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hi casper |
vrushabh123
White Belt
Joined: 18 Nov 2010
Posts: 39
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Post: #1  Posted: Thu Nov 25, 2010 3:41 pm Post subject: hi casper |
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| hii casper.. Bharti looking strong despite of fall..ihve noticed asc triangle in 30 min chart for which BO comes at 340, hope i m right... n in EOD also there is asc tri BO SAME AS 340... n in intra it has managed not to break its lower line of 334.. so wht do u think..pl give ur view... |
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maooliservice
White Belt
Joined: 04 Aug 2010
Posts: 93
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| Post: #2 Posted: Thu Nov 25, 2010 4:46 pm Post subject: |
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hi casper,
given below quotes r from ur article.
"when u are trading positionally, u start with volume/price expansion lists. open up the list and corresponding charts. then try to find the pattern by drawing trend lines.(which is responsible for the break out.) then check macd and finally check rsi "
will u pls explain this in detail.If possible along with few charts |
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #3 Posted: Thu Nov 25, 2010 6:24 pm Post subject: Re: hi casper |
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| vrushabh123 wrote: | | hii casper.. Bharti looking strong despite of fall..ihve noticed asc triangle in 30 min chart for which BO comes at 340, hope i m right... n in EOD also there is asc tri BO SAME AS 340... n in intra it has managed not to break its lower line of 334.. so wht do u think..pl give ur view... |
u r right. in fact i have already given that call in my thread |
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #4 Posted: Thu Nov 25, 2010 6:38 pm Post subject: |
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| maooliservice wrote: | hi casper,
given below quotes r from ur article.
"when u are trading positionally, u start with volume/price expansion lists. open up the list and corresponding charts. then try to find the pattern by drawing trend lines.(which is responsible for the break out.) then check macd and finally check rsi "
will u pls explain this in detail.If possible along with few charts |
i wrote the following to newinvetors before a month ago about how i select scrips for btst trading
"hi newinvestor,
in my view, a btst like approach in break out trades will give you satisfactory results,
along with normal trading rules, u may find some tricks are very useful. im going to describe what i do, i hope it will be useful to u also.
1. my favorite patterns are ascending triangle, pennant and symmetrical triangle. because of their dependable break out and speedy target appreciation.
2. i use the PRICE/VOL EXPANSION link under the head of STOCKLIST of the icharts options(among left hand side tabs) to start. it takes around 6.45-7.00 pm to be updated. i use this chart to look for possible bo candidates. this is my 1st step.
3.in this option, u will see lots of scrips are mentioned, i have to go through them one by one
4. now my task is to open the chart in jchart eod and draw treandlines to SATISFY myself that there is a valid reason for break out.
5. this is the most imp step.
6.there will be 30-50 scrips listed here, among them i need to get around 5 stocks,coz i will trade in one or two per day, so per day 5 recommendation is more than enough for me
6. during this step, i need to make sure that the pattern which has shown price and vol expansion is a perfect ascending triangle, or symmetrical triangle or pennant whatever the category may be, but i repeat the pattern should be classic and robust
7.now comes the target projection, i just measure the perpendicular distance of the highest high from the lower tl and project it from the break out point,
8. now the final step,I DRAW PARALLEL LINES ON THE EVERY PREVIOUS HIGH TO MAKE SURE THAT NONE OF THESE STRONGEST RESISTANCE IS GOING TO OBSTACLE ME DURING MY TRADE, IF THERE IS ANY TL WHICH IS RELATIVELY CLOSER TO ME THEN I WILL SIMPLY AVOID THE SCRIP,
9.now i am almost done, i will shut down my pc or start watching cartoon on you tube but two TRICKS are left yet.
10. in the morning i would verify if the broker is going to finance me for longs(means buy calls) for a period of 5 days(one trading week)
in general almost all private broker do finance on their client's long position up to 3 or 4 times of their margin money, this is very useful during btst/short term trading,because it will turn my 5% humble profit(which is quite common as i hv found in case of breakout)into 15-20% profit
now the final trick.............
i dont jump in the market with the morning bell,
i will wait atleast 5-10 minutes before taking my 1st trade, after this time i will find which of those 5 recommendations i have made,has open=low,(it may seem ridiculous but i generally get atleast 1 stock which shows it)
and if the stock is available in the real time chart service of i chart then nothing to say, that chart will show me if i am buying at a support level or not, i will buy it around the support and then take an sl a few rupees below the low or the support level near which i bought, and place a target and my task is over
JUST TO MENTION A FEW POINTS
1.u asked me what service is good, in my experience, premium service is best, but if u want to trade only in stocks and no future and options, then the basic subscription will also do the job
2.before u take trades in this fashion, u plz take some paper trades for 1/2 weeks, it will show u the strength and weakness of this set up. then only after u have confidence u do it in real
just feel free if u want to ask anything else "
do u want to know any thing more? just one thing i would add, plz ignore the section where open= low trading is described, i dont trade like this any more |
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #5 Posted: Thu Nov 25, 2010 6:42 pm Post subject: |
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| one more thing. plz dont open another thread for question only. u can write whatever u wish to say to me in our thread. opening a thread for a particular question and then opening another for another question is against the forum rules. because then the total forum will be littered by us |
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