Good Day
Dear Rohit
Technical Analysis - Not An Exact Science
Technical Analysis should not be used to make predictions because we never know the outcome of a particular pattern or series of events with 100 per cent certainty. The best that we can hope to achieve is a probability of around 80 per cent for any particular outcome, which means that something unexpected will occur at least one in five times.
My approach is to assign probabilities to each possible outcome. Assigning actual percentages would imply a degree of precision which, is normally unachievable.
Most of the time, however, we can tell that price is at least twice as likely to move in a certain direction, as it is to move in the other.
That is sufficient edge for a good trader to out-perform the general market.
After analysing hundreds of charts, I am in the process of fine tuning this new strategy, .
In short , I am trying to develop a win win strategy based on classical approach and practical approach, it is observed that the results are quite encouraging.
But due to paucity of time due to my hectic job schedule , I will share the complete write up in the near future.
I have also developed for the first time, an unique ready reckoner , providing all the important levels with trading strategy
at your finger tips, for successful Intraday trading of Nifty Futures.
Same is forwared to all our group members on a regular basis.
My Motto:
Fight the FII's out of our Country.
PS: While due care has been taken in preparing the Analysis, no responsibility can be or is assumed for any consequences resulting out of acting on it.
'Too lazy to work, too shy to steal or cheat , therefore I trade.
"First they ignore you, then they laugh at you, then they fight you, and then you win.
M.K. Gandhi
Fight the FII's out of our Country.
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---------- Forwarded message ----------
From:
Rohit Gokhale <rohit.2611985@gmail.com> Date: Thu, Feb 28, 2013 at 10:44 PM
Subject: Re: {LONGTERMINVESTORS} AMAZING update 28Feb13 Nifty Futures Monthly Support and Resistance Feb13
To:
longterminvestorsresearch@googlegroups.com
@ Ravi ji,
As per my analysis, on all time frames...nifty is definitely weak... So, I agree with your bearish view..
BUT...
My question is.......WHY HAVE YOU CHOSEN 4988.87 MARK TO DRAW A FIBONACCI RETRACEMENTS??
Retracements are nothing but against the actual trend/flow action/move (picture wise,... technically it has some meaning)...and to draw it, one should consider the whole action or leg (up or down).
So, if you are considering or drawing retracements for the major trended action, the low should be 4770.35. If you are considering recent up leg (wave 5) post intermediate correction (wave 4), the low that should be considered is 5548.35.
Lets assume that instead of taking actual bottom (4770.35) u had chosen Leg 3 (wave 3) bottom...still it is 5032.40...... I still didn't understand what made you consider 4988.87 mark to draw retracements....Also, I couldn't find 4988.87 point on any weekly candle... Can you plz explain??
Take it just as a friendly query asked with curiosity...
Regards,
Rohit
On Thu, Feb 28, 2013 at 10:07 PM, Ravi Palwankar
<ravipalwankar@gmail.com> wrote:
AMAZING Nifty Futures Monthly Support and Resistance (SEE BELOW)
FIB WEEKLY CHART 38% RETRACEMENT
HOPE EVERYONE ENJOYED THE MONTHLY CALL (pls see below)
TOTAL GAIN 5992- 5697 = 295 PTS.
Happy Trading as always.
Ravi
---------- Forwarded message ----------
From:
Ravindra Palwankar <ravipalwankar9@yahoo.co.in> Date: Sun, Feb 10, 2013 at 7:29 PM
Subject: Nifty Futures Monthly Support and Resistance
To: Ravi Palwankar <
ravipalwankar@gmail.com>
| Monthly S n R |
| M-R4 | 6213.90 |
| M-R3 | 6137.90 |
| M-R2 | 6063.90 |
| M-R1 | 5992.90 |
| | |
| M-S1 | 5833.10 |
| M-S2 | 5795.10 |
| M-S3 | 5697.10 |
| M-S4 | 5555.55 |
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Rohit
Technical Analyst
Cell:- 9619401606
email: rohit.2611985@gmail.com
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