iCharts Discussions

[singh.ravee]

Ravi_S,
attached chart is of nifty 5min showing negative divergence. 60 min, falling tl is giving resistance. can we go short if tl rejects price movement.
rgds
ravee

[Ravi_S]

Don't short it yet... NVK is in the making in yahoo charts and 5 mins charts... lets wait for that...

[casper]

hiii guys


today i had a realy realy nice trade in ONGC,

i have applied all what i learnt from HDFC massacre and got very good returns too




vishy and ali were with me in messenger, i told them what and when i am doing but restricted them to trade as i was not sure of its results.

i just checked today what i have learnt on the day before yesterday

and i am satisfied with the long trade result, but i shorted it also, then seeing square up time approaching, i had to book it early, so short trade is not that satisfactory


i have taken snap shot of ongc charts when and where it was possible for me

as i was holding really a big position as per my slandered so i could not catch all the moments

as like any of u, me too also suffer from tension while in market ,specially when i am doing something for the 1st time

for this ongc, i could not have my bath/ lunch today

so now going to finish them

and then i will come back and post whatever i got from this trade with charts

VISHAL, ichart id mrvishal_g has helped me a lot to solve this puzzle, he made several STD calls to me just to help me and shared the valuable inputs he got from a legendary trader MR.ASHOK WADHA of DELHI (his mentor) during his training

vishal is just like my elder brother, so i cant say thank u, bcoz it may be an insult to his love and care for me






ravee, sorry brother i could not reply ur BNF post, i was really tensed

plz dont mind

[ali522003]

[sherbaaz]

[singh.ravee]

casper bhai,
no issues about bnf.

sherbaaz bhai n ravi_s bhai,
i traded nifty today. as it reached around 5800+ level. i could see shooting star being rejected from 35ema. I opened short and feel satisfied with todays trade.

[Ravi_S]

Is there a 200 pts downside from the current level? Here is my Analysis... Please comment...

[newinvestor]

[casper]

hi all

2 days ago i had made a huge loss in HDFC. today i hv got almost same set up in ONGC, and going by my experience of hdfc and some testing which i made yesterday, i traded ONGC today.

here i am sharing the same with u, see if any of u could use /refine it

HDFC SITUATION

hdfc in real time chart. was an at, in 60 min tf it had got + div while in 5 min tf it had got -div. the stock opened in gap up manner which was not shown in 60 min chart. and i have mistaken it for a break out candle and taken position with the candle close. then due to the - div in smaller tf and gap up opening, it came down heavily to form a sort of bearish flag. which had a strong support around 650 and after getting the support, it went on to make some 684 as new high.
during the going down of 2nd hourly candle i had to close my position with heavy loss


ONGC


PRE-MARKET: ongc was just like hdfc, an at real time tf, 60min chart had got +div and 5 min chart had got - div, u can say a photo copy of hdfc


OPENING: just like hdfc, it made a gap up opening, which was not visible in 60 min chart but was clearly visible in 5 min, and as i expected it came down heavily within 15 minutes of opening and was arrested around 1180 range, forming a sort of bearish flag

MY TRADES:

1. i switched immediately to 5 min tf and never get back in 60 min , i knew if this flag breaks out then i will be simply wiped out. so i waited to find the bottom

2.then after some time, i saw an at is forming in 5 min tf, now after the fall, i was sure that the effect of negative divergence in lesser tf paid off its the turn of the + div now

3. i bought in large quantity, almost double of what i usually trade, the picture of HDFC day was in my eyes, i was tensed but some how manged to buy and after buying i started cursing myself. i bought it aprox 1182 level

4.within a few minutes of buying that at broken out reaching near 1200 range, i was so happy, i thought to book some, but instead of booking, i kept a trailing sl

5.then i think, due to inflation number or something like this, we got a one candle correction which immediately covered in the very next candle, confirming the bullishness even more

6.after some time, i got a divergence, a negative div, i got really scarred now, but as the candle closed higher so double top had not formed , i thanked my god

7. now i see we are at previous resistance level of 1208, so i was waiting to break it for even more up move, vishy shouted, " buddy we got an inv h/s, neck line is at 1208"

i said to myself, "dont wait man, off load at least half of ur bulk now and keep strict sl for the rest " so i booked 50% at 1207 some thing


8. then it broken out, price zoomed to 1215 aprx, naturally i could not book it there, i got trailing sl which was hit at 1210 and i was out of long trade, but with good money



9. finally in 5 min tf i saw a small dt, just above the neck line of 1208, but 34 ema was supporting

very casually i shorted it while chatting with ali, and said him that let me make up my brokerage by this short but bhai u dont enter, it has strong support, u dont have chart so u wont be able to book, i need to book it very fast

10. i hv not checked nifty, so i was clueless of what is going to happen. again after shorting, i started cursing myself, becoz my short was bouncing back. ali bhai was asking me" bhai whats ur sl? its going up?"

i said let it be 1210 and i will be out. i was short at 1207

then it went down suddenly, it was 1200, i did not waited, nor i trailed it, just booked it at 1200, only to see price going down 1198,1195,1190..... 1180


again i started blaming my luck, why i have not waited for merely two more minutes? i booked it near 89 ema in 5 min tf, but price broken that ema like someone cutting butter with a knife

but then, i had no chance left


so this was my experience with ONGC, one of the best trades i have ever taken,

one thing i am sure of, if there is any more case like HDFC/ONGC. i will be more confident next time

[ravionlinek]

casper

just chek out Prajind

volume also good & 50/150/200 Ema are also moving upside........

look like above 89 tgt 98.....

[casper]

[singh.ravee]

Casper Hello,

Good to know that your hard work has paid u in the end. Keep sharing with us.

Would like to share with you my perspective on ONGC in 5min tf. For 5 min tf, I follow ST Sir's theory.

ONGC in EOD tf in last 3-4 days was in lateral move kind of thing and was failing to touch 1212. So I would have expected a good pullback above 1212.

1. ONGC opened above LOC, rejected from few points below bull channel, which can be viewed has rejection from 1212 and in first candle itself closed below LOC. MACD has sell signal, fast oscillator is Oversold. 2nd candle we can short with SL above LOC.

2. High vol candle in downtrend signaled end of downmove. An upmove started. We can expect bear channel to provide resistance. However it didn't happened. We can close short around 1185.

3. Around 12pm a tall candle broke above bear channel, consolidates and then takes off. We can re enter here. As expected bull channel provided resistance. We can cover around 1210.

4. Rejection from bull channel is reconfirmed around 1210 and we can again go short from these levels for first target of bear channel.


This is easy to sit now and utilise this theory to understand movement of ongc. However, doing the same during the trading hours is not that easy.

I really appreciate your efforts that u turned around the losses of hdfc with ongc.

Keep sharing.

Thanks and Regards

[vishytns]

Ravee/Casper,
Rocking guys, good trading strategies explained. Keep up the good work.
Casper,
Congrats on your profits in ONGC. Great execution.
Vishy

[singh.ravee]

Casper,

I always get trapped in understanding the difference between reversal and pullback. I read banknifty explaination of sherbaaz and reiterating those points. I request you and other experts to kindly provide your views on this.

Few points which will make a bottom reversal.
1. A strong bullish candle reversal signal in downtrend. If it comes at previous support/ resistance, its an added advantage.
2. Slope of 50 EMA. A downward sloping line is going to choke any upmove. However a flattish kind of 50 EMA is a weak signal. If stock manages to close above flattish 50EMA and then 50EMA starts sloping upwards, it signals reversal.
3. Any Close above immediate previous swing pivot point.

If its not happening then its a pullback or retracement in the current move.

Thanks and Regards
ravee

[casper]