# Trading NSEI – Interesting Question by a reader

There was an interesting trading question on NSEI posted by a reader, but he posted it under an update on Gold! I think the Blogging software is not clever enough to allow me to move it under the appropriate category. So I am producing the question and the reply here for readers’ benefit. Those who wish to receive all comments by RSS feed, either via a reader, or email, should subscribe to it by clicking on the link provided on the side. Now back to the question on Trading NSEI.

Ramki,
Not sure if you saw this one..therefore re-posting this question…If one had sold Nifty when 6069 was broken. When should he have booked profits and why? Should he have trailed his stops, if yes.. how?
————

• […] News excerpt from: Trading NSEI – Interesting question by reader | Elliott Wave … […]

• Sir,
This quote should be useful…

“Bear in mind that to make money in the markets one does not need to be very active. You have to pick your levels, and act at the right time.”

Warm Regards
Muthu

• hello sir , i am a student of technical analysis since 1996, have gone deep in to it but could not go much in to waves and w.d.gann methods , my question is have you find any indicator which some how matches its moves with wave counts even on different time frames ?

• Bhavesh, Neither have I found such an indicator, nor is there a software to count the waves accurately. Importantly, I believe that there are times when certain waves can be counted in different ways, and one will not know which is the right way until after the move. This is why many people find elliott wave principle difficult. But the answer to this problem is simple. Dont worry about counting wrong. Concentrate on applying your own paradigm to the markets and follow the rules/guidelines and you will make money.

• Neha Doshi

Sir,
I am trying to learn EW.I have read that for a wave to qualify as an ‘X’ wave it has to be either less than 61.8% of the preceding wave or 161.8% of the preceding wave.Is that so??Would be grateful to know your view.

Regards,
Neha

• Hi Neha, I don’t think there is any such guideline. X waves typically separate two or three sets of “threes”, eg double three, or tripple three, and these X waves can take the form of any ‘threes’ themselves.

• Pankaj

Thanks!! we continue to learn from you.

• Thanks Sir for clearing my doubts :)It was quite confuisng for me and led me to keep counting that same wave…with no count seeming right, because of the confusion on X wave.Your answer has given me the confidence to see things as they are.

Warm Regards,
Neha

• abhinav

sir now what to expect in nifty, today it broke level of 5600, I think there is bat pattern in nifty targeting toward 5500 or 4900 whats your opinion

• Hi Abhinav, The close below 5600 has confirmed that 6338 was indeed the top and we should look for a decline to 4800.

Regarding the ‘bat’ formation, I don’t know what that is, but Deepak Shenoy has spotted a ‘middle finger’ formation here, and that certainly brings on a smile. Enjoy.