New Intermed Uptrend!!

[Saint]

Excellent and very lucid explanation Saint.All newbies shud go through it.
Regards
Amit

Thanks,Amit for your kind words....

Saint

 

[Saint]

Dear Saint,
Thanks for the explanation. I am delivery based swing trader. Hence I think I can do only long. I don't trade in Nifty. I use NIFTY analysis to see market trend. I think then I am correct short term trend of market is downstill and will be considered up only when next pivot low higher than previous pivot low is made.

Yes, stay out for now ........ and watch how this week's charts pan out.

Saint

 

[Saint]

Hi Saint,

Any calls on Financial Technologies (526881) ..is correcting...touched 3048 smtime back and now today is trading at 2371..

Is it wothwhile to get into this stock?

rgds
gaurav

Gaurav,

NO!!!!!

Sorry for being a tad bit emphatic.......but stay out,daily is in downtrend.......don't go and bottom fish and instead catch a falling knife.End result is usually a lot of pain and loss of capital....

All the best!
Saint

 

[Saint]

Hi
saint i am a new member just entered in stock market and want to learn

stock market is a tricky place to learn eheheh
especially with all the money involved
but hey...welcome you're at the right place

Hi Analyzer,Kapil,

A warm welcome to you both.......and all the very best!

Kapil,....I have always admired that kind of attitude......great going!
Learn the ropes,this is a profession as any other,get the hang of things,paper trade first and then with small quantities as you do your education.....Keep in touch!!All the best!

Saint

 

[striker_rage]

Hi
saint i am a new member just entered in stock market and want to learn

Hi Kapil..........go through saints post "teach a man how to fish"....excellent material for new commers like me and it might be for u too...i m still reading it....also a little pratical work is necessary so try to do some paperwork and see if u make a profit or loss and ask questions when u need help on something!!!

 

[rajesh.sadhanala]

yep,.....that would be yet another scenario,and would be just as fine.



The present trend on the weekly charts after today is still the same as yesterday,......still an uptrend with a correction.Daily charts were always in a dntrend,so you don't exactly have to wait for some cofirmation for a swing short.You need something to happen in the charts to confirm that a change in trend has happened..........not required if trend continues in the same direction.So,if it isn't yet another huge gap down,shorting below today's bar low will get you back into the trend.

To say that this is an intermediate dntrend,it has do as you had suggested or it must break below 4304(last month's low)........that has not happened as yet.

So what do you do?You could short below the low of today(meaning not a 100 pts later if a monster gap down),and add more as prices break below 4325,and again below 4300..................where should your stops be?Problem there,thanks to a move like today's...take the last 60min bar's high ie 4446 as your stop(for swing,not intraday)......If tomorrow has the ability to take out that level,you might as well take your stop losses,and sit things out and see how the weekly charts pan out and make a clear cut decision on Monday.

Therefore,in summary,the intermediate term is still in an uptrend,experiencing a correction.........the daily charts are in a downtrend,and another move tomorrow like today,means no change in that downtrend.The shorts that you take tomorrow are either intraday,max swing shorts(depending on the move tomorrow).But,caution at these levels,if you are short..........If this week closes around here,cover all shorts and look at a possible rally next week.

But as always,market scenarios change every day(for the longer term players) and of course every 5minutes for the intraday players.......so let's see how things go tomorrow.

All the best!
Happy Trading!
Saint

Thanks for such a detailed explanation.

Regards
Raj

 

[ragh_ash]

hi Saint,
pl see the nifty daily chart. do u also see support at 4100 levels
regards
ragh_ash

 

[Saint]

hi Saint,
pl see the nifty daily chart. do u also see support at 4100 levels
regards
ragh_ash

Ah,supports...........Ragh,they say the Bull goes up the stairs,and when it does so,it keeps going regardless of any resistance till it tires.They say the Bear jumps down the window,and it breaks support after support till one holds at last.

Yes 4100 is a support area,and 4100 is also the pivot low,we also have our trendlines coming to around that area......this area is an area of congestion.But if it does hold up this week,would be interesting to see if we can get a bounce from these levels.......but whether the bounce will take out highs or not is yet another question,or will it form a lower pivot high and crash from there.

If this area holds and bounces,the intermediate uptrend is still on....the low of this week then becomes the all important reference point,breaking which we have an intermed dntrend.

Chart attached...

All the best!
Saint

 

[ragh_ash]

thx Saint,
very clear. (and fast)
thanks again. will wait for the Market to play out.
regards

 

[Satyen]

Hi
Saint now last week nifty was in green this week we also have taken out prev weeks high ......... now should we wait for nifty to make higher pivot low on weekly chart and then crack of prev.. pivot high on wekly and then turn to daily chart to buy for medium to long term trade...