Daylyn,
Thanks for your post, well explained and much appreiciated.
Irrespective of the fact that one follows TA or not, what matters is that one is in the money end of the day, month or year whichever method is followed.
So to folks who disagree and are profitable, that's fine do carry on, but do respect others who have a system different from your own rather than to ridicule or run it down.
The market is big enough to have different systems that can work profitbaly. We only need to be humble and open to learning if we are to grow. Else, the results at the time of counting will only be what it has been in the past.
In my view, any system can be enhanced with a combination of other tools. As I have said before, whatever works for each of us. And all the very best, to all.
Thanks for your post, well explained and much appreiciated.
Irrespective of the fact that one follows TA or not, what matters is that one is in the money end of the day, month or year whichever method is followed.
So to folks who disagree and are profitable, that's fine do carry on, but do respect others who have a system different from your own rather than to ridicule or run it down.
The market is big enough to have different systems that can work profitbaly. We only need to be humble and open to learning if we are to grow. Else, the results at the time of counting will only be what it has been in the past.
In my view, any system can be enhanced with a combination of other tools. As I have said before, whatever works for each of us. And all the very best, to all.
Dear friend .. the fallowing was earlier post in this thread on 11th Aug. 2012..
(10th Aug. close was 5320)..by Mr. Prada who have high TA knowledge.. no doubt..just go through this..
Now coming to the short to medium term. This minor correction , we are witnessing within this bear market rally has a decent resistance placed close to 5380 area since the falling trendline between 6336 and 5630 comes in close to this area. If this is tackled successfully then the next resistance is placed at 5446 and 5505 and nifty is expected to top out somewhere in this range. In case there is some liquidity gush and if nifty is pushed through the barrier at 5630 then the market will eventually top out close to 5850-5950 before the deep correction begins. The more the market goes up from here, much deeper will be the correction ahead. Picking the top from here on and having a short position in place at the right time will definitely be a delight for the bears. That's it for now. Have a wonderful weekend.
I just posted a vague target ..6550 i welcome your comment ..
go through the below TA by mr parad posted on 13th Dec. 2012 and compare with earlier one
Nifty Update: Although Nifty has retreated from the levels mentioned below and given 200 points profit( if one had taken the trade from my message quoted), there is still no visible signs of exhaustion. This looks more like a routine profit-taking rather than capitulation. Short sellers can start booking profits. Going into the year end, its more likely that the market will end the year on a high note. If 6000 is taken out on a closing basis, nifty is likely to top out close to the upper end of the rising channel(6100+).
Just see the top out range..by any chance market move above 6100 surly my target of 6550 will come as top out range don't worry
eventually top out close to 5850-5950 earlier prediction by Mr. Prads .. when market was at 5300 some one can say top out at 5950.. why can't i can say when market is at 5900 it can go top out at 6550..
even market falls to 5500 at some point of time 6550 target to be hit..
Friend you are the one i like who respond to my posts.. that makes me come back again and respond ...
GOOD LUCK
(10th Aug. close was 5320)..by Mr. Prada who have high TA knowledge.. no doubt..just go through this..
Now coming to the short to medium term. This minor correction , we are witnessing within this bear market rally has a decent resistance placed close to 5380 area since the falling trendline between 6336 and 5630 comes in close to this area. If this is tackled successfully then the next resistance is placed at 5446 and 5505 and nifty is expected to top out somewhere in this range. In case there is some liquidity gush and if nifty is pushed through the barrier at 5630 then the market will eventually top out close to 5850-5950 before the deep correction begins. The more the market goes up from here, much deeper will be the correction ahead. Picking the top from here on and having a short position in place at the right time will definitely be a delight for the bears. That's it for now. Have a wonderful weekend.
I just posted a vague target ..6550 i welcome your comment ..
go through the below TA by mr parad posted on 13th Dec. 2012 and compare with earlier one
Nifty Update: Although Nifty has retreated from the levels mentioned below and given 200 points profit( if one had taken the trade from my message quoted), there is still no visible signs of exhaustion. This looks more like a routine profit-taking rather than capitulation. Short sellers can start booking profits. Going into the year end, its more likely that the market will end the year on a high note. If 6000 is taken out on a closing basis, nifty is likely to top out close to the upper end of the rising channel(6100+).
Just see the top out range..by any chance market move above 6100 surly my target of 6550 will come as top out range don't worry
eventually top out close to 5850-5950 earlier prediction by Mr. Prads .. when market was at 5300 some one can say top out at 5950.. why can't i can say when market is at 5900 it can go top out at 6550..
even market falls to 5500 at some point of time 6550 target to be hit..
Friend you are the one i like who respond to my posts.. that makes me come back again and respond ...
GOOD LUCK
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:lol:
Ok, it must be noted that TA is dynamic in nature! What you see today may not be the same tomorrow. TA has some parameters based on which the positions keeps changing every day! That's why what you see in a particular post in a particular month need not be referred to today since at that point of time, the technicals was highlighting what was mentioned in that day's post. The very next day the trend would have changed, and the analysts will have to revisit his earlier posts and make amendments accordingly.
So TA can be used on a day to day basis with high probability of success. If one claims that market will go in this direction from here on, and will not turn directions, he would be a big bull or God.
You can check my thread! One day I say nifty goes down, the next day I change my views! Reason: technical parameters has changed in a day that is based on overall sentiments. Volume and price movement is determined by the traders, which is guided by human psycology. Non-TA follows human psycology directly, while TA traders follow volume-price movement (which inherently is determined by human pyscology).
Coming to your target of 6500! We may see this target, but as per TA, nifty is overheated and needs to cool down before resuming its uptrend. Hence we are mildly bearish in a bullish market.
So TA can be used on a day to day basis with high probability of success. If one claims that market will go in this direction from here on, and will not turn directions, he would be a big bull or God.
You can check my thread! One day I say nifty goes down, the next day I change my views! Reason: technical parameters has changed in a day that is based on overall sentiments. Volume and price movement is determined by the traders, which is guided by human psycology. Non-TA follows human psycology directly, while TA traders follow volume-price movement (which inherently is determined by human pyscology).
Coming to your target of 6500! We may see this target, but as per TA, nifty is overheated and needs to cool down before resuming its uptrend. Hence we are mildly bearish in a bullish market.
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