Good Evening,
I have always been of the view that knowledge and analysis should be shared for free and that is what i have been trying to do via my blog. This blog is open for everyone and it has been my endeavor to respond to each and everyone's query irrespective it being opposite to my analysis or not.
Historically i have also shared my trades which i have in parallel suggested on mmb moneycontrol site and shown the contract notes/trade details for the same.
Today also i want to uncover the power of Elliott Wave Analysis to everyone. What this analysis, if applied carefully along with discipline is capable of.
This trade was done on 7th December 2016 on BANKNIFTY. This day co-incidentally was the day of Monetary policy date of RBI.
You may have noticed that in the month of December i did not write a single post on my blog because my views are usually positional. But again within these positional views there are multiple trade setups which are corrective or opposite to the positional views. These trade setups are of lower degrees as compared to what i post on my blog.
This trade was a result of the elliott wave analysis of market (BANKNIFTY) as per which it should have corrected further below the short term support of 18143 made on 9th November 2016 (De-monitization date) and was being maintained throughout 28th November to 5th December by marking lows of 18187-18183.
On 7th December BANKNIFTY made a high of 18588.15 at 13:40 hrs and my entry into BANKNIFTY 8th December 2016 Expiry Call with Strike price of 18000 PUT (PE) was at 13:11:48 hrs when it made a high of 18578.85 with 4 lots of banknifty put totaling the quantity of 160 at the rate of 20. This option made a low of 18 when it further went upto otouch its high of 18588.15 after 29 minutes from my entry time, which as per elliott's analysis was the potential top.
(Yes we cannot achieve perfection in financial markets but can definitely pursue perfection in our trades).
My exit time was 14:33:27 hrs at the price of 69 in that very minute this option made a high of 80 but since i had already placed bids by doing a rough calculation of SPOT price - STRIKE price 18000 PE and BANKNIFTY SPOT price.
Yes this analysis was on a 5 minute chart as compared to a daily/weekly or a monthly chart.....and Elliott Wave Principle again worked like a beauty as it has being doing so far.
Attached snapshots are from my ZERODHA Q Backoffice which has my trades, P&L page, charts highligting the entry point.
This is the only analysis so far which has worked at all degrees of timeframes for me.
I will be soon posting on selling few stocks like VOLTAS, the whole IT pack and PHARMA pack, which i already have been bearish as evident in my previous posts.
Happy Trading !
I have always been of the view that knowledge and analysis should be shared for free and that is what i have been trying to do via my blog. This blog is open for everyone and it has been my endeavor to respond to each and everyone's query irrespective it being opposite to my analysis or not.
Historically i have also shared my trades which i have in parallel suggested on mmb moneycontrol site and shown the contract notes/trade details for the same.
Today also i want to uncover the power of Elliott Wave Analysis to everyone. What this analysis, if applied carefully along with discipline is capable of.
This trade was done on 7th December 2016 on BANKNIFTY. This day co-incidentally was the day of Monetary policy date of RBI.
You may have noticed that in the month of December i did not write a single post on my blog because my views are usually positional. But again within these positional views there are multiple trade setups which are corrective or opposite to the positional views. These trade setups are of lower degrees as compared to what i post on my blog.
This trade was a result of the elliott wave analysis of market (BANKNIFTY) as per which it should have corrected further below the short term support of 18143 made on 9th November 2016 (De-monitization date) and was being maintained throughout 28th November to 5th December by marking lows of 18187-18183.
On 7th December BANKNIFTY made a high of 18588.15 at 13:40 hrs and my entry into BANKNIFTY 8th December 2016 Expiry Call with Strike price of 18000 PUT (PE) was at 13:11:48 hrs when it made a high of 18578.85 with 4 lots of banknifty put totaling the quantity of 160 at the rate of 20. This option made a low of 18 when it further went upto otouch its high of 18588.15 after 29 minutes from my entry time, which as per elliott's analysis was the potential top.
(Yes we cannot achieve perfection in financial markets but can definitely pursue perfection in our trades).
My exit time was 14:33:27 hrs at the price of 69 in that very minute this option made a high of 80 but since i had already placed bids by doing a rough calculation of SPOT price - STRIKE price 18000 PE and BANKNIFTY SPOT price.
Yes this analysis was on a 5 minute chart as compared to a daily/weekly or a monthly chart.....and Elliott Wave Principle again worked like a beauty as it has being doing so far.
Attached snapshots are from my ZERODHA Q Backoffice which has my trades, P&L page, charts highligting the entry point.
This is the only analysis so far which has worked at all degrees of timeframes for me.
I will be soon posting on selling few stocks like VOLTAS, the whole IT pack and PHARMA pack, which i already have been bearish as evident in my previous posts.
Happy Trading !
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