Nifty Futures Trading Part 2 (Positional)
- Thread starter Czar
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Devan
Its related with macd, blue impulse bars means bullish( daily ema greater than prev ema and also histrogram )white means neutral n red means bearish ( exact opposite of blue bar calculation )
And ribbon thing .. there r 2, bottom ribbon indicates monthly ema status ( it must be blue to indicate bullish sign on monthly ) and second ribbon above it indicates weekly status of ema ( if weekly gren,montly blue and imulse bar blue extreme bullish sign, but we dont wait that long2happen its for confirmation and profit booking/adding )
Its related with macd, blue impulse bars means bullish( daily ema greater than prev ema and also histrogram )white means neutral n red means bearish ( exact opposite of blue bar calculation )
And ribbon thing .. there r 2, bottom ribbon indicates monthly ema status ( it must be blue to indicate bullish sign on monthly ) and second ribbon above it indicates weekly status of ema ( if weekly gren,montly blue and imulse bar blue extreme bullish sign, but we dont wait that long2happen its for confirmation and profit booking/adding )
An effort to go closer: 
As discussed with satda on yday evening we have completed one 9 fold on the intraday 5 minute chart.so its a time to take a pause on that basis.
first we will try see what happened from the low 3068 on the 20th oct. we have started an upmove.
(1) 3119 (first upmove from 3068)
projecting the bigger target
3119-3068= 51 * 1.618 = 82.5
nxt tgt 3119+82.5= 3201.5
and in case of extension 51 * 2.618 = 133.5
bigger tgt 3119+ 133.5= 3253.5
we extended and got the bigger one... guess anyone its 3252(extended 2.618).
in between we got (3) and (5). from 3068 to (3) if we project 100% we'll get 3250 again ( its optional, as wehave got the bigger tgt already. just wanted to give to confirm that 3253 level).
now (5) formed with 3189 as the high. lets try to project next tgt:
3189-3068 = 121
121 * .618 =75
3189+75=3264
any guess abt today's high
3264.90.
so now the Q is as we have completed 5 wave up move(9fold), we shud retrace as a-b-c, but should we buy that dip or not and whr for a short period of time. Alex bhaiya has already displayed clearly the divergence in oscillators on the EOD chart, so thats also supporting for a buy idea at a dip along with the 5 wave up move initiation. looking at the first chart again ,i have drawn a horizontal line at the top of (1) , means 3119. so its my laxman rekha,as the next downmove took support there, its the 1wave top of the up move we had, below which i wud close any THINKING abt longs,(position wud be closed somewhr b4 that, coming to that point).
on the second chart two thing are drwan one 3068-3264.9 fibonacci retracement, second is a-b-c fibonacci projection.
we know that it shud reatace atleast 50% after meeting the fibo proejction. so we have met 3264 successfully. 50% is coming at 3166 and watch out for .618% extension of a-b it 3164. so i wud be watching this very closely. note another level also ,that 38.2 of the 3068-3264.9 move.its 3189, exact top of (5) of previous pic. and the .236 extension of a-b.
so two levels to watch for tomm 3189/3166
below 3166 will wait for 3119 to come. below 3119, gone with the wind.
now this is the scenario whr we wud not cross 3265 in the morning.
what if we cross? its fresh bull move and bigger tgt will come. i'll look at .236 and .382 of (1)-(9) which is 3309/3341 (oh satda!!)
NOTE: about 9 fold. Actually we all know EW has its 5wave up/down against 3 wave down/up. in that 5wave up/down one impulse will extend in 5 more. so y counting and confusing ourselve???? if one impulse will extend itself its having 5 wave and 4 more normal waves r left so... 5+4= always count 9 fold. (it's not my word. the best critic and analyst on EW Mr. Robert Fischer narrated it clearly in his book , one of the prime on EW abd fibonacci ... Fibonacci applications and strategies for traders).
THANK YOU
As discussed with satda on yday evening we have completed one 9 fold on the intraday 5 minute chart.so its a time to take a pause on that basis.
first we will try see what happened from the low 3068 on the 20th oct. we have started an upmove.
(1) 3119 (first upmove from 3068)
projecting the bigger target
3119-3068= 51 * 1.618 = 82.5
nxt tgt 3119+82.5= 3201.5
and in case of extension 51 * 2.618 = 133.5
bigger tgt 3119+ 133.5= 3253.5
we extended and got the bigger one... guess anyone its 3252(extended 2.618).
in between we got (3) and (5). from 3068 to (3) if we project 100% we'll get 3250 again ( its optional, as wehave got the bigger tgt already. just wanted to give to confirm that 3253 level).
now (5) formed with 3189 as the high. lets try to project next tgt:
3189-3068 = 121
121 * .618 =75
3189+75=3264
any guess abt today's high
3264.90.
so now the Q is as we have completed 5 wave up move(9fold), we shud retrace as a-b-c, but should we buy that dip or not and whr for a short period of time. Alex bhaiya has already displayed clearly the divergence in oscillators on the EOD chart, so thats also supporting for a buy idea at a dip along with the 5 wave up move initiation. looking at the first chart again ,i have drawn a horizontal line at the top of (1) , means 3119. so its my laxman rekha,as the next downmove took support there, its the 1wave top of the up move we had, below which i wud close any THINKING abt longs,(position wud be closed somewhr b4 that, coming to that point).
on the second chart two thing are drwan one 3068-3264.9 fibonacci retracement, second is a-b-c fibonacci projection.
we know that it shud reatace atleast 50% after meeting the fibo proejction. so we have met 3264 successfully. 50% is coming at 3166 and watch out for .618% extension of a-b it 3164. so i wud be watching this very closely. note another level also ,that 38.2 of the 3068-3264.9 move.its 3189, exact top of (5) of previous pic. and the .236 extension of a-b.
so two levels to watch for tomm 3189/3166
below 3166 will wait for 3119 to come. below 3119, gone with the wind.
now this is the scenario whr we wud not cross 3265 in the morning.
what if we cross? its fresh bull move and bigger tgt will come. i'll look at .236 and .382 of (1)-(9) which is 3309/3341 (oh satda!!)
NOTE: about 9 fold. Actually we all know EW has its 5wave up/down against 3 wave down/up. in that 5wave up/down one impulse will extend in 5 more. so y counting and confusing ourselve???? if one impulse will extend itself its having 5 wave and 4 more normal waves r left so... 5+4= always count 9 fold. (it's not my word. the best critic and analyst on EW Mr. Robert Fischer narrated it clearly in his book , one of the prime on EW abd fibonacci ... Fibonacci applications and strategies for traders).
THANK YOU
Last edited:
By alex_laxya
Satyam have a look... thats how i am interpreting elliot wave today ( on learning curve its my 1st day ) i confused with 5th wave... isnt it 5th wave ? as u saying its a,b,c ... without 5th wave hw a,b,c, started ??? can u plz clear my confusion. I must be missing something.
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