so dan as its your thread no one can step in without your permission.
Well, seems your full of market gyan...hmm !
Want to know from you , your views on market from these levels ??? 6000 or 5700 ?? Which direction you think with your reason ???
I hope you will revert me and will not ask me to go away to my thread *lOL* jokes apart, want some serious business .
Revert awaited .
Cheers,
The Predictor
Dear Predictor
As I told in this thread< Every body can look at a chart and each of us will see different things.
http://www.traderji.com/options/66266-option-trading-danpickup.html#post641002 As we all see different things, it is wrong to think that we could be in a position which is 100% correct. It is of normal nature that when we enter a trade, we have a certain idea where market could move and some times we are very right and some times we are wrong. Not experienced traders take there mind about market direction as granted and those people I call greenhorns as there is no guarantee that it then will be like that.
TA is surely a good way to try to predict markets, but it is in no way a go or a free ticket for< I am right when I say market will move there and there and others now have to follow me.
For short time traders the best I have seen for market prediction is option tape reading. Very good but those who do it sit the whole day in front of there screens and follow that tape religiously at any time. The same applies for stock trading and dear ST knows it best for future trading.
As told many times and in all threads I explained stuff about Nifty options, I always informed that I trade mainly at the CME, which is the Chicago Mercantile Exchange. Means, when I look at Nifty, I first analyze the Dow and some other markets witch correlate in a plus or negative way with the Dow and then would make a decision where Nifty may could move, as Nifty follows the Dow with time delay most of the times.
Explained that, you already see how stupid it would be to think that I am in a position to say in a 100% sure way what your market will do. As your questions points to the direction of the market, in my opinion Nifty is in a middle term uptrend channel which started around June this year. In this uptrend channel you are in the middle of the range. The range in my opinion is 6100 to 5700 at the moment. Middle of the range, where Nifty would be now according to my words, would also mean that your underlying has a low volatility which will rise at the moment market will start to go to the lower trend line from the mentioned channel.
What about today< Dow gaped down and it looks like Nifty is following it. Today we will have a few numbers coming out like unemployment claims, core retail sales and retail sales in the USA. Those numbers will have an impact on today's opening in the Dow and the Dow has touched its lower uptrend channel trend line in the daily chart and is in the middle of the short uptrend channel on the weekly chart. Pure TA with no indicator and just my two cents for that moment the post was written.
Good trading
DanPickUp
