Hope turns to despair turns to hope! We had a terrific day today, maybe this was the least that the market could have offered the beleaguered bulls, battered by incessant bouts of selling. Nevertheless a Big Blue Candle of HOPE! Another cautious opening and we almost slipped away. In the 5 minutes chart we can see that we got two very good opportunities to go long. On the daily chart the bullish engulfing or as some will call it the outside bar provides some comfort for bruised egos of the bulls. A temporary reprieve from the punishment meted out by the bears! This can be a swift pullback rally synonymous with the bear markets. What’s more satisfying is that we have regained 4050 and managed to close above it. If supported by global cues and saved from domestic political turbulence then Nifty can follow this path; 4160/4215/4250! On the flip side failure to hold on to 4050 will result in testing 3950 again. Below is the 25 minute chart of nifty (30 minute would also be the same). I have posted it to highlight that how keeping things simple and waiting patiently can give us some good trades.
Felix qui potuit rerum cognoscere causas: Fortunate is he who has been able to learn the causes of things!
The way the market is these days.. it's just doesn't seem worth the effort to even follow it (my personal feeling, ofcourse :D )... it makes you happy one day and then sad for the rest of the week. :) wouldn't it make more sense to buy any of the blue chip stocks at these levels and forget about it.. what i really mean to ask is.. is it worth Trading during such times??
ReplyDeleteRohit, Hi
ReplyDeleteMy sentiments exactly.During these tryin times a safe haven was to look for some bargains in strong stocks...better still sit on cash for some time. Sadly most of the traders find sitting on the cash the toughest thing to do...what the heck its more tougher than reading charts :)
I have never done intraday trade. I am new to it. Can you please help me understand
ReplyDelete1. Which price tick is useful to look at
-1 min
- 2 min
- 5 min
- 15 min
- 60 min
and why?
which EMA fits best in them
maybe any resource to read and learn?