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Nifty September series is so far continuing its sideways expiry series with again raising North Korea tension as US President Mr Donald Trump announces executive order targeting North Korea’s trade and banking activities, calls for denuclearization. Volatility raised intraday to 10%. Trading Sentiment continue to be negative for the fourth day. Chinese Downgrade and North Korean tension weigh Asian markets on friday trading session.
Nifty September futures currently trading around its previous high on 18th Sep 2017 trading. Post making all time high marginally Nifty September contract started trading sideways during Monday trading session. Short covering rally was witnessed in the first hour of trade. Trading Sentiment is holding bullish and the expiry range had shifted higher to 10053-10308.
Nifty is trading very close to all time high levels which is perfectly normal for a bull market sentiment and nothing much changed from the last view on exponential unfaded gaps in Nifty Futures. But then historical charts shows increased risk on long holdings as Nifty Futures have 9 unfaded gaps in 2017 alone and 11 unfaded gaps since 2016 which indicates that new buyers are coming up at every gap up scenarios and every pullbacks. Street is now anticipating all time high as 10,000 Psychological levels seems to be sustained.
USDJPY tested April 2017 low on fears that Pyongyang (North Korea) would launch another missile test over the weekend, which had added to last Friday’s USDJPY selloff. Last friday Yen had made a low around 107.32 followed by a strong pullback on monday leaving a strong tail on the bar chart again. Its the second time the pattern is repeating on north korea fears with a short term trade setup.
Here at Ellliotwave International we studied investors behavior for nearly 40 years. A huge benefit of all that study is being able to study today’s stock market to the major market market tops and bottoms of the past. This Mutual Fund Vs Money Market Ratio ( 30 years of historical chart) shows extreme sentimental indications which shows how riskier the investments in today’s stock market compared to 2000 and 2008.
If you are frequently using Amibroker templates then probably you would noticed that changing parameters in one chart will reflect the same on other charts which uses the same templates. While using the same templates for multiple charts amibroker chooses the same Chart ID. Chart ID is an index to AmiBroker’s internal chart table. So knowing the Chart ID, AmiBroker knows everything about the chart. The Chart ID uniquely identifies the chart.
Nifty Expiry range continues to be in a tighter range for this series between 9766 – 10126. Put writers continue to be active at 9700, 9800, 9900 series and the overall crowd options intelligence for this series holding positive since the start of the series. 9900 option strike PCR at 1.95 and 10000 strike PCR at 0.45 which is kept the market in a compressed 100 points range for the last week.
I personally admire that Bitcoin is one intelligent way of transacting money. Blockchain is mind blowing technology. But when come to valuing Bitcoin it is a pure bubble ready to blow up anytime. There is a financial saying that “All crashes begin with the seed of success”. Bitcoin is one financial instrument where investors come up with too much of leverage to boost their returns, compounding their woes.
Nifty futures inching up with the positive sentiment despite the global tensions prevailed. Sep 2017 expiry series is likely to be interesting as markets are one timeframing on the monthly charts and so far unidirectional. Weekly Charts are balancing in a range. And daily charts got out of the resistance zone 9940-9960 levels which indicates that short term trend is up.
Japan’s currency USDJPY, strengthened as North Korean launched a missile that crossed over Japan on 29th Aug 2017. Yen had made a low around 108.27 and made a 2-month low followed by a strong intraday pullback leaving a strong tail on the bar chart. Trading sentiment was extremely negative and the bias still holds negative. However a follow through rally is anticipated in USDJPY and has the probability to establish a short/medium term trend reversal.
In 2013, our chief commodity analyst Jeffrey Kennedy co-authored an invaluable resource titled “Visual Guide to Elliott Wave Trading” in which he explained how combining Elliott analysis with technical methods enables traders to identify price action moving with, and against the larger trend.