekend friends!
Namaste Ilango Sir & Blogmates,
Bullish with Caution: Nifty for a change closed in the negative, but seems mostly like profit booking as the volume was too low in comparison to the up days and the OI table still seems in favour of the Bulls...: Option Analysis for 26-04-2013
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Thanks & Regards,
Sanjay Kr Jaiswal
@ prakashbkc
prakashbkc said...
Shrriram sir,
What does it mean "Entry always contra wen price comes near prev Higher t/f Hi / Lo EMA" in today's
market high , low ema?"
Ans: Since EW "FORM" of todays intra NS was a ZZ, we immediately calc tgts for the ZZ , C=0.618,1,1.382,1.618A
Since the "suspected" ZZ was developing on smaller t/f TA, logically it shud look for SUPPORT near 1 Degree Higher TA zone
those levels were
DHi: 5856
34EMA,30min : 5849-52
21Hr EMA : 5851
Gap zone: 5860-40
Here OI has to be monitored along with PCR to check if view is indeed right
So, once shorted @ say 5900 @ 2:00pm, ideal place to cover was 1 DEGREE Higher DHiEMA , i.e 5856
Hope this helps
rgds
Friday, April 26, 2013
Nifty Pre-Market View.
If highs @ open is restricted below 5930-45 & the channel gets broken @ 5880-75(approx), a big consolidation is likely; The second signal would be break of 61.8% of last rise from 5792 to new highs.
Trend followers would continue to hold their "Longs" as such minor falls would not alter the major trend and there are no weakness signs noticed in Day/ week/ month so far..
Major resistances lie @ 5945-5971.
Only a move past this zone can invalidate the "negative divergences" appearing in hour charts.
All conditions met...............Weakness !!!
dear ilango....
can we consider wave c 5477 as a start of wave 5?
what is the length of wave 3?
what is the correlation between wave 3 & 5?
please guide....
thanks
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