I had mentioned 5271-5320-5344-5367 as the levels to watch in this bracket which is emerging.
Bracket trading is good and easy provided you understand it early.
5320 still is the pivot around which the other 2 levels can be reached.
Viren feels that end of quarter window dressing is holding the market up. I also feels that sellers have not been very aggressive.
Till 5271 is held, it is 'buy the dips' market or 'short the rips' till 5367.
Two tongued language, yes, but that's how you play the bracket--play it both sides.
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Bracket :
Today is the seventh trading day in the bracket highlighted by the yellow lines.
Within this bracket, we can see value being established sideways ( blue areas) .
The arrows also denote areas where buying/ selling has occurred.
The best way to trade these brackets is to know your levels well and be quick to take profits. Other than that, one can buy at the bottom or sell near the top with tight stops.
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14.16
For the record, the chart updated above has been invalidated.
Does make me feel stupid, when my analysis goes wrong. But I rather look stupid than lose money ( mine as well as yours).
The markets have their own flow and we have to respect that.
Consider the market movement to be like that of a river in flow. When the current is strong you might as well swim with it than against it.
Today the flow has been strong southwards.We just have to accept the message of the market and move on.
This is the intra day chart of the Nifty ( 30 min duration).
The profile is markedly absent.And the candlesticks all point down.
A perfect trend day.
These days are rare. But easiest to trade. Just hold and wait.
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Posts
43 comments:
Good Morning Shai & Viren!
Gm Shai,
Th xfor the plan
Try to act acordingly.
Buy above 5320 Short near 5345 Right?
GM all.
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5320 has held.
Longs only abv that for 5344/67.
Reliance 1077.
BN -9480.
Below 9450 BN should give a one way move to 9390.
Chart of the bracket updated.
GM all.
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Is the market rubbing you in?
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1063 on the ES now.
They are blaming it on Japan's unemployment figure? Who cares ?? the charts speak..the news follow. :) .
Time is coming to watch activity near 5271
I'm in the BN short at 48, but will cut it as nifty nears 71.
BN sl 9466, tgt 9390.
Aggressive trade in view of the above comment on Nifty.
Hi Viren.
:) .
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Another possibility which I am working out now is the break of 5271.
Have seen complete seller dominance from 5320.
5271 can break.
We may have a trend day here.
Eyes on 5271.
GA Shai, Pls dont break 5271 :)
VJ,
:) .
Just weighing the info the mkt is providing.The seller has been relentless from the morning and the buying has not been for more than a few points.
Let the market decide near 5271. we will follow.
Shai,
Looks like "sell on Monday and buy on thursday" is back.
Oh my ! I can't forget those days in 2008. Everything began and ended in the week !
For the move up now, 5290 needs to be conquered.
Dear Shai,
This is in continuation of my query regarding data feed. The data provided by Investbulls is of one min data will that be ok for ploting the Marketprofile values using amibroker?.
With Regards
Sathya
I took that reliance short in the future at 1085. 1078 now. Thinking of closing it.
Sathya,
Yes. It should be fine. Keep checking back with my charts for confirmations. 'best to you.
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Viren,
Very bearish undertone to your comments in the past few days.
What are you seeing??
Dear Shai,
Thanks and will try to learn with the Highly valued resources available.
With Regards
Sathya
Taking 50 % position off the table at 9432.
Sl of bal at 9465.
Nifty low so far is 5270.05.
5270 to break now.
Viren /shai sir GA..
5270 buyers coming..
2dy viru and shai pa ji re wrkng on different Tf in Mp
Manu,
GA.
It's not MP or a TF in MP. It just is an individual's assessment of the system.
Shai's understanding is extremely good and who can argue with his 5345 yesterday and 5271 so far?
Sellers are strong. Need to move above 5290 fast.
Exiting balance BN here at 9445.
5271 taken out.
Guys, we have a trend day here !
The little doubt about a double distribution at 5271 is taken out by the market.
Nifty 5260
ES 5258.
* ES 1058
shai..
hw u established a trend day???
Manu,
In your profile chart, you can find out by a probe lower all day which is finding acceptance.
In your candle stick, lower highs and lower lows in a 30 min chart.
based on action so far, I highly doubt whether the level will be overcome and looks like a move to 1050 is underway.
Implications for India market-- No new highs coming.
June 28, 2010 11:44 PM
Viren's comments last night at 11.44 on the ES and the Nifty.
Congrats to Viren.
Last night Nifty closed at 5344 and the ES at 1075.
Currently Nifty at 5255 and ES at 1056.5
ES n NF next trgt Shai?
NF tgt 5225.
ES 1052.
Viren's comment awaited.
Shai,
To be honest, I didn't catch this Nifty move.
Got in at 5280 with a 12 point stop.
Covered some at 5245 and waiting at 5225 with the rest.
Covered ES at 1058.
New chart posted.
:( missed the bn century call
VJ,
Me too.
I covered and it immediately took off for 9390.
All sailing in the same boat! I covered for a meagre 10 points. :)
The move has been in the Nifty and in reliance.
100 points in nifty and 25 points in reliance
Viren
Covered ES at 1058.
if i m nt wrong ths s S&P ..
hw u trade in it..
Manu,
Yes. It is the Emini SPX futures.
I've always had a platform with Thinkorswim.
https://www.thinkorswim.com/
They are at least 10 years ahead of any Indian broker.
Struggle at 5271 now.
Bye Shai, Viren, vj & manu!
tc friends
5268.5 on the Nifty
9400 on the BN.
Bye all. See you later!
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