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a layman's approach to break out and break down |
measoldier
White Belt
Joined: 09 Sep 2010
Posts: 36
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Post: #301  Posted: Thu Nov 18, 2010 11:12 pm Post subject: For a friendly ghost:-) casper:-) |
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| Thanks bro will keep this in mind tomorrow:-)
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newinvestor
White Belt
Joined: 16 Feb 2010
Posts: 120
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| Post: #302 Posted: Thu Nov 18, 2010 11:23 pm Post subject: |
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| casper wrote: | at this stage this is not head and shoulder as from this chart, we dont get any assurance that the right shoulder will form for sure,it can break from here, at least for the sake of discussion, we can expect a break from here, in that case, it will be a broadening top/megaphone top pattern
if and only if it takes support of the trend line and goes up but does not cross the peak u called the head and again comes down to this level and breaks from this trend line, then only it will be a h/s
in case if it takes support from the trend line now and goes up and crosses the previous high, then it will resume its up trend
plz remember that h/s gives break downs, never take such chart pattern, which are in intermediate form of h/s as a break out, as their is no guarantee of up move (plz dont bring the idea of intra day ascending triangle here. this ascending triangle is supposed to give bo, but this case is entirely different from that one) |
Thanks for the detailed clarification.
My assumption of the upmove ( and the link to the ascending triangle was ) was the assumption of the right shoulder forming.
But you are right, its better not to presume and wait to see what happens.
The good thing is with your support I am able to get a better understanding of price patterns. Hope profits follow.!!
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #303 Posted: Fri Nov 19, 2010 8:55 am Post subject: |
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measoldier, thanks and welcome
newnvestor, im sure it will follow 
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aromal
White Belt
Joined: 22 Mar 2010
Posts: 302
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| Post: #304 Posted: Fri Nov 19, 2010 9:40 am Post subject: Re: For friendly ghost :-)casper:-) |
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| measoldier wrote: | Hi casper
i have taken position in voltas future at 254 as it bounced back from 248 many times and looks like a lot of demand for it at this level as it was a previous resistance.it closed at 254. Just want to confirm that should i hold it long till expiry or should exit at opening tomorrow? Lot size is 1000. Pls guide. |
nice chart
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measoldier
White Belt
Joined: 09 Sep 2010
Posts: 36
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| Post: #305 Posted: Fri Nov 19, 2010 10:22 am Post subject: Trade went wrong |
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| Could not book profits in voltas. Now sitting on losses. Shud wait??? Or book losses? Another support is 240
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #306 Posted: Fri Nov 19, 2010 10:38 am Post subject: |
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| 256 came within 30 second, i watched it, and then gone it was almost impossible to book there, if 246 in cash is broken, go short with a target of 240 cash, 246 is s3 level, price can reverse from here
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measoldier
White Belt
Joined: 09 Sep 2010
Posts: 36
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| Post: #307 Posted: Fri Nov 19, 2010 11:14 am Post subject: |
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| casper wrote: | | 256 came within 30 second, i watched it, and then gone it was almost impossible to book there, if 246 in cash is broken, go short with a target of 240 cash, 246 is s3 level, price can reverse from here |
u r right bro. 246 gone and i went short at 246 in future.
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #308 Posted: Fri Nov 19, 2010 11:36 am Post subject: |
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| measoldier wrote: | | casper wrote: | | 256 came within 30 second, i watched it, and then gone it was almost impossible to book there, if 246 in cash is broken, go short with a target of 240 cash, 246 is s3 level, price can reverse from here |
u r right bro. 246 gone and i went short at 246 in future. |
i am afraid a mistake has happened, 
i wrote u to short after breaking of cash 246. but it seems u shorted at future 246,( that means 247 or so in cash)
lets keep our finger crossed 
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measoldier
White Belt
Joined: 09 Sep 2010
Posts: 36
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| Post: #309 Posted: Fri Nov 19, 2010 11:46 am Post subject: |
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| casper wrote: | | measoldier wrote: | | casper wrote: | | 256 came within 30 second, i watched it, and then gone it was almost impossible to book there, if 246 in cash is broken, go short with a target of 240 cash, 246 is s3 level, price can reverse from here |
u r right bro. 246 gone and i went short at 246 in future. |
i am afraid a mistake has happened,
i wrote u to short after breaking of cash 246. but it seems u shorted at future 246,( that means 247 or so in cash)
lets keep our finger crossed |
i shorted when it was 245.50 in cash
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #310 Posted: Fri Nov 19, 2010 11:56 am Post subject: |
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just see the lower tl, it is 246 level in cash.
i expected a position after a break of 246, but it seems that it touched that level and came back,
ok no problem brother, see again, an descending triangle is forming, we can get a break down soon
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #311 Posted: Fri Nov 19, 2010 12:52 pm Post subject: VOLTAS on 60tf... |
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Hi Casper & Soldier,
First of all let me congratulate Casper for him extremely good work in sharing the TA with everyone with great enthu... Please keep it up..
Talking of VOLTAS .. I have drawn it on 60tf... It has broken the TL .. now it may again try to retest it at around 249.5 - 250.. If a strong green candle pierces it then, to me it can rebound, or else it will come down again to around 244/241 level..
Thanks and regards,
Sumesh
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measoldier
White Belt
Joined: 09 Sep 2010
Posts: 36
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| Post: #312 Posted: Fri Nov 19, 2010 1:06 pm Post subject: Re: VOLTAS on 60tf... |
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[quote="sumesh_sol"]Hi Casper & Soldier,
First of all let me congratulate Casper for him extremely good work in sharing the TA with everyone with great enthu... Please keep it up..
Talking of VOLTAS .. I have drawn it on 60tf... It has broken the TL .. now it may again try to retest it at around 249.5 - 250.. If a strong green candle pierces it then, to me it can rebound, or else it will come down again to around 244/241 level..
Thanks and regards,
Sumesh[/quote
yes sumesh,
casper does take interest in replying. It shows good team spirit. Where he is like leader in this thread.
Further ur opinion has added strength to my shorting of voltas. And casper, sorry bro i shorted it early. Careful study reveal that it shud be shorted between 247 and 248 in cash.
Voltas finding it hard to cross 250. May it fall back. Huh
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #313 Posted: Fri Nov 19, 2010 2:18 pm Post subject: |
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its my fault, i was supposed to mention that i am using the 30 min tf, and when i say go short after 246 in cash, i should have to mention that go short with a 30 min candle close below the tl.
in case of lesser tf, it may show tht it has breached, but then because of a lesser tf. target will also be lesser
in case of my 30 min cash chart, the close of the candle is 246 while the low of this candle is 245.75, in lower tf it will show that it has breached but in 30 min it was not
and sumesh, thanks for ur input, but i have not mentioned that inclined tl, i mentioned a flat tl where the weekly pivot support as well as the s3 level of ichart levels were present, and being flat that tl has enough strength to choke the price movement, along with those two factors( pivot support +s3 level) if this tl is breached then a heavy down fall is expected
i could have mention that inclined tl u mentioned, but the moment i saw measoldier's post, this tl was already gone, so in order to get a fresh downfall, i need the flat tl i mentioned.which is following the inclined tl, to be broken
but then as i said, i had to mention the tf as i m not sure if measoldier uses rt charts or not, i did not mention, and brothers, when u make a mistake, its ur leader's (!) duty to show the right way  but when the leader is at fault, he must admit that
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measoldier
White Belt
Joined: 09 Sep 2010
Posts: 36
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| Post: #314 Posted: Fri Nov 19, 2010 3:23 pm Post subject: |
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| Casper seems it is closing below 249. I shall hold my short positions now?
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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