This blog is my trading diary. It is an attempt to organise my analysis and thoughts. I follow the charting methods given in JUST NIFTY blog by Ilango sir and so the charts would have striking resemblance to his charts. I am indebted to Ilango sir for having made this blog possible for me.

November 24, 2011

EW with HARMONICS

Analysis for Nov 25:
Week levelsDeveloping
CLOSE4906
PIVOT4991PIVOT4756
HI EMA5261HI EMA5132
LOW EMA4995LOW EMA4876
5 EMA50885 EMA4978
5 SMA5154
PrevHigh5229
Prev Low4838


CHECK LIST-DAY
CLOSE4756
PIVOT472210EMA4902
HI EMA485213EMA4941
LOW EMA473826EMA5015
5EMA4805prev HI4771
5 SMA4892prev LOW4639
50DMA503520 DMA5093
20 Hr MA473750 Hr MA4852


TRADE TABLE :

Trade Table
Current patternO-XAB(current)
Bearish Shark pattern5740 - 472054004639
Trade initiatedSL close below DayPivot 4722NS
Bought at 4720 NFProjections for CIf 4639 breaks then proj for B
23.60%4818.00127%% of XA4536.00
38.20%4929.00141.40%4438.00
44.70%4979.00161.80%4299.00


EW with HARMONICS:


BEARISH SHARK PATTERN IN WEEKLY CHART NOV 24

A low of 4640 is made. An analysis with regards to the importance of the low.



A bearish Shark Pattern has developed in weekly charts.

Considering :-

OX - 5740 - 4720
A = 5400 = 61.8%retr of OX
B (current) = 5642 - 113% retr of OX
If 4640 breaks then next B would be:
127% of XA = 4536
161.8% - 4299

Holding the low of 4640, the next Projections for C are,

Proj for C:
23.6% - 4820
38.2% -4931



The Day chart shows bottoming out and is likely to close above the DAy Lema of 4734 - which is one of the few signs of Short term reversal.
The Hourchart has shown a breakout of the Falling wedge/channel.



with a breakout above the Faliing wedge and due to the 113% retracement in weekly charts, today a buy was initiated at 4725 DEC NF.











ANALYSIS for NOV 24

IS IT WISE TO CATCH A FALLING KNIFE ?? WAITING FOR A PROPER ENTRY. WOULD UPDATE LATER

Intraday Update 1.00PM:



A close above 4705 would lead to a breakout above the FALLING WEDGE and channel.

November 23, 2011

Analysis for Nov 23

After continuously making new lows daily from Nov 8th onwards, yesterday NS made a higher Low (4782) than nov 21(4764). This does not indicate any bottoming but it might indicate a pause in down movement - unless it breaches the low today.

It was not able to close above the pivot of 4816 - exhibiting weakness.



The Falling wedge seemed to have broken out yesterday only to be resisted by the channel at yesterday's high at 4854. The channel breakout for today would be above 4840-50 and a close above it. The 35D indicator is remainingin the OS levels for quite some time and nearing near the 20 Mark.


The 14 Hr. RSI broke out of the downward sloping channel yesterday indicating a ST breakout. This will sustain if NS does not make a new low - else it would again fall back to the channel.

CHECK LIST-DAY   
CLOSE4812  
PIVOT481610EMA4985
HI EMA499513EMA5016
LOW EMA490026EMA5062
5EMA4890prev HI4854
5 SMA4892prev LOW4783
50DMA505120 DMA5156
20 Hr MA483850 Hr MA4981


 Trade Table   
Current patternX-AB(current)  
Developing Bullish Pattern in DAY TF4728 -54004765  
Trade initiated    
NILProjections for C If 4765 breaks then proj for B 
 23.60%4914.0094.43% of XA4765.00
 38.20%5007.00100.00%4728.00
   113.00%4640.00


Yesterdays long was booked at 4850NS - channel resistance.




November 22, 2011

Analysis for Nov 22

Intraday Update 11.00AM:

Bought at 4815 NS with SL Close below 4800 - Day pivot


Nifty has been making new lows daily form Nov 4th onwards. Yesterday it has reached 4765 - corresponding to 261.8% of wave a as per EW count and 94.43% of XA as per Harmonics count.


joining the lows of 4720-4728 the trendline support comes to 4750-40. Breaking of this support Nifty is likely to break its previous lows. Owing to the extreme OS nature of the Hour charts and Day charts and also a fall of approximately 450-470 points - markets need to take a breath - consolidate.

The chance for an intraday bounce can be converted to positional only if NS starts trading above the pivot of 4806 and closes well above it.



CHECK LIST-DAY
CLOSE4778
PIVOT480610EMA5023
HI EMA499513EMA5050
LOW EMA490026EMA5082
5EMA4929prev HI4874
5 SMA4944prev LOW4765
50DMA505620 DMA5156
20 Hr MA489350 Hr MA5031


Trade Table
Current patternX-AB(current)
Developing Bullish Pattern in DAY TF4728 -54004765
Trade initiated
NILProjections for CIf 4835 breaks then proj for B
23.60%4914.0094.43% of XA4765.00
38.20%5007.00100.00%4728.00
113.00%4640.00


BUY AT 4750-80 RANGES WITH STRICT SL 4720NS - TO BE CONVERTED TO POSITIONAL IF TRADING ABOVE PIVOT AND CLOSE ABVOE PIVOT



November 21, 2011

ANALYSIS FOR NOV 21

Back to work :) after 5 days of viral attack. Hope the forthcoming days would be fruitful!!

Nifty has reached a low of 4835 on Friday which exactly touches the weekly chart trendline and bounced back to close at 4905 above Days Pivot. Breaking of 4835 would lead Nifty to new lows.




The next possible wave c as per EW count is :
wave c = 261.8% of wave a = 4775.
As per Bullish pattern, the next projections for B are,
 B(current) = 4835 = 85.4% of XA
                                 88.6% of XA = 4804
                                 94.3% of XA = 4765.4 = approx = 261.8% of wave a as per EW count.

                  



Week levels 
CLOSE4906
PIVOT4991
HI EMA5261
LOW EMA4995
5 EMA5088
5 SMA5154
PrevHigh5229
Prev Low4838




CHECK LIST-DAY   
CLOSE4906  
PIVOT488710EMA5077
HI EMA505613EMA5095
LOW EMA496726EMA5106
5EMA5005prev HI4916
5 SMA5018prev LOW4838
100 DMA520620 DMA5156
50DMA5061  
20 Hr MA496050 Hr MA
5095



 Trade Table   
Current patternX-AB(current)  
Developing Bullish Pattern in DAY TF4728 -54004835  
Trade initiated    
NILProjections for C If 4835 breaks then proj for B 
 23.60%4968.3485.4% of XA4826.00
 38.20%5050.8088.6% of XA4804.60
   94.43%4765.00