Nifty Technical chart 4th february

Hi friends,
                   Nifty gave a small blip up from A=C area ie 6070-50 level ,We rose
from 6020 to 6100+ levels and again fell below the january expiry day low.
We have gone below A=C level ,So looking at the second level .
Look at the following chart.

The 127.2%  comes at
5990-5980 ,Below which
we target 161.8%  which
comes at 5890 odd levels.
We have tested 127.2% today
the price chart suggests
exhaustion in price momentum.
Though the lower time frame
charts still don't give any
concrete confirmation of


reversal yet, Don't be in a hurry to buy till we see a clear reversal,Usually 161.8% gives lot
of confidence lets see what nifty does this time.
Regards
Rish

What to do when stop losses hit continuously

Hi friends,
                  As the topic says "What to do when stop losses hit continuously"
There is no sure shot thing to come out of this situation,Its a painful situation.

A lot goes through a traders mind during that phase,
What wrong i am doing ?
Did i analyze the scrip wrongly?
Did i force the trade ? etc etc.

And all this time the calculation of loss continuously happens in
background ,So with each new stoploss hit the urge to win back becomes
stronger and stronger.
Eventually trader think to win back most of the loss in a trade and ,Thats how
he increases the stakes on trades and if the loss continues it adds to the agony.

I have managed to come out of this situation only by decreasing my stake on
each trade ,Till in get my winning rhythm back.
How you come out of such situation!!

If you do something different to win back do share your methods.

Regards
Rish 

Ultratech Technical chart Update

Hi friends,
                  On friday i had posted Ultratech Technical chart .I have figured out
the following count is valid too till we don't breach past 1730,Have a look at the
following count on chart.

So any trader who has
taken position on old
post please make sure
you have stoploss on
buy price for now.
We can be riskfree
only above 1730
else this would come
down again.This looks
to me as a B wave triangle


So traders keep an eye at 1720-1730 .If thats not crossed comprehensively
we very well have a short trade too on our hands.Trade wisely.

Regards
Rish

Trade set up Elliott wave ABC Correction.

Hi friends,
                    Today i would give a simple example of how if one is able to count waves ,Rewards
are brilliant.
I would discuss a simple abc correction ,If one is able to count this ,This gives an excellent
trade setup with low risk.Look at the following chart.

I have labeled in red abc yellow show internal 5 wave structure of c wave.
This chart gives us so much information about abc setup ,The 5 wave in c wave gives
us confirmation that c wave has ended.  A green trendline made by joining 2nd wave and
4th wave high gives breakout confirmation for a new wave ,Also the horizontal redline
gives confirmation that a new up wave has indeed started ,As it negated the posibility
of a 4th wave rise from low.
A ideal trade setup what comes out from this set up would be to buy the stock at the break
of green trendline with a stoploss at c low and continue tralling up once red line ie 4th wave
negation .
All it takes is to go through all charts and shortlist prospective trade setups and track them
during market hours for favorable move and pounce on them once things are in your direction.
I have seen many say trade setups recognition is not easy in elliottwave ,Well if it was that easy
it won't work in markets,It a truth the more the pattern is visible lesser the probability of
its success.Lastly there is no prosthetic for hard work.