Nifty broke down crucial supports with volumes last week. At this point, I would draw your attention towards this post given on 8 Nov, and appropriately titled "Caution!". Nifty was hovering around all time highs at that point of time. Now it has done a 250+ points of correction from those levels and I see people turning Bears from Bulls again!
You do not need to follow complex TA methods to make money from this market. there is no holy grail to make money. No system which would give you a 100% result. The holy grail is within you. Technical Analysis does not tell you what is going to happen in the market. Nobody can predict the Future. What technical analysis tells you is what is happening Now! If you have the eyes to see it, if you can keep your emotions out and believe in what is happening, if you blindly follow your well tested system, You will surely Make Money in the market.
Have a look at the chart below and also see the post on 8 Nov. again:
In the post on 8 Nov., it was clearly written that the green line had been providing support to Nifty ever since it formed a bottom around 5935-5940 levels. It was also suggested to start reducing the long positions once this green line was crossed. I was not telling you this. The market, the system was telling this. I could only see Bulls at that time. As I am starting to see Bears now.
At NiftyPower, we try to teach our Subscribers this simple method of trading. Have your actionable levels ready. These could be the Pivot levels, Swing highs and Lows, Value Areas, Supports and Resistances, Moving Averages... anything. But have it ready with you before each day and before each trade. Buy and Sell only at the pre-planned levels. Look for Risk:Reward at your predetermined levels and then take the decision to Buy/ Sell accordingly. That, if followed routinely, would lead You to the Holy grail that is within You!
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