Nifty's weekly trend asserted when it mattered the most.

To the disciplined follower of TA+EW,
a classic wave completion in its most imperfect form(iind wave & start of iiird) and
a trend assertion when it was time(Just turned down week trend asserting itself in the next week end).
Four days of upmove was seen because of oversold Day & Hour TA but the larger trend which had turned down on 24th May, asserted itself when the next week's close approached...today.
That is also termed as Rhythmic following of the markets using combination of studies.
When in doubt, stay out;
But When sure, .........act without fear.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

HEma res. of Day & Week are @ 6131-63.
Intraday weakness below 6111 & more below 6089.
6047-55-DLEma/MHEma/last pivot low is the last support.
EW suggests of correction continuing if kept below 6138.
TA of Hour would lead the way if weakness is to emerge and week TA to assert down.
A month close above 6048 could have larger change in technical set up.

Nifty ends the settlement rising above "all high emas".

rj said...
expiry @ 6123.....Dhema + 20 points & above whema as well.......
May 30, 2013 at 2:20 PM.
Congratulations to a technical & TT follower. Discipline pays.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Sell on rises signal from Day T/F has DHEma+20 @ 6124+20=6124-44.
Sell on rises signal from Week T/F has WHEma+20 @ 6123+40=6121-63.
Supports have risen to 6070-80 below which 6048, MHEma.
VIX range for the day @ 6047 to 6161.
Has the "b" done or still in progress will be known by the price action of the morning session.

Nifty's weakness generates a "sell on rises" again after few days of "bounce"...

Continue your studies to find the crucial Supports and Resistances everyday, no matter how much "losers" discourage you saying, "it is not possible".
My critic, one who deserve to be a critic, in his full time trading days, would be "best prepared with his choice of 20scrips' buy levels if in buy mode & sell levels if in sell mode and would key in the order for 1 share each of those 20 scrips @ market open . The moment first 4 scrips' levels get triggered, he'll buy or sell those scrips in equal measure(money management) and remove the remaining orders of the remaining 16 scrips.
He'll then key in his target rates, stop loss rates and sit back. As the prices move in his favour, he'll raise the stop number and at appropriate target levels, the trade gets triggered. He'll not change the targets even if the prices look good for more. He'll also exit from those trades if the prices do not unfold as planned.
I say this to encourage you to do the hard work;
I say this to motivate you to make your trading plans;
I say this to inspire you to make those trade entries;
I say this to guide you in the right path.
I say here, in this blog, only what is possible....if you believe & act.
This world is full of nay-sayers whose presence has done no good to anyone. The weeds, no matter how many times you remove, will keep coming back.....and we keep weeding them out consistently. There is no other way...
Thirudana paarthu thirundhavittaal thiruttai olikka mudiyaadu.
Unfortunately, people in the guise of good samaritans do more harm than good. They aren't doers.

 

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Nifty has retraced 61.8% of 6229-5937 fall @ 6118.
Strength above "6118" only... for 6138-50, another resistance zone..
2-3 Hours' lows @ 6089-80 would confirm weakness for 6055/6033 or lower.
Yesterday, the critical level 6044-55 held, the critical hour smas are rising towards it to make it much more relevant to watch out for.
Lack of participation in "Pre-Mkt analysis" would compel me to abandon my contributions.

Nifty, holding above the critical 6044-55, does a golden retrace & stops @ DHEma+20(6128)

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty followers of TA & TT would have trailed this upmove....

While growing up, our father always reprimand us when we stray and get into any fights with brothers,
"Un kundiya mattum paaruda....aduthavan kundiya paarkaathey"...
And the message is "mind your own business", that is the only way forward.

Nifty Pre-Market View.

Please write down your own "Pre-Market View" here which could be used to make a trading plan. And verify it at EOD.
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"6044-55" zone is a crucial support. For the immediate momentum to continue, prices should stay above 6070. Below 6044-55, 50%-61.8% retrace of current rise from 5937(Presently @ 6019-5999)
"6118-6130"-61.8% retrace & DHEma+20 for the day above which momentum would return.

Nifty, holding above 5958-67, crossing 6050, shows a strong "bounce"/ ST reversal...

Que: I am still not able to comprehend prolong sideways movement as consolidation or weakness and hence such pointed question.
Ans: Very valid question. Though I do not know what it is, I follow a simple method to follow:
Whether the prices are trending up or trending down in the short term?(since it is related to small swings & mostly to manage intraday trades.)
What is the sideways range being developed?
Once these two answers are ready, you trade the break-out or break down. Alternatively, you could make your trades closer to supports or resistances based on the trend in force in short term.
For eg:
For the day, the short term trend turned +ve with 10.00AM close.
The range developed was "6012-6034".
Either you trade the break-out @ 6034 or buy closer to 6012 considering the ST trend.

Why should we know whether the market will move 100+ higher or 100+ lower.
How many such predictions have made millionnaires?
EW possibilities are "always available in the charts - Hour/ day, etc". But for trading purposes, we go by a "preferred view till it remains in force" and once gets negated, we opt for "the alternative view".
TT offers its "latest signals to follow", a follower would have followed & reaped rich returns.
JNSAR trader would follow only the "JNSAR Number".
Each method has their entry/ exit/ target/ no target points to be followed.
Once you get "clear on these & believe in them", nothing should deter you in your path.
Market will take its own path....no one knows for sure especially in the short term. Even in medium term, the "inflection point" poses challenges. Nifty is in one such inflection point.
Hence, if you're beaten by the market, do not be harsh on yourself. But follow. By following, your path will merge with market's path in due course and gains will follow.

Pre-Market plan based on EW & TT worked just fine. There was a buy @ open holding above 5958-67 for the (iv) th "c" wave(Low made 5975) and a sell based on EW @ 6038-48 but TT did not show weakness at all and above 6050, the sell got negated for a larger retracing rise(High made 6100).

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Immediate resistances are 6013(38%) & 6026(21HrSma)above which 6039(DEma).
Below 5958-67(Intraday supports during the current bounce from 5937), it could move towards 5940 & lower to 5923/10.
Another low would complete a 5 dn from 6229 for a relief rally.
If 5937 is protected & it surpasses 6061(61.8%), it will take the form of a corrective.
"6050-61" is Wk.Pivot-61.8% above which strength.

For a richer life, stay still & calm...make it your "habit"...

John D. Rockefeller had a difficult childhood. His family bounced between poverty and comfort because his father was a con-artist. The elder Rockefeller traveled the countryside of upstate New York selling patent medicine which was often simply "snake-oil." The Rockefellers didn't exactly fit in where they lived in the small New York village.
Just like most small towns, everybody knew each other. Gossip and rumor spread like wildfire. And the village scorned Rockefeller's father who they correctly thought was a snake-oil salesman. Whispers followed the family, they were excluded from social life and young John could not help but hear the vicious things the villagers said about his family.

Nifty's weakness spread to week T/F with a firm close below WHema & WEma.

Nifty Intraday Update-III

Nifty Intraday Update-II