Nifty testing important trendline:
A close above this level would take NS to 200 DMA swiftly
LESSON LEARNT:Missed the long entry on 18/19 JAN BELOW 5000 levels - still struggling hard to reenter longs. So kept on looking out for shorting oppurtunity and missed yesterdays low at Day HEMA to enter longs and today's low 10 point short of Day's pivot to go long. BIASED VIEW IS THE MOST DANGEROUS ENEMY OF ANY TRADER!!!
Intraday update 11.45 AM:
| 24/01/2012 10:00 | 5,064.80 | 5,072.00 | 5,051.85 | 5,058.35 |
| 24/01/2012 11:00 | 5,058.35 | 5,069.25 | 5,049.80 | 5,065.20 |
With a close above 5065 at 11.00AM the aggressive shorts were terminated at 5075NS - due to the jump in NS due to the CRR rate Cut.
Next cluster resistance at 5160-75 ranges corresponding to the 113% retr of Bearish shark Pattern CLICK HERE. A short near 5175-5200 with 200DMA as SL would be a prudent entry.
Analysis for Jan 24:
Nifty has closed just above the Day Pivot exhibiting some strength. It is exhibiting a very short term weakness as the 5Day SMA has closed above the 5EMA. The Hour TF is quite Overbought and an intracorrection upto 5000 levels would give a good reentry oppurtunity to enter Longs.
| CHECK LIST-DAY | |||
| CLOSE | 5046 | ||
| PIVOT | 5042 | 10EMA | 4941 |
| HI EMA | 5016 | 13EMA | 4915 |
| LOW EMA | 4986 | 26EMA | 4849 |
| 5EMA | 5002 | prev HI | 5060 |
| 5 SMA | 5007 | prev LOW | 5021 |
| 20 Hr MA | 5032 | 100 DMA | 4940 |
| 50 Hr MA | 4957 | 200 DMA | 5225 |
The SL for the aggressive shorts taken yesterday remains the same as Hour close above 5070 NS. The channelresistance for the day comes to around 5095-5100 crossing which again the medium term trendline resists at 5110 - 5120NS. Crossing these resistances and a close above this would easily lead Nifty to 5220 levels near 200 DMA.
IF NIFTY CLOSES BELOW THE DAY HEMA OF 5016 THE SHORTS WOULD REMAIN. IF GAINED SUPPORT AT THESE RANGES THEN THE SHORTS ARE TO BE TERMINATED AT 5000 - 4990 LEVELS AND A FRESH LONG IS TO BE ENTERED WITH THE DAY 5EMA AS SL.
| Trade Table | |||
| Current pattern | O-X | A | B |
| Bearish Shark pattern | 5400 - 4639 | 5099 | 4531 |
| Trade initiated | SL Day close below 4990NS | ||
| Buy above 5000-5030 NS | Projections for C | ||
| 94.43% | 5067.00 | ||
| 113.00% | 5173.00 | ||
| 127.00% | 5252.00 |
AGGRESIVE TRADE SL - HR CLOSE ABOVE 5070 TGT 5000 - 4990. NEAR DAY HEMA OR DAY 5EMA.
4 comments:
BRo can u update wedge breakout and breakdown levels for hour chart also
joe,
Hr falling wedge breakdown below 5040NS.
Break out above 5090NS which would corresponds to the day level breakout too. Then the Hour falling wedge would get invalidated and continue in its upward channel
Dear Sateesh
Same problem for me also. I missed my long entry on 19th. I hate myself for looking for shorting opportunities in an uptrending market.Lesson learnt.
Regards
Lakshmi :)
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