Hurst Cycles Trading Software - Accurately Forecast Nifty and Stock Cycles

Monday, March 16, 2009

Intraday Chart

Looks like a wedge but not very confident -




Breakdown of 2750 might get it to 2700 first, 2660 second and last 2600 strong support.Obviously will not happen in one line or in one day.

Best.

10 comments:

Prashanth said...

I feel 2800 - 2850 is the crucial zone. If Nifty breaks above channel (Pic), there is tremendous chance of Nifty reaching 3200 levels (Target derived from Channel Projection)

[URL=http://img19.imageshack.us/my.php?image=niftyintrachannel.png][IMG]http://img19.imageshack.us/img19/4896/niftyintrachannel.th.png[/IMG][/URL]

Prashanth said...

Is it possible to insert a Pic here?

http://img19.imageshack.us/my.php?image=niftyintrachannel.png

Lee said...

Hi Prashanth, Yes definitely...2840 is my stop for shorts now...Above that and shorts will get murdered..NOT that they havent been already :)

Rgd charts, I guess this is the best option...Imageshack or Jing..

I still feel we have one more wave here..I know you dont do EWT but its an ending diagonal if I am right..And if so, we are topping right here...And will go to lows like 2550-2450 range..Final low..

Lets see...

Best.

Saif said...

the down moves are getting resisted each time the stochastics are over bought..maybe we need a gap down in morn to really break and go low

Prashanth said...

Hi Prince,

Yes, I do not follow EW save for reading GV's postings. My main complaint is that nothing is final until its done and as your quote {..ending diagonal if I am right..} mentions, being sure about it is definitely not one of its strengths. (No offense to you in any way).

Coming to Nifty, Its been a nightmare for bulls for pretty long and it has been a very longtime that we came across such a strong rally.

Lee said...

Yep strong rally...So far..And yes its obvious to me too that the tide has changed..OR is definitely changing.

No offense taken..I dont trade solely off of EWT..I know its not great for trading except to know the bigger picture...

Right now - Looks like the wedge is broken...

Best.

Pi said...

Hey dude..

awesome call... i guess 2780-2800 was also the area where the previous triangle support line lay..

the two wedge & triangle support turned resistance plus profit booking after a 10% move has made it a very good trade..

cheers.. :)

cdmoorthy said...

Anna, rendu gap innum fillup pannanum. Please bring it down to 2550. Enakkaaaha - LOL

Abhimanyu said...

Come into my Trading room ....
Come into my Trading room ....
Come into my Trading room ....

Once again Lee ...
Like last time .... u’r figures are correct but U did not short at strongest Resistance....
U shorted at wrong time with right figures.
This is problem of all TA ppl and not only u.
In fact i did same thing. With Consideration of charts I took ONGC 660 put at 11 Rs on 12th march
and now it is at 2 Rs. no doubt I took couple of more lots for average with possible safe exit.

City Bank news has proved all the charts wrong ... ... Sentiments acts like fundamentals. Vikram Pandit defeated all of our Markets Pandits.

As i told u, just for study purpose, I traded hypothetically. Abut this strategy I had sent personal email to u in advance

SHORT Nifty at 2680-2700 buy Call of 2750 at lowest price or before shorting nifty
Next ...
SHORT Nifty at 2800 buy Call of 2850 at lowest price or before shorting nifty
( Whether to short nifty at first or to buy call is depending on US futures and Asian Market trends)

SO ...
I took CAll of 2750 @26 Rs
Shorted nifty at 2700
Today I sold that call at 85-90 but not covered my Short booked profit in call

Today morning again I shorted Nifty at 2800 when nifty came down from Day high and us futures turned red and at the end the of day for hedge i Took Nifty call 2850 at 20 RS as i saw little recovery in us futures.

- Let us see at the time of expiry about this trade

- not to hesitate for hedge as i have seen some times hedge gives profit in both sides. especially in shorting nifty at the end of the month or after mid of second week of month

Lee said...

Yes I was early..I tend to do that..Which is why I try to scale in..Sometimes the ratio at which I scale in is not correct, at which time I feel some pain..But if I feel the chart warrants change of stance, I will do that always...

Your trading strategy looks fine..Putting into real money and substantial money brings emotion into the picture..trading successfully with hedging is not as easy as we might think...I mean it definitely reduces risk but in effect also will reduce profit.

Best.