Indian Charts: December 2012

Monday, December 31, 2012

Nifty :--Consolidation

---before we get a major rally .....Looking at a some of my favorite indicators for varying periods....
parallel channel looks to be the best consolidation formation here....averaged my shorts today .

The arrow head shows what I am targeting. Holding Puts.

Words of WISDOM

"The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight."

---Jesse Livermore

"What beat me was not having brains enough to stick to my own game – that is, to play the market only when I was satisfied that precedents favoured my play. There is the plain fool, who does the wrong thing at all times everywhere, but there is also the Wall Street fool, who thinks he must trade all the time. No man can have adequate reasons for buying or selling stocks daily – or sufficient knowledge to make his play an intelligent play."

--Jesse Livermore

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Monday, December 31, 2012

Nifty :--Consolidation