Hurst Cycles Trading Software - Accurately Forecast Nifty and Stock Cycles

Sunday, March 8, 2009

Week Ahead

After the close - So as expected the 2560 gave support which is why I said below, intraday guys can take profits...So this sets up a creek, break below 2560 will mean a quick decline to 2500 where we might bounce a bit again...Next 2 days US market action is key here but I expect we break it sooner than later unless something really unexpected happens on the news front..
Cheers...Have a good couple of days off front the market!
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12:10PM Update - Sometimes TA (and my calls :P) even amazes me :) Again I called this in realtime below...You guys owe me big time...j.k :)..If you are a day trader, take some profits now...I am planning to hold these shorts through the holidays..Good Night to All!...


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11:40AM Update - And THERE you have it....Breakdown baby...Breakdown :)
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11:00AM Update - A look at the charts...Added bit more to shorts...


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10:15AM Update - Entering first small tranche of shorts at around 2583..Just 30% for now...Watching for now...If we get a good bounce to 2660, I will add to these so that I get at 60% short...Probably wont do more than that today as its risky.

Risk averse folks - Dont follow me on these shorts..As I said before, the 2 holidays are a problem here...More later.
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Before the market Open - Most of my thoughts are on the charts.

Trade plan is to start shorting asap. Looks like we have a lower open in store today even though I am not sure why exactly...So looks like I might have to chase short entries today...But whatever...I will try to get short in small amounts today. Remember the next 2 days are holidays..So dont over commit to anything.

Also remember - We are building/or very close to building a very important bottom...Timewise as I have been saying, March end - April mid we shall get an important low.

Intraday comments will follow later.

Best.

13 comments:

SAM said...

hi lee ,
gm .... By any chance can we see 2660 even i am waiting for that spot so that i can entere short

Lee said...

Donno Sam..What I usually see is that when a large no of ppl are waiting for a target like 2660, we never get there...OR, we get there and then go MUCH higher...Its just how the market works..

So to work around this, you saw what I do...That is, start small at lower levels, if we get higher, short next piece...then higher again, some more...Scaling in...Overall it protects us..

Hope I made sense.

Best.

SAM said...

yeah very true .... Operators knows waht retail investors are thinking of and they will do exactly opposite....

But i desparetly need green closing ....
yesterday closing created a hammer on chart lee can you please confirm

Lee said...

Something like a hammer but not a very good looking one :)

KONAL said...

Sir,
Great analysis ..what target do you have in mind to cover the shorts

Rgds,
pankaj

Lee said...

I am planning to hold to Thursday...But you can cover if you see 2540 area I think...

I am not very comfortable answering trade specific questions..So please refrain from asking me these :)

Thanks.

Nilesh Birani said...

You are managing the NIFTY!

Great Work....

2570 closing will take NIFTY to 2470-80 in less than 48 hours. And there all Six trading patterns' made on three Month time period on Daily will achieved their respective targets. In case we have 2 days in row closing below 2502 then 1900 target is in tact because of bearish rounding top.

Lee said...

Yeah 2500....Might just be broken with a gap...Usually thats what happens to 'strong' supports.

Lee

shaq said...

hi..is it possible to post charts(say cpy paste an image) as reply in comments section ..that way it could become more interactive with readers posting their own vies quickly and more view points can come out...just a thought for blog

Lee said...

Yes I had actually suggested this before..I would really love it if ppl do that...

Easy way - Get a free account at something screencast.com...or imageshack.com...And then you can just paste the link here...Example:

http://i101.photobucket.com/albums/m47/fuzzygreysocks/20090309SPY3moEWT.gif

http://img150.imageshack.us/img150/3030/91821287.jpg

If ppl can do this, they are most welcome..I will also offer comments on the same...

Best.

Lee said...

http://img150.imageshack.us/img150/3030/91821287.jpg

Lee said...

Its truncating..donno why...maybe using html tags?

Or tinyurl

Link

long.short said...

lee,
a trading holiday reading suggestion -- " unequal exchange -- samir amin "
the theory may help you in the macro picture.
have a nice time ahead
:)