Hurst Cycles Trading Software - Accurately Forecast Nifty and Stock Cycles

Thursday, March 5, 2009

Intraday Update - March 06

1:10PM Update - Almost amazing isnt it..How the markets are following my ABC path given below..LOL..So much for my TA-less posts...Are you reading, you naysayers?
GOODNIGHT.

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12:30PM Update - If we are doing an ABC pattern off the lows, 2620 is first target Nifty spot...2640-2660 next. We shall see if we get there....I am going FLAT into the weekend..And as I said before, I am stumped by the comments here...Best.

Chart-




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12:00NOON Update - Not saying anything else here..Not doing anything more here...I dont see a safe trade to take here...Also after reading the comments section, I am stumped...I have commented there to one guy..please read and comment also if you missed it before...Frankly I am stumped..To be sincere to myself, I looked back at the last week worth of my posts, I saw one talking about the 5th wave, I saw one about a real time flag breakdown, I saw one about the triangle breakdown, indepth analysis about this, targets, wave counts...etc etc...A lot of TA in my book. Frankly I dont know what this guy is talking about in the comments section of this post. Is this not TA? Do I trade on my whims and fancies?..I dont know what is missing in TA over last several posts...The only logical thing about the post and criticism is jealousy or a big loss he made on the long side...Same as the CALM-COOL guy and the Anonymous guys from before...Okay I am waiting for other readers to comment here...I am stumped for now...Good night.

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10:20AM Update - Okay I covered - 2530 odd..Almost 100 pts profit as I said yesterday I entered at 2630 odd if you remember..One of my best trades of recent times...esp coz it came in one day...Anyway I fully acknowledge that it can go lower to maybe 2490-2450 range. But enough is enough..Taking profits here.

One of my main qualms is the 2 days holidays next week Tuesday and Wednesday..If this was not there, I would have been much more sure on my positions but now I might just do nothing else and wait till Thursday...Still a profit is ALWAYS a profit!

Best.

Thanks Sam n Shaq for the comments.

Best.
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A little after the open - Well I am totally confused right now...My gut is saying to take profits right now...My logic is also saying something close..But still I am not sure...What should I do? :)
Any thoughts?

Best.

34 comments:

SAM said...

strong support 2539 i think we should square of shorts for time beign ... nifty in oversold zone :)
Just a suggestion

shaq said...

When in doubt be safe :)

Lee said...

Yep..Thats exactly what I did...Thanks guys..

SAM said...

we have two days holiday in india and iu an hoping dow to recover in thoise 2 days .... i think it is in higly oversold zone recovery can come any time :)

SAM said...

2564 resistance if broked then 2600 today :)

Lee said...

Recovery can come yes..But since its so many days, I am not sure..ELSE I would have taken a LONG position...

Now just watching..I will make a decision later on if I am going to do anything at all...

Might do nothing at all also...

Best.

SAM said...

my bank accopunt would have dried uo if nifty would have breaked 2500 then this would have my last trade..lol god is great

long.short said...

Hi Lee,
Couldn't come to blogger earlier as I was in full throttle yesterday.covered almost all this morning.
how do u see now 2580-- 2600 a good shorting area??

Lee said...

Maybe yes Sajal...Maybe a little higher also...2620, 2660 are other potential points...But the problem is the timing now...Since there are 2 days holiday next week, I dont want to hold short thru them...risky since anything can happen over 4-5 days....Lets wait and watch then..Good trading.

Best.

SAM said...

2600 seems to be coming if crossed then 2611 will be a major hurdle :)

PM said...

Hi,

Can i ask you something? Why do really blog.. i mean i thought the idea was to talk about the technicals of the market.. where in your last few posts have you done that ? All you do is talk random stuff about your own positions in the market. Think about it carefully. Did you start blogging to do this? Is that really meaningful information for your readers? You took trades, squared them, booked profits whatever based on your hunches & intuition. Is that technical analysis? Arent you just going on an ego boost ? I did this, & this was right & made so n so money & this & that..

Sorry to critisize so badly, i used to like your blog postings once upon a time... rediscover yourself :)

Lee said...

PM,
I dont know why you post like this? Is it jealousy?

Okay guys, others, pls tell me...do you agree with this guy? If so, tell me...Else talk to him...I dont know whats his problem...I mean if you see my posts last week, I have done much more technical posts with charts than most other blogs I follow...The difference is recently, I have posted more on my trades and given more intraday updates...

I admit I crowed and chest thumped a bit...I mean...If I cant do that now..If I cannot do that on my own blog..where will I do that? Do I need permission from you PM? Sorry...LOL
Also do you really think I trade on my whims and fancies? LOL...DO you think I do not use TA to time my intraday entries...

Again I dont know what to say here...If you other readers speak up here, I will take the consensus..If you dont want to read about my positions and intraday thoughts, I shall quit them here.

I know whenever someone becomes successful, no one likes it..Its natural...So I pity the guy...But I am waiting for others thoughts here..

Best.

SAM said...

lee please keep postiong about levels and your trade we can follow that atleast i will follow them your yesterdys chart was damm good and given a clear picture of fall .. please ignore that post do keep posting about your trade and levels it is really helpfull :)
Hope to see more levels and trade call from your side.
Its upto the individual whether to take call or not .
Cheers
Sumit

SAM said...

you doing great job :) dont worry and keep up the good work

PM said...

Hey dude...

dont take that too to heart.. it isnt out of jealousy or anything.. thats very silly of you think so.. why should i be jealous if you make money.. that would be very good news.. guess was a bit too harsh in there.. bt really.. i meant wt i said.. give it some thought before replying back.. dont get emotional about it :)

Lee said...

And it isnt silly for you to post what you did?

Oh well..Just cant please everyone.

You are welcome to ignore this blog if you want to but something tells me you will not...

Best.

PM said...

There is nothing to get so emotional about. Cant take a little bit of criticism in your stride? Again, let me clarify, the comment wasnt meant to trash your blog. I liked your blog, thats why i am subscribed. I felt there were issues with your as you said "I admit I crowed and chest thumped a bit" ... so i told you.. either you can take criticism constructively or you can get defensive about it.. choose wisely.. & if you really dont like.. go ahead & delete the comments..

cheers

Lee said...

Again, I am not sure what you are criticizing..I looked back and I see nothing lacking in the realm of TA over past few posts...I am not sure why you are upset..

I just cant please everyone.

Best.

Vipin said...

HI PM,

i think we should give lee a break from all his hard work and instead you should try posting on his blog for 1-2 days with all the technical of the market as per your requirement/satisfaction...

it is very easy to criticize people but you should also realize that the work lee is doing is not something he has to do for us but is doing it only to share his knowledge and views...

if you say the work on this blog is not technical analysis then please can you post some links of other blogs where bloggers are doing technical analysis for our knowledge....

best regards
vipin

PM said...

http://www.stateofthemarket.net/blog/

Nilesh Birani said...

Remember Guru Movie. In one particular sence when Unshown Minister ask GuruBhai, Why Media is talking/writing so much about you....

Well that's my point

Keep the good work going

Lee said...

PM, So stateofthemarket is technical enough for you huh? Let me tell you something...I have been following Deepak for the past 5 yrs+...Till date except for the big picture, I have found nothing tradeable off that site...No offense to deepak but its just big picture...I cannot decide whether to go long or short based on that...I see that you like CNBC kind of guys...If market goes to 2650, go long with a stop at 2550...If market goes to 2550, go short with a stop at 2650..Those kind of mumbo jumbo kind of folks..Sorry to say I despice those kind of ppl...Anyone following them or their TA will bomb..No IFs and BUTs...I respect Deepak but he is one of the few...Go and watch CNBS..Please do me a favour and Dont look at this blog.

Thanks...Thats it from me.

Best.

Vipin said...

Hi PM,

i agree with Lee on this, i have been reading stateofmarket for 2 years now and its the best thing to read every morning with all the pictures etc. giving a broader view of whats happening world over but it is not totally technical...

i think you have got the technical part of markets totally wrong...anyways best of luck in future..

and lee please keep up the good work...

best regards

long.short said...

hi everybody,
only theoritical discuussions devoid of reality happen to be meaningless after all. I became interested and followed Lee's blog only after Lee tried to explain his technical knowledge in the context of his position in market.

and when Lee would limit himself only within TA. I will follow him but less intensity.

Now it is upto Lee wheather he would continue his so called " ego-boosting" or not.
@ Lee, thanks for the Levels.. but I have started shorting @ 2585 but in low quantity..We are open in Monday and my experience showed an oversold market can remain in oversold territory for a long period. Just like when bull rally continues the much expected correction remains elusive for a long period.
nice job Lee,keep it up.

Yoda said...

From what I can see they envy you your expressiveness and your support (I mean, PM, Anonymous and that wazzisname couldn't type straight). Perhaps they're drunk or just petty, or maybe they've had fathers pull them down when they're happy? ... I can speculate for hours why internet killjoys exist, but they're a fact of male malignancy: losers now and want to mess with your mind.

Don't let them influence your blogging or trades. It's the Mood they want to change, those vampires.

Back to the markets - Lee, see how the massive buying is coming in at lows? That's what I meant about it looking like a bounce.

Lee said...

Hey Sajal..You could be right...I think you will be okay..Be ready to add to short positions in case we go up again on Monday...But I think you know what you are doing :)
Thanks for the comments.

Yoda, yeah, You are right..Someone once said..DONT FEED THE TROLLS..And thats what this guy is..
Regd your position, right now, No mans land...My discipline does not let me go long this point even though frankly saying, I did consider it - I feel 2500 will be broken sooner than later keeping with the trend - But yes we are close to a very important low. Just dont know when it will come..Whatever be the case, be very nimble with your longs...be nimble and quick to take profits..thats all...Nothing wrong trading both ways...

Best.

Neil said...

Enough is enough....guys
Lee you are doing a wonderfull job! Keep it up!
I always wanted a blog like the http://evilspeculator.com/ for the India market and I am seeing it coming through you.
Keep up the good work man its realy commendable..Hope your calls enlighten the critics!!!!!...

Yoda said...

To PM:
The 'crow and thump' was exactly how I felt, which is why I responded to Lee's blog and not a hundred others last night. I don't want him to change back - he's evolved.

I visit Deepak's blog once a year - Lee's almost daily.

Perhaps your criticism is not about content, but about a person, it's 'emo insulting'. Isn't it ridiculous to ask your victims not to get emotional when you attack them out of the blue?

Perhaps you can learn something called 'constructive criticism'. Google and grow.

Also, you can apply my criticism to your own blog and see if it improves ... you! lol

Go back to your cave, PM.:)

PM said...

ok.. apologies !!!!!
as i said.. the comment wasnt meant to trash your blog or your posts.. i just personally didnt like the bits about your own positions & related comments.. bt i guess others find it useful.. & its your blog... so you would continue with it.. so yes i was wrong to criticize you.. again i dont gain brownie points by criticizing nor does it gimme an ego boost.. & nor am i like others who had written negative comments in d past wid just those intentions.. am humble enough to accept if i was wrong.. so apologies if i hurt your sentiments...

apart from this whole rigmarole.. why dont you guys try out trading currencies.. TA works like crazy in fx.. been trading on demo accounts for some time..

cheers !!!

Yoda said...

PM:

Why don't you show us on a blog how to trade currencies? I'd like to learn.

Where do you find demo accounts for that?

PM said...

you will get demo accounts with most brokers.. just do a google search.. i use MBT or FXCM

http://www.mbtrading.com/forex.aspx
http://www.fxcm.com/

as for me blogging about fx -

http://fxtechs.blogspot.com/

i dont blog regularly (doing my MBA)...

cheers

Yoda said...

Thanks, I'll look into your blog and google.

All the best with your mba.:)

PM said...

infact trading fx can also help u in trading equities.. for example..an hour back euro & pound shot up..unlike their usual movements... so either..some good news was in.. or sentiment was turning up..took longs.. made money..

bt ofcourse this doesnt happen very regularly.. bt when it does.. u trade it profitable.. in october one just had to look at dollar-yen or euro yen charts & trade accordingly.. indian mkts where following intl risk appetite...movements on these charts mapped dt very well..

Prashanth said...

One of the reasons I read Lee's blog is simple. He puts his money on what he believes. I have come across a lot of persons who write the hell out, but end of the day are mostly failures in the market. They are more interested in writing and trying to provide tips than actually try and trade for themselves.

There are very few Indian Blogs that are worth following and I for the moment feel that for getting a perceptive of what and why Lee feels something, this blog is worth the time.

Writing is very simple, writing based on your positions adds value to what is written since wrong decisions not only harm ones financial soundness but also ones own reputation. I myself have for very long time thought about posting my trades, but I don't want the noise from comments section to create doubts in my mind.

I fully agree with Prince that if he cant pat on his back when he has taken the correct trades on his own blog (which does not yield him any revenue), where else do you expect one to.