iCharts Discussions

[channasri]

Pls note channasriSAR for 20-2-2014: 6085
SL for Longs: 6105
SL for Shorts (in case of trend reversal): 6065

Regards,
channasri

[channasri]

As in many occasions seen earlier, today also Nifty consolidated near channasriSAR. Thank GOD!

Weekly (down) and daily (up) charts are in opposite directions. Let's follow price action and nothing else.

Pls note channasriSAR for 21-2-2014: 6086
SL for Longs: 6106
SL for Shorts (in case of trend reversal): 6066

Regards,
channasri

[channasri]

Pls note channasriSAR for 24-2-2014: 6100
SL for Longs: 6120
SL for Shorts (in case of trend reversal): 6080

Regards,
channasri

[channasri]

Nifty may show a ST top today. Be cautious.

Pls note channasriSAR for 24-2-2014: 6117
SL for Longs: 6137
SL for Shorts (in case of trend reversal): 6097

Regards,
channasri

[channasri]

Nifty did show a ST top below which lies more correction.

Pls note channasriSAR for 26-2-2014: 6136
SL for Longs: 6156
SL for Shorts (in case of trend reversal): 6116

Regards,
channasri

[channasri]

Nifty is overbought in daily T/F. Be cautious.
Pls note channasriSAR for 27-2-2014: 6157

Regards,
channasri

[channasri]

Pls note ChannasriSAR for 3-3-14: 6180
Regards,
channasri

[channasri]

Pls note ChannasriSAR for 04-03-2014: 6194

SL for Longs: 6214
SL for Shorts (in case of trend reversal): 6174

Regards,
channasri

[channasri]

Dear ichartians,

I am sorry for not being able to post the channasriSAR for 5-3-2014 due to extreme work pressures. In such days, pls use 13D EMA/SMA or 20D EMA/SMA as TSL.

Pls note ChannasriSAR for 06-03-2014: 6242
SL for Longs: 6262
SL for Shorts (in case of trend reversal): 6222

Regards,
channasri

[channasri]

Pls note ChannasriSAR for 07-03-2014: 6276
SL for Longs: 6256
SL for Shorts (in case of trend reversal): 6296

Regards,
channasri

[channasri]

Weekly charts indicating some more bullishness. Daily charts indicating trending in overbought region. This again suggests a strong bull market. However, a correction is possible now onwards since Nifty is in unchartered territory. Hence, intraweek corrections may be expected.

Pls note channasriSAR for 10-03-2014: 6328
SL for Longs: 6348
SL for Shorts (in case of trend reversal): 6308

Regards,
channasri

[amitagg]

Do you see ur levels working? Pls post some trading entry and exit points next week / month for us to see and try to follow

[channasri]

My levels do work. I bought 6400 call option of March on Feb 17th on EOD basis. I liquidated it on last Friday. Today, I have entered into 6700 call option on EOD basis (However, ichartians are welcome to have their own ways of usinf channasriSAR for trading). Its fate depends upon Nifty EOD v/s channasriSAR No. or TSL level provided in this thread on daily basis.

I am a conservative trader who does not believe in giving entry/exit levels for even next week. I just follow the trend. I use channasriSAR for the same.

Since you have asked, I present here my own way of looking at possible developments in the coming weeks and till declaration of election results (as per my little knowledge, Elliott Wave Theory will usually have more than one possibility at a given point of time):

As per my observation, 5119 to 6415 was the 1st wave. 6415 to 5933 was the 2nd wave. We are currently in the 3rd wave. We could still be in the 1st sub wave of this 3rd wave or we have just entered the 2nd sub wave of this 3rd wave. Hence, I expect an impulsive 3rd sub wave of the 3rd wave to start once the 2nd sub wave of the 3rd wave gets over. If we are in the 2nd sub wave of this 3rd wave, expect difficult days for trading intraday. I am of the view that the 3rd wave may get completed more or less with the declaration of election results.

As far as the projections are concerned, 3rd wave can be 61.8%, 100%, 161.8% of the 1st wave. Since 6415-5119 = 1296, 3rd wave may end at 6734, 7229 and 8030. Let's not go too far (Even 7229, 8030 are very far).

Having said all these things, I will declare here that these calculations may not be realised. I will follow channasriSAR for positional trading.

Pls note channasriSAR for 11-3-2014: 6372
SL for Longs: 6392
SL for Shorts (in case of trend reversal): 6352

Regards,
channasri

[amitagg]

Thanks. I agree with you..my view is also of 7200 being hit first followed by 7800...but first for timebeing 6613-6750 targeting...these are farther EW projections...becuase the powerful "big" 3rd wave starting from 5933....would leave everyone with surprise..with time ..2015 2016 shall be "bull" years...

6700 call option bought for March series?...
Keep updating trades pls also...it helps (that's my view that trades helps more than levels)

[channasri]

This thread was started with the intention helping the novice traders. I want them to become independent in trading. channasriSAR is only to help them to understand the importance of trend following and provide a helping hand in the beginning part of their as traders. I go thro' a very demanding work schedule in the work place. Hence, I myself miss some trading signals. Because of these reasons I refrain from posting my signals. Please don't think otherwise.

My confidence in channasriSAR is based on performance chart that I have posted in the 1st page of this thread. Suggested methods of following channasriSAR are also provided with details in earlier postings. I request the traders especially novice ones to make use of them. Experienced traders like amitagg are also welcome to my thread.

Pls note channasriSAR for 12-03-2014: 6403
SL for Longs: 6423
SL for Shorts (in case of trend reversal): 6383

Regards,
channasri