So yesterday our third target 8444 was nearly achieved and we shorted at 8397 Nifty level with initial stoploss at of 8450 yesterday. The next turn date is Monday 16 Jan and is likely to be skipped by Nifty. First initial level by then to expect is 8308 NS.
Order cancelled
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As per the time fractals unfolding at the opening, Nifty will remain upward till Monday. Please close the short position at the opening and go long.
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Exited short and went long at 8433 NS, TSL 8400
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Below 8400 I will go short again.
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Alright its down only, going short again, and it was just an opening spike, a huge one!
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Today a bad day for me so closing all positions, will trade all freash on Monday.
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Thanks all for your encouragement! There is a minor issue in my short time fractal, which I will look at during weekend. Those who are holding shorts, can continue to hold with TSL at 8410. I will communicate when to exit.
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Its a confirmed downtrend, Set TSL at 8450 NS . Even new fresh short positions can be taken. Target date is now Wednesday, 18 Jan
(Feeling better now, had lost my cool. )
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The target date has changed because starting time of a wave is an input to fractal equations, this wed 18 Jan has been calculated from today's high at 9:15.
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Fibo target will also change as now we have more time. 1st target 8240. (lets first achieve this then will calculate more)
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Carry it forward,, this being a retracement kind of a move, it will be slow.
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I understood where I was wrong. Short term wave sometimes just gets extended to next moon’s sublord change, and that’s what happened here. Lost 66 points in this, but will recover and be in profit by Wednesday.
Just two days back I have gone through your previous posts. Great analysis. Keep it up.
I am also a technical trader basically intraday, no positional, and trades only banknifty.
I am stunned by seeing the dates predicted by you so early like 27th Dec. Today also ie of 13th Jan.
I understand being trader myself that even after correct analysis we make mistakes in entry and in stop losses and exits. Like you mentioned that you will review it during weekend, its great. But please dont take so seriously about these mistakes. These happens and are part of trading. Best thing is you are doing excellent analysis. And theses entry etc will be fine tuned with experience. Believe me experience is very important for trading and it teaches us 90 percent of trading.
So keep it up your good work and best wishes.
Regards
pankajvw
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@Banknifty, sure thanks! I understood what went wromg here. Short term wave sometimes just gets extended to next moon's sublord change, and that's what happened here.
Banknifty
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@pankajvw, Thanks for reply. Its good you understand your problem. I am a follower of volume only and also not familiar with W D Gann's methods.
Great Jesse Livermore who also lived in the same era of W D Gann said once that Mistake Family is very big. You will learn not to do some particular type of mistake but their are lots of his cousins and in laws!!
BTW I have gone through your FRACTAL posts and realized many things. I always used to say that markets are same whether you see in Monthly time frame or weekly or daily or 1 minute. They are same and its difficult to differentiate between them if time period is not mentioned. Its due to FRACTAL's. Now I understand.
Happy weekend
praveen.bhatiya
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Dear Pankajji I think that your trade idea and calculations were perfect only the volatility in opening hours has triggered the stop loss. I sincerely appreciate your work and calculations.
sanjivt
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I haven't taken a position yet.....what do you recommend for Monday morning? Should I short at open? thanks
Jd1007
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Nifty - Trend has been reversed near to death zone 7870/7830, Medium term resistance zone 8420/8530. 8280 level will work as equilibrium point. For range of 8000-8500
jayanandha
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Hi Pankaj,
Waiting for your next post.
Regards,
nandha
Basty
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sorry it was nifty fut*
Basty
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Nifty and Bank nifty both have formed Hanging Man patterns on daily with 2x and 4.69x ratio/strength. Not a very good positive news.
anshuman_05
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you have been extremely accurate, I am sure today was a blip. Thanks for sharing your views and method with us !
Just two days back I have gone through your previous posts. Great analysis. Keep it up.
I am also a technical trader basically intraday, no positional, and trades only banknifty.
I am stunned by seeing the dates predicted by you so early like 27th Dec. Today also ie of 13th Jan.
I understand being trader myself that even after correct analysis we make mistakes in entry and in stop losses and exits. Like you mentioned that you will review it during weekend, its great. But please dont take so seriously about these mistakes. These happens and are part of trading. Best thing is you are doing excellent analysis. And theses entry etc will be fine tuned with experience. Believe me experience is very important for trading and it teaches us 90 percent of trading.
So keep it up your good work and best wishes.
Regards