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....
-
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...
67 comments:
@master
pl check mail.
thanks.
@master
got the answer!! you are great!!
@ ak,
Stop this search for "Rules".
Make those rules which will discipline you.
All the rest are just guidelines only.
Use them, if you learn to "follow the prices".
By following, we understood the "pause" in downtrend in day T/F which is what is more relevant for traders in the short term.
By understanding the pause, we followed the prices from DLEma to DHEma while compiling ST support & resistances.
If you are still searching for trade set ups, you have either "non-belief-syndrome" or "more-learning-to-do".
Namaste Ilango Sir & JN Family.
Heartfelt Thanks for all your Blessings and Wishes.
its a buy above 5588 as per cam. not sell
Ilango said
@ shree,
Am I reading camarilla's wrongly ???
LL3 5588 Go Short Below These.
It did not work. It got stopped out.
HL3 5636 Go Long above these
Use camarilla levels but "do away with its rules".
Break the rule. Understand markets.
I think its like this......
when price goes below or above certain level and again crosses that level take entry......
L3 is long and H3 is short level....
it crossed 5588...low 5579.....again traded above L3...go long for tgt H3......H3 5636 hits....now if it goes down of 5636 then short with SL of H4 ...5660
See H4 is working
CORRECTED...
see H3 is working
Coincidentally.... weekly H3 is 5631
once taken entry.....ignore another ups and down of that particular point...L3/H3 whatever....keep sl and wait....in this H3 case..5636.. sl is 5660.....Now i will ignore ups and down from 5636......
Happy Birhtday to Gauresh Ji and Prabakar Rabindranath.
L3 is a long breakout, prices go down and break L3 on the way up - THEN you take a LONG. you don't go short on breaking L3 on the way down !
prices are rejecting around 5640 twice...or gathering strength???
JNSAR+kar aitbaar=dolat besumar....DRji abto aajao....
today's calculation of profit...
5888 to 5636=48 points......
suppose SL hit now on this H3 trade .....
5636 to 5660=24 points...still i will be with good amount @ EOD
one can mix it with HOURLY close.....to filter it that reduces against direction trade risk....
today's 10 am close is above HHEMA.........but margin is little...5630 & 5637....and new high is made after 10 so there will be little upward number on HHEMA @ 11 so we have to see this gap getting reducing or increasing to maintain this H3 trade.....
this is my strategy and gives results....
Following is the Excel Camrilla file that was sent to me.
Now it looks like the rules are different.
Camrilla Pivot Trading:
HL5 5700 Immediate upside target after Break Out
HL4 5660 Break Out on the Upper Side
HL3 5636 Go Long above these
LL3 5588 Go Short Below These
LL4 5564 Break dn on the Lower Side
LL5 5525 Immediate lower target after Break Out
one can mix it with HOURLY close to filter it, that reduces 'against direction trade' risk...
Master...
It is this way.....
Camrilla Pivot Trading:
HL5 5700 Immediate upside target after Break Out
HL4 5660 Break Out on the Upper Side (CORRECTED ..go long...)
HL3 5636 Go Long above these (CORRECTED ..go short...)
LL3 5588 Go Short Below These (CORRECTED ..go long...)
LL4 5564 Break dn on the Lower Side (CORRECTED ..go short...)
LL5 5525 Immediate lower target after Break Out
With so many rules governing these, the spirit of "Trading" is lost.
Traders end up picking up the crumbs, having the satisfaction of "standing by their study".
Again, break the rules. Follow the prices.
Had it hit 5564 today then it was short with SL of 5588....for tgt of L5 5525...
If it hits 5660..then its a SL of H3 short 5636 and then one should go long with sl 5636 for tgt of H5 5700.....
(both these scenario rarely happens.....as at those level it becomes OB/OS..in very very short term on intraday basis ....mostly it works in L3 nd H3.....BUT......at every level it gives few points at least....so @ H4 and L4 one can SCALP.....)
according to investopedia and chartschool,
master is absolutely right...so no more comment from followers...
i found if anybody is not follow system constantly and confidently no body can help u to make money...in this jungle.
Master no so many rules....
L3 and H3....long and short...with SL...next point...enough.....
one has to mix it with trend......
JNSAR ACTIVATED @5652?
Dear Illango,
Trying to understand.
As the market was hovering around 5626, you have suddenly become bullish. JNSAR has been revised to 5626. Index has also broken above yesterdays high.
Want to understand what made you change your mind?
Was it bounce from 34hr ema today ( & 21 hr ema yesterday). Also BN didnt go below its 3 days low?
~trying to understand the market
"5628" is the critical level for weakness now.(Also 14th JNSAR)
Why?
Prices moved up in 5 sub-waves from 5579 to 5640.25.(i)
Prices then had an irregular correction to 5627.80.(ii)
Aggressively you can choose to have 5634.(Also discussed in pre-mkt's WLEma.
Bit of resistance at 5672 of NF being Year VAH (Value Area High). Nifty spot likely to attempt 200 EMA Holding 5633.
@master
sir thanks for the reply
mind looks for rules thats the mistake
guess old habits die hard
will just follow .....
@ Aly,
I'm not bullish "suddenly".
I'm simply following the market, step by step by incorporating EW+TA+TT.
All the rest toe the line of above studies.
Master,
How bout A: 5488-5655 NS done now , as a 5fifer..
Is S.MACD on Hr saying so ?
5652 is also R1...need some more strength!!
Dear Illango,
Thanks for the response. of course, the price for last two days have been exhibiting a reversal possibility. I just wanted to know specific indicators which you have factored into your decision making
People are comfortable with "Programmed pizza" from fast food giant "Pizza Hut". (I was once a Manager of 8 Pizza Hut chain).
And sadly they miss the real taste of Pizza, originated & still practiced in Italy.
Our mind loves certainties, even though there is no certainty.
Though people say they believe in God, their actions are not of a believer. They are always afraid. Never letting go. You name it, they have it...all the actions of a non-believer.
In trading too, it is all there.
No understanding. No application. No true believing.
And still dime a dozen methods with its rules are being churned out.
Master and friends, Good morning. http://www.camarillaequation.com/trading-camarilla-equation.html
.....Market Open BETWEEN 'H3' and 'L3'
If the market opens BETWEEN the H3 and L3 levels, you must wait for price to approach either of these two levels. Whichever level it hits first gives you your first trade.
.......You need afair amount of experience for this style of trading. The opposite, of course applies if the LOWER L3 level is hit first - wait for it to come back up, then go LONG.
@ Aly,
Why you did not look at the "Only chart" I'm posting for the last 5 years.?????
Are you here?
"Lost"?????
NS...5592 to 5579 = 13 FALL
NS..5579 to 5641 = 62 RISE
NS..5641 to 5628 = 13 FALL
NS..5628 to 5652 = 24 RISE
Dear Ilango Sir & Blogmates,
OI Table Update at 11:00AM, Pivot-5616, S1-5574, R1-5664, VWAP-5638
PE writers are back with a bang and after many days PCR is above 1, Huge support developing around 5600 level for the day, Dips to be bought till we are above Weekly VAH….
Thanks & Regards
GM sir nd friends :)
MANY MANY HAPPY RETURNS OF THE DAY to Gaureshji and Prabakar ji.
ji pottu pottu - vadakku vasam veesudhappa :) :D
by the way - CAM smell romba thookala irukku pola?? "break the rule"??? adhukunne irukarava naan..viduvana sir??? anna abhimanyu madhiti mattikkama veliya vara theriyanum :)
have a good day to all.
this hour open-high same 5649.5???
MASTER......
Prices then had an irregular correction to 5627.80.(ii)
what does it mean exactly????
Thanks in advance
Dear Illango,
I have been looking at the chart for some time. However was a bit circumspect of taking position before JNSAR hit as this wave may be 3rd wave and 3rd are known to be really destructive esp. for the guys who are on the opposite side. But you have ventured and taken a position based on your knowledge of minute waves
That is one of the reason you are ILLANGO and I am still Aly :)
How to read volume profile charts
in 5min chart...8 candle retraced in just one candle.......!!!
@master
if a 5487-5644=157
b 5644-5579 then if a=c then c whould be 5579+157 around 5732...right?
5736..typo mistake.
Sir
Of the nos important now
5634 is the wlema
Underside level of tl joining lows from 5215
And the no 5676
A favourate no when we went down to the 54s
80% retrace is here
now next firing on 5674!!! rejected once!!
@ Aly,
You'll be "The Aly ", if you shed your hesitations & take the plunge "Following".
Every act has its uncertainties. A calculated approach reduces such uncertainties and "acting out" increases our confidence.
I was a small piece of wood in this ocean; carved out a small boat for myself. I'm only sharing my experiences here before my time runs out.
@anmpatel
It is also 1.61 time means 5830
Master,
Is it safe now to conclude that C.1 is complete and this is the C.2 in progress. Or do we wait for more confirmation (Breaking 5720 -5760
@prithvi
5830!!!
i dont know the rules....just learning...EW from master!! I am JNSAR follower and will book part at 50-100 points...
thanks for guidance..
St. Drive to 5750 on.. :-)
MASTER......
Prices then had an irregular correction to 5627.80.(ii)
what does it mean exactly???? especially irregular correction....
NF gap will be filled at 5695.55. 5701 is the next resistance Prev. Week VAL.
Master - followed your comments and was rewarded handsomely :) Thanks! A question: should exit longs or does the "C" wave have higher potential? Or Part book?
golden words
I was a small piece of wood in this ocean; carved out a small boat for myself. I'm only sharing my experiences here before my time runs out.
@shriram
how u come 5750? just learn...but pl reply in simple lang!!!
thanks.
@ shree,
If you have learnt EW, then only you can understand the terms used.
Corrections normally stay below the "Highs" that are being corrected.
An irregular correction exceeds that "High" during its correction with its "b" wave.
"5640.25 was the completion of 5 sub waves.
a:5640.25-5633.4
b:5633.4-5641.10
c:5641.1-5627.80
Thus this impatient "b" wave "Gave away the bullish undercurrent" in prices.
You can see them in today's "Google 2 min chart"
Ilango said...
"5677" is DHEma+20.
August 13, 2013 at 9:56 AM
Only a move past "5677" would signal the early signs of upward momentum, though a close above DHEma is required.
@ ANMP:
What is the next EMA RES above CMP now ?
WORDS OF WISDOM
•Many people will walk in and out of your life, but only true friends will leave footprints in your heart.
•To handle yourself, use your head; To handle others, use your heart.
•Anger is only one letter short of danger. If someone betrays you once, it's his fault; if he betrays you twice, it's your fault.
•Great minds discuss ideas; Average minds discuss events; Small minds discuss people.
•God gives every bird it's food, but He does not throw it into its nest.
•He who loses money, loses much; He who loses a friend, loses more; He who loses faith, loses all.
•Beautiful young people are acts of nature, but beautiful old people are works of art.
•Learn from the mistakes of others. You can't live long enough to make them all yourself.
•The tongue weighs practically nothing, but so few people can hold it.
ok shriram...5Wema...got it.
Shriram,
Needs to cross 5674-5677 decisively only then. otherwise we are headed down. Is my understanding correct?
yes Verash..
55,56 PE OI activity, suggests it can be taken out , as of now
New Post Done.
Thanks a ton, bro!
As per TT,Yesterday's DHEma was 5647 & today's developing DHEma is 5650. NS already exceed 5647+20=5667 & 5650+20=5670.
So now early signal of bullishness in place (pending day's close above DHEma) ?
Post a Comment