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a layman's approach to break out and break down |
sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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Post: #736  Posted: Thu Dec 16, 2010 10:09 am Post subject: |
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| newinvestor wrote: | Casper/Sumesh. When we draw a down trendline in Nifrty Daily chart from the high of 6300 to present levels, and draw a horizontal line connecting the lows of around 5700, it seems to be forming a Descending triangle.
Can you pls check and comment?
If correct, what can be the target and stop loss ? Can a short trade be initiated now? |
To me, Nifty had already made nvk at around 5760 on eod chart. RSI certainly not falling, I think nifty may only go down upto that level if at all... Otherwise chaces on upside are more...
Regards,
Sumesh
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newinvestor
White Belt
Joined: 16 Feb 2010
Posts: 120
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| Post: #737 Posted: Thu Dec 16, 2010 10:13 am Post subject: |
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| sumesh_sol wrote: | | newinvestor wrote: | Casper/Sumesh. When we draw a down trendline in Nifrty Daily chart from the high of 6300 to present levels, and draw a horizontal line connecting the lows of around 5700, it seems to be forming a Descending triangle.
Can you pls check and comment?
If correct, what can be the target and stop loss ? Can a short trade be initiated now? |
To me, Nifty had already made nvk at around 5760 on eod chart. RSI certainly not falling, I think nifty may only go down upto that level if at all... Otherwise chaces on upside are more...
Regards,
Sumesh |
Thanks, Sumesh.
But dont see an RSI divergence at 5760 bottom, although it is a double bottom. What significance can this have?
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #738 Posted: Thu Dec 16, 2010 10:19 am Post subject: |
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| newinvestor wrote: | | sumesh_sol wrote: | | newinvestor wrote: | Casper/Sumesh. When we draw a down trendline in Nifrty Daily chart from the high of 6300 to present levels, and draw a horizontal line connecting the lows of around 5700, it seems to be forming a Descending triangle.
Can you pls check and comment?
If correct, what can be the target and stop loss ? Can a short trade be initiated now? |
To me, Nifty had already made nvk at around 5760 on eod chart. RSI certainly not falling, I think nifty may only go down upto that level if at all... Otherwise chaces on upside are more...
Regards,
Sumesh |
Thanks, Sumesh.
But dont see an RSI divergence at 5760 bottom, although it is a double bottom. What significance can this have? |
There is a divergence although not much... Morever, for DT to work we should have slopiing divergence line, which is definetely missing here...Even MACD also curved up... so if u ask me I shall not recommend shorting.. (I may be wrong also).. Nifty is facing resistace at 50sma at 6035.. So upside can be blocked at that level , breaking this it can move ahead.....
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sumesh_sol
Brown Belt
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Posts: 2344
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| Post: #739 Posted: Thu Dec 16, 2010 10:36 am Post subject: HCC on EOD |
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HCC on EOD..
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HCC on EOD is making good AT..
Breakout above 48 required... Targets for Short term(1-3 days) is 51 & medium term(3-10 days) is 57
Monthly pivot is at 50 so can give brief resistance, once crossed then confirmed....
-Sumesh
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #740 Posted: Thu Dec 16, 2010 10:47 am Post subject: |
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hi all, suddenly got too much busy,will try to post from next week. plz excuse me for some days
if i find any time in between i will surely post
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #741 Posted: Thu Dec 16, 2010 10:59 am Post subject: |
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| newinvestor wrote: | Casper/Sumesh. When we draw a down trendline in Nifrty Daily chart from the high of 6300 to present levels, and draw a horizontal line connecting the lows of around 5700, it seems to be forming a Descending triangle.
Can you pls check and comment?
If correct, what can be the target and stop loss ? Can a short trade be initiated now? |
sumesh already nicely replied but im only adding that, u have nicely found that set up. if u see in 60 min then the dt will be more prominent, this dt can be violated if we get a close around 5970 or above
until it is breached, i am bearish and this is my personal stop loss for nifty position (paper trade only. i dont trade positionally)
if u want to short then only after breaking the down tl which is at 5750 or so. until any of these tl is breached we will see random movements and position can be initiated only for day trading as volatility will increase if nifty consolidates under such a congested zone
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sumesh_sol
Brown Belt
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Posts: 2344
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| Post: #742 Posted: Thu Dec 16, 2010 11:55 am Post subject: IDFC .. 60tf |
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IDFC .. 60tf
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IDFC formed DT,,, on Breakdown can go 4-5 rs. down..
-Sumesh
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sumesh_sol
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Posts: 2344
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| Post: #743 Posted: Thu Dec 16, 2010 12:10 pm Post subject: Indiainfo ..60tf |
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Indiainfo ..60tf
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Can breakdown for 3-4 rs..
-Sumesh
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newinvestor
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Joined: 16 Feb 2010
Posts: 120
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| Post: #744 Posted: Thu Dec 16, 2010 12:39 pm Post subject: |
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| Thanks, Casper / Sumesh
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #745 Posted: Thu Dec 16, 2010 12:48 pm Post subject: LT.. 60 tf.. |
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LT.. 60 tf..
Breakdown has already happened..
Target can be 1940..
-Sumesh
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sumesh_sol
Brown Belt
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Posts: 2344
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| Post: #746 Posted: Thu Dec 16, 2010 1:59 pm Post subject: SESAGOA |
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SESAGOA .. 60 tf..
A breakdown below 290(2 months support) can take it to 270 level !!! (for 1-2 weeks.)
Intra also can give some good profit, A short below 289 can be initiated...
-Sumesh
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yawalkar
White Belt
Joined: 02 Oct 2010
Posts: 58
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| Post: #747 Posted: Thu Dec 16, 2010 2:07 pm Post subject: HERO HONDA |
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Dear Casper,
Can you check hero honda? On 5 m t/f there is just 2-3 Rs. movement from morning.
What going to happen?
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #748 Posted: Thu Dec 16, 2010 2:12 pm Post subject: TULIP..60tf.. |
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TULIP..60tf..
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Tulip below 172 can see 170/168
-Sumesh
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #749 Posted: Thu Dec 16, 2010 3:17 pm Post subject: DEWANHOUS .. 60 TF... |
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DEWANHOUS .. 60 TF...
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Chance of Breking below 280..
Tgts could be 270/265
-Sumesh
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #750 Posted: Thu Dec 16, 2010 5:08 pm Post subject: Re: HERO HONDA |
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| yawalkar wrote: | Dear Casper,
Can you check hero honda? On 5 m t/f there is just 2-3 Rs. movement from morning.
What going to happen? |
sorry brother. i was very busy. so could not see ur post. hero honda already did well. i hope u have got good profit from it
right now in 60 min tf. it has got 34 ema and weekly s1 just above the last candle. so we can get good moves only after breaking them
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