iCharts Discussions

pradeepgolfer · White Belt Joined: 16 Sep 2009 Posts: 212

Infosys on daily is strongly up. It will show weakness only if it breaks 2721.
A stop below 2721 can be used for a short term long position.
For a position call it is preferable to put a stop below 2612.This is because one lower high and one lower low does not qualify as a turn in trend:it is only an ABC correction.
On the weekly infosys since 2009 has not broken one pivot low on the weekly chart.
I point out for all novices that a trend such as that of Infosys SHOULD BE ASSUMED TO CONTINUE and any dip should be a buying opportunity SUBJECT to the stop.This is not how much you can afford to lose but is dictated by the market.If that stop dictated by the market is not affordable you can wait and hope market is kind enough to give you a better entry.

JAMDAGNI7557 · White Belt Joined: 26 Jun 2009 Posts: 20

CHECK THE CHART:

pradeepgolfer · White Belt Joined: 16 Sep 2009 Posts: 212

Dear Jamdagni

Infosys on weekly chart is strongly up;on daily chart it is strongly up.
So any weakness on a intraday chart is an opportunity to buy.
Head and shoulders,wedges and many other patterns are easily manufactured by operators especially on a intraday time frame-that is why patterns do not have a high success rate..
A strong 60 week trend in weekly and daily will not turn in 6 weeks.
INFOSYS has not made one lower low on your chart and the trend line you have drawn is sloping up.
If you have to take a positional call the only call is long.
In intraday charts the operator is king since he has the power to do anything during a few hours.That is why intraday is difficult for novices to make money because you have to recognise the traps operator lays.