Long or Short Opinion

[scplindia]

Sadiq,

Nifty has broken past a long term resistence of 5400 & 52 week high, on a closing basis. This also happens to be a triple top break out, a strong bullish pattern, on the daily and weekly charts. Now nifty is bullish in the short term, which is very evident from the fact that poor IIP numbers have been totally ignored. Nifty should go up in the short term and 5400 should act as a strong support now, until and otherwise we have a GAP DOWN.

Please trade with the trend and what the charts say, not on hopes.

This is my opinion, please make your own study and trade with caution, as there will be a lot of wip lashes, as mentioned by simple trader.

Cheers,
Prem Kumar

 

[simple_trader]

LOL. I wish I get my prediction right every day. Jokes apart, Dow is a extremely over sold market (both daily and weekly chart). Do not get surprised if it gives another 200 points rally day in next a few days.

I have already given my NF view in many threads!

Happy trading!

Looks like dow is doing another 200 today. That's what I wrote 4-5 days back when it gave 200 points bounce


Regards!!

 

[sadiq]

Sadiq,

Nifty has broken past a long term resistence of 5400 & 52 week high, on a closing basis. This also happens to be a triple top break out, a strong bullish pattern, on the daily and weekly charts. Now nifty is bullish in the short term, which is very evident from the fact that poor IIP numbers have been totally ignored. Nifty should go up in the short term and 5400 should act as a strong support now, until and otherwise we have a GAP DOWN.

Please trade with the trend and what the charts say, not on hopes.

This is my opinion, please make your own study and trade with caution, as there will be a lot of wip lashes, as mentioned by simple trader.

Cheers,
Prem Kumar

prem,
thanks for your advise. just trying to find out a range for this expiry ...

 

[AlokTewari]

Looks like dow is doing another 200 today. That's what I wrote 4-5 days back when it gave 200 points bounce


Regards!!

Well Dow can have 200 or 500 point rally. But to a layman like me it sounds stupid for a major financial indices becoming so bullish in a matter of few days that for last 4 days it is in green wheras before that it was closing in red everyday before that. It has nothing to do with U.S.or world economy. A artifical frenzy is being built up before a big fall to trap gullible investors in believing that all is well. Someone has to end up holding the baby when the market falls. Who other than normal investor. So wake up & be on your toes and don't be the last one holding the baby when slide comes in. In our own market too distribution is very much at work. Make money while the going is good but don't be the last one holding the baby.

Cheers !!!

Alok Tewari

 

[simple_trader]

Well Dow can have 200 or 500 point rally. But to a layman like me it sounds stupid for a major financial indices becoming so bullish in a matter of few days that for last 4 days it is in green wheras before that it was closing in red everyday before that. It has nothing to do with U.S.or world economy. A artifical frenzy is being built up before a big fall to trap gullible investors in believing that all is well. Someone has to end up holding the baby when the market falls. Who other than normal investor. So wake up & be on your toes and don't be the last one holding the baby when slide comes in. In our own market too distribution is very much at work. Make money while the going is good but don't be the last one holding the baby.

Cheers !!!

Alok Tewari

Everything is part of market function I think, so we can not question. Agree about market fall!

 

[aditya14]

Yes sadiq, next down move will take out those swing lows at 4800,4690. I think so.

Market would get real strength once after a big fall and those lows violation. My own way of studying market.

You can share your views! Anyway, I am bearish at 5500 NF.

fingers crossed!

I would politely disagree with you.We will not see 4500 for years now unless a nuclear war breaks out.And in that scenario i wouldn`t really be trading...(Lets come back in 3 years and revisit this thread 3 idiots style)

 

[rajeabc]

... i wouldn`t really be trading.......

Did you inform the markets ? they shut as you won't be trading

 

[scplindia]

In this thread we are forgeting several basic issues.

1. Market is supreme.
2. Trade what you see, and what the charts say, with strict SL.
3. Never trade on hope, hope is an enemy of your trading account. Market will never ever follow your hope. Because, the moment you are trading on hope, means you are on the wrong side of the trade and hoping that market will accept your trade and help you come out of your losses. This will never happen.

In this thread there is a lot of hope that market will fall & correct, for the last 1 to 2 months. Market has not fallen, and has shown it is supreme. Most of the world indices fell over 15 percent, we just fell 4 percent, please accept this reality and trade.

Agreed market has to correct for a healthy run, but let us accept the fact, that market has not gone throung a major correction and is going up.

Nobody can say, which is the first leg or last leg of a rally, so play with strict SL.

 

[simple_trader]

I would politely disagree with you.We will not see 4500 for years now unless a nuclear war breaks out.And in that scenario i wouldn`t really be trading...(Lets come back in 3 years and revisit this thread 3 idiots style)

Sure buddy, it would be difficult to foresee this now. I have written based on my 7-8 years of trading exp. I can be wrong as anybody can be in the market. 4500 can not be a trading target for anybody, also even if market goes to 4500, it would not be a market crash etc. It will do step fall.

At any case, I am not forcing to buy theory. Just written what I have understood.

On lighter notes, who are three idiots, Market, you and I?

Sorry, I have not watched the movie or have not read the novel either!

Happy trading!

 

[scplindia]

I would politely disagree with you.We will not see 4500 for years now unless a nuclear war breaks out.And in that scenario i wouldn`t really be trading...(Lets come back in 3 years and revisit this thread 3 idiots style)

in such a scenerio I will use all my money to short the market, as always, shorting the market gives more return, than going long for short term traders.