Thursday, May 20, 2010

TARGETS ALMOST DONE !!!!!

I started learning technicals,way back in 1995.in the initial phase ,i was amazed by the miracle like things..to predict markets from charts !!..i thought it would be EASY,, the way i was tought, the way the importance of an oversold rsi/ roc was presented,, it was joyfull to think, that we have to buy when it reaches 30 and sell when it goes above 70 !!!! ..it looked so easy ..than , when i learned the ma cross-overs, i was just amazed,by the accuracy of cross-over signals, from the charts that were presented in seminar.i never knew that lots of charts with whipsaw signals, were not shown to us .
than, the most interesting part of my early years learning life came, when i learned fibonacci.it was just wonderful..and it is still that much wonderful.the most powerful tool,that i have been using even on 1 minute nifty chart, is fibonacci ratios.
i still remember those days ,when i went to sea BEACH ,to measure the length of sea-waves,that come and go by.i than calucalted the difference of length of different waves, and tried to find out fibonacci ratios, in them.in those early days,,it was rather seemingly easy to find out, major up or down moves, when the markets were TRENDING..in one direction.
BUT, the major issue was to save ourselves from whipsaws,in a sideways move.and the fact is that atleast 30-40% of times ,markets remain choppy / sideways / rangebound.
LIKE, OUR broader markets are, for almost whole year now.
but, the turning point in my life as an analyst, came in 2003-4, when i started to combine MULTI-TIME FRAME charts. there i found clues to avoid whipsaws,, i learned FLEXIBILITY.

and ,THAT is the reason , i had successfully picked up almost all nifty moves, EVEN in THIS CHOPPY markets.
yesterdays nifty low was 4901, my targets / support ,given here from around 7-17th april, are 4873-4833..so be careful in shorts over here.
i expect a bounce back from these area.

No comments: