Decission points...!

[linkon7]

Nifty in discount... thats a definite shift in sentiments. Today's close can become the trend decider in the coming week...

Volumes are very low so a sudden 50 point fall is enough to scare many bulls....

 

[cyber2nk]

Dear Mr. Linkon7,

Can this book 'Mind Over market" be downloaded from somewhere. If u pl. can provide some link......

It would be a great help.

Regards

Cyber2nk

 

[linkon7]

Dear Mr. Linkon7,

Can this book 'Mind Over market" be downloaded from somewhere. If u pl. can provide some link......

It would be a great help.

Regards

Cyber2nk

search in 4shared dot com...!

 

[Nihilistic]

Excellent, excellent thread, sir! Please keep them coming. Definitely helps the tyros like me to get some insight.

Regards,

 

[linkon7]

Opening is far below yesterday's value area and below yesterday's trading range. In the past few days the lowest value area low was 5652 and 5649...

This smells of a trend continuation on the down side. we failed to take out 5750 yesterday and the selling was aggressive. the pull back in the last 30 min looked cosmetic and has given up all together.

Today start is with a small opening range and typically trend days start off with a small range and then breaks one leg and keeps moving in that direction.

Expectation is 5600 might give way or we might go back to the 5650 to 5750 trading range. more likely chance of 5600 giving way since bulls are not taking the chance to buy cheap any more. they must be feeling that if i can buy reliance at 920...why buy it at 980...

 

[linkon7]

* Trend Day One side of the other-frame is in control right from the open, and for the whole day. A succession of higher highs/lower lows forms. Experts have determined that this day type shows a high level of directional confidence throughout the day. The initial range is often narrow.

range is narrow... price below value area and below yesterday's range...

 

[linkon7]

My personal inclination is to look for shorts. But chart says lower high of 5669 is broken. we have a higher low at 5658.. so my entry would be a break of that.

typically, market auctions higher to find sellers and it auctions lower to find buyers. So far no aggression on the part of sellers are visible and we continue to see price moving higher. The narrow opening range is a sign that bears are not comfortable initiating shorts below the 5650 mark and are looking for higher levels to go short...

My best bet is to align with them and wait patiently for them to show their presence...

 

[linkon7]

In the very short time frame...2 min... we now have a lower high at 5678..wt previous high at 5681... higher low at 5668... break of this low is my entry into short... sl at 5681...

 

[linkon7]

Fibonacci retracement and extension provides excellent target for partial book....
5659 is 61.2% retracement..and a break below that is a retest of low... then a target of 161%...261% of the range can be expected...

 

[linkon7]

past 45 minutes..we see a tail from 5643 to 5650... thats the presence of bulls pushing prices above 43....break of this tail... will give us our next direction downwards....