iCharts Discussions

amitagg · Black Belt Joined: 01 Oct 2013 Posts: 4559

from the post i thing Gautam's view s are clear: "But even if it corrects higher, I can possibly say the mkt has one more bottom, which may take a couple of weeks consolidation & pull back correction before turning down to one more new low."

so a trading range buying at 5300-5200 and selling at 5550-5670 is what is there, before a final leg down.

dont thing market will go in one shot below 5200 even if it breaks 5360 - am i right Gautam. pls update.

SUNIL_PATIL_34 · White Belt Joined: 29 Sep 2009 Posts: 72

hi i m not much knowledge abt TA but its my gutt feeling that mkt wil not go below 5300 level as there is double bottom 0n this levels already formed 2 hammers on weekly and weekly +ve rsi divergence and rsi increasing continusly from 7 august suggest that there is big upmove in comming weeks after 5550 brek out ;pls comment

shashangan · Posted: Mon Sep 02, 2013 9:46 am Post subject:

Hello Sunil,

Your observation is partially right. I have also seen the weekly hammers (That's the reason I have confusion). But if you look at the chart properly it's not actually Double bottom, rather it can be a H & S formation in the making.

That's the reason I said there is a small possibility of around 5250, since one move down to 5250 from here will make the right shoulder complete.

This view will be negated if it break 5523 & makes an extension far.

Regards,
Gautham Shashangan

channasri · Green Belt Joined: 01 Aug 2012 Posts: 1029

Gautham Shashangan,

As on Friday EOD, monthly MACD showed negative crossover while the daily MACD was about to give +ve X over (to be confirmed depending on today's EOD). If +ve xover happens in day MACD, I believe a ST upside (as correction for the fall from abt 5750 to 5119). However, since monthly MACD is in -ve xover, it may prevail after 8-10 trading sessions if not earlier.

Pls correct me if I am wrong. I have taken MACD (9,24,9) instead of the more commonly used MACD (12,26,9). Because, my preferred MACD settings give the same signals of MACD (12,26,9) one candle earlier.

Best regards,
channasri

shashangan · Posted: Mon Sep 02, 2013 10:37 am Post subject:

Amit if it goes higher without correcting, NF will possibly hold between 5670-5460 for a week or two. It could also extend to 5355 around on the lower side & around 5760 on the upper side.

They can make a sudden fall also after one or two weeks consolidation, since people will get used to small move & will think the mkt is making a bottoming base to launch off. That could be the time they could make one more sharp unexpected fall & break the previous low to trigger the panic button & many fresh stops of new longs again.

It's my feeling. Let's see.

Thanks
Gautham Shashangan

shashangan

Channasri, we all do lot of trail & error on tools & analysis at different stages of our time & start following one or a set of techniques which work for us. I started trading at a very young age in 1998 & I used to test all the tools. Over a period I moved on from MACD & many other tools & developed new techniques to focus on. It's almost 10 years since I watched MACD, So I am not sure of MACD, since I dont follow it anymore.

Everybody develops & sticks to their technique if it's working. So I really cant comment on MACD, since I will have to again go to basics to understand it how it works. So check with people who follow MACD & if your view matches. I can only give my view based on my analysis & how I read the chart & minds, if not it will confuse you & me, since I am not an expert on many tools.

I would welcome anybody who understands Channasri analysis to comment on it, than me commenting with very basic knowledge.

Thanks
Gautham Shashangan

amitagg · Black Belt Joined: 01 Oct 2013 Posts: 4559

Somehow i am in agreement with most of your Nifty analysis most of the time......i think mentally i like to be on same page as u are...with respect to markets...thanks Gautam.

tradeg · White Belt Joined: 29 May 2013 Posts: 5

Hi Gautham,

I'm recently following your thread and most of your predictions were right. After your last post I want to ask you that, are you kind of Al Brooks student who never uses indicator and only follow price action? I'm not asking your setup but I'm just impressed with your predictions.

shashangan · Posted: Mon Sep 02, 2013 12:01 pm Post subject:

Thanks Amit,

Possibly yes Tradeg, though I haven't followed Al Brooks analysis. Anybody can master the mkt & form their own trading system which picks up certain price actions. Once you know one thing works in one place, then you start figuring out what else works in the other price actions, then you again pick up something which works in another price movement & so on in different price actions.

So it's a combination of different techniques which you master & can start seeing it clearly over years. So you start checking each technique on different price actions & you get the hang of the movements. But there are still many actions I also go wrong or unable to read. But it's a continuous effort to keep checking why it moved this way, sometimes your old technique stops working or becomes a bit complex as many people start to understand the technique, so you have to keep on putting your extra effort to keep up with the time & deviations.

It's all experience & passion. You have to have the patience to sit down for months or years to break your head to understand the price movements & which techniques is working best & stick to it. Once you understand it, for a layman you explain it they wont understand it in few glances, it takes time to understand the flow. Like you need to know the alphabets ABCD to understand words & sentences. You cant directly learn to write sentences.

I have been lucky to encounter with some good international traders & Bank traders, through whom I used to get predictions in my early career & put those predictions to test, how do they do it & slowly picked their mind.

Thanks
Gautham Shashangan

tradeg · White Belt Joined: 29 May 2013 Posts: 5

Whatever it is, you're doing a good job for the community. Keep it up. Hope one day I reach that level which you described. Thanks a lot. Have a great day.

shashangan · Posted: Mon Sep 02, 2013 2:32 pm Post subject:

Thanks Tradeg.

Mkt has broken 5525 the morning high, so has reversed the trend for near term.

NF is around Intra day top I suppose. 5569-71 should hold on the highs. For today you can book longs partially, if have buys to replace lower again.

Regards,
Gautham Shashangan

shashangan · Posted: Tue Sep 03, 2013 10:13 am Post subject:

Strictly Intra day

Place an order to Buy NF @ 5483-81 with stop 5438. Tgt Open.

Regards,
Gautham Shashangan

shashangan · Posted: Tue Sep 03, 2013 10:37 am Post subject:

If Bought at low move your stop to cost.

Regards,
Gautham Shashangan

shashangan · Posted: Tue Sep 03, 2013 2:43 pm Post subject:

Strictly Intra day

Place an order to Buy NF @ 5357-55 with stop 5441. Tgt Open.

Regards,
Gautham Shashangan

shashangan · Posted: Tue Sep 03, 2013 2:51 pm Post subject:

Pull up your stop to cost or 5370 & hold.

Regards,
Gautham Shashangan