I have been surfing for the past thirty minutes on one of my favorite sites – Just Nifty catching up on market action there.Those of you not familiar with the site or it’s owner Mr. Illango, I would advise you to check this place out : http://tradeinniftyonly.blogspot.com/.
Illango brings to the table a unique system based on hourly high-lows and EMA’s and I noticed the levels he discusses are very close to the one’s we have here at Vtrender.Infact my blogmate Viren is a regular at that site ( when he is trading) spending more time there than here ! Illango has built a wonderful trading community, which brings to you an assortment of views on market action, enough for you to capture the pulse of the market at any given minute.
So, I was going through one of his weekend posts, and I caught this line from here. Reproducing it for you here from the post A story that can change your life – “If you will spend an extra hour each day in study of your chosen field, you will be a national expert in that field in five years or less.”
I want all of you budding profilers to take inspiration from this one line. Just imagine, an hour studying this concept will ensure that you have the key to your own financial freedom in less than 5 years! Enough said.
Turning to the market action of today, here is the chart :
What was going to be a neutral day turned around in the last 30 mins, and the single buying tail is evident in the last profile on the right of the chart.Buyers had shown their willingness to step up to action today and be counted. An open around 4954 was tribute to that. Subsequently a failed range extension on the downside led me to look at longs for the day action.Unfortunately two good long set-ups of ours did not materialize today.
Looking ahead, the market action makes me believe that short covering took the market up.If this is true, then the market would look to rotate back tomorrow back to the region of the break-out and test waters there again.
I’ll join you tomorrow to catch the action as it unfolds.