Today's Buy Levels

adilsaleem · #**971** 17th October 2007, 12:21 PM

Ashish
At these times we get confused and are not able to decide what to do. Very simply put i have 1 lot of nifty since yesterday at 5682. I am willing to take the loss at this point but technically i dont know at which point i should exit. Your advise would be very valuable

newbee · #**972** 17th October 2007, 12:46 PM

Quote:

Originally Posted by adilsaleem

Ashish
At these times we get confused and are not able to decide what to do. Very simply put i have 1 lot of nifty since yesterday at 5682. I am willing to take the loss at this point but technically i dont know at which point i should exit. Your advise would be very valuable

Hello

I do not have a position, and niether experiance to advice.

My therotical take on this situation is,

If I were down 10% in the morning and now have a chance to get out with 5% I Should take it,

its like "Jaan bachi Lakhoo paye, lout ke ...nb ghar ko ayee"

Else hopping, wishing praying will take over, and ..

As they say tomorrow will be another day, (or next expiry as one some one pointed out, above)

Hope you get some more guidance from real traders

Thanks
nb

uasish · #**973** 17th October 2007, 01:14 PM

I am proved to be wrong in trying to PREDICT mkt ,as always in past.
However 2 things i take from this pullback still now.
1) This Huge negative could not incite more than 10% in Correction Price wise.
2) If this is true ( to be verified by another 2 days close) ,then i should start a new thread "to stick my neck out Nifty 9k".

Hence it would be prudent to preserve my Equity at this point of time.I would have lots of money making oppurtunities in Future.

uasish · #**974** 17th October 2007, 01:25 PM

Amazing resilence of this Bull Mkt !!!! i am dumb found, Gr8 Pull back.

adilsaleem · #**975** 17th October 2007, 01:26 PM

Sold out my position at 5582

prabhjeetrana · #**976** 17th October 2007, 01:29 PM

Quote:

Originally Posted by uasish

Amazing resilence of this Bull Mkt !!!! i am dumb found, Gr8 Pull back.

Asishda this pull back may be a trick to trap any bulls if remaining even till now

adilsaleem · #**977** 17th October 2007, 01:31 PM

I remember the may crash. We saw a 1000 point fall on that day and the market closed in the green. But what followed was a 33% retracement in the next one month. Maybe i dont know anything but i still feel we should wait for clear signals to re enter. The market will not run away. Taking a weeks break should help.

karthickdoss · #**978** 17th October 2007, 02:53 PM

Quote:

Originally Posted by adilsaleem

I remember the may crash. We saw a 1000 point fall on that day and the market closed in the green. But what followed was a 33% retracement in the next one month. Maybe i dont know anything but i still feel we should wait for clear signals to re enter. The market will not run away. Taking a weeks break should help.

I second adilsaleem.
Recap....
May 15, 2006: The market fell by 463 points to 11,822 points.
May 19, 2006: Sensex slumped by 453 points to 10,939.
May 22, 2006: Sensex slumped by 457 points to 10,482.

I feel though it recovered from the abyss, it will fall within next week like today and never recover. And, it wont be "open-market-great-fall" kinda scenario..It will mostly be slow and steady fall of 5-8% each day and rise at a leisure pace..
I might just watch for next one week and see where my dear market is going... (still have open position in MTNL bought at 166; right now trading at 162).I will clear this off today only. No more overnight positions.

uasish · #**979** 17th October 2007, 03:46 PM

adisaleem,

There are 2 school of thought ; 1 which says we are Robots we should trade as per the systems signal,infact they are 100% right.
There is another school of thought who are Discretionary traders who trades few signals of those systems ,they are also right.
I have traded today in few high momentum based signals ;by SL order entry & mkt order exit ,so that today's skewed Risk / Reward does not effect my equity.
Prudency is better in many facets of life.

Asish

rajaram.dilipkumar · #**980** 17th October 2007, 08:38 PM

Quote:

Originally Posted by uasish

adisaleem,

There are 2 school of thought ; 1 which says we are Robots we should trade as per the systems signal,infact they are 100% right.
There is another school of thought who are Discretionary traders who trades few signals of those systems ,they are also right.
I have traded today in few high momentum based signals ;by SL order entry & mkt order exit ,so that today's skewed Risk / Reward does not effect my equity.
Prudency is better in many facets of life.

Asish

Stop watching CNBC and stop reading anything from any trading forum ....listen to ipod , focus on prices and thats what i did today.
We should stop fighting the trend or predict a trend . Instead lets go with the trend . I know some day i will loose but by then i would have made enough profits to stay calm and profit from the folly .
Thank you udayan for making it my day.

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