iCharts Discussions

shashangan · Posted: Thu Dec 20, 2012 3:41 pm Post subject:

Well I dont know which H & S you are talking. Somebody who was sharp would have read my morning chart I posted.

A break below 5870 is a dead drop. Because the morning chart I showed the H & S in forming that's why I was sure of a fall since 5955 will act as the right shoulder top & 5870 would be the neck line.

Anyway let's see tomorrow what happens, whether it will go below 5870. According to me it will, they are probably done with the drama.

Regards,
Gautham Shashangan

shashangan · Posted: Thu Dec 20, 2012 3:55 pm Post subject:

Be careful though when you play intra day H & S, It doesn't work accurately all the time. H & S formation works more effecitvely on hourly, 4 hours & daily chart. And it has to co-relate to other technical factors for supporting the down fall, if inverted then the up trend.

But yes good, it's a good start to understanding technicals. And you could have held the position since i mentioned only cut if mkt doesnt get below 5922 Dec. It got below & it closed right there. But it's fine, there is always tomorrow, if you are lucky you may get a higher sell as well.

Gautham Shashangan

vinay28 · Black Belt Joined: 24 Dec 2010 Posts: 11748

I too covered my short position at 9.29 as it didn't look good enough to carry. Carried my long though.

shashangan · Posted: Thu Dec 20, 2012 4:06 pm Post subject:

Well as long as you didnt' lose it's good for you.

It's ok, it does take a lot of expereince to get those guts to hold our impulses & fear.

I have had unimaginable jolts in the past & to change to long term trading & still believing in your trend & holding your position is still a challenge even today in spite of having so much of experience.

But I dont panic or get scared of the trend going against me nor the losses any more. That's why I still am so passionate of the mkt. Because I fought & fought continuously, in spite of getting beaten black & blue for years by different markets, but I never gave up, I always stood up to fight back & the mkt slowly gave some insight in to its functions finally.

Well my life has really been a movie journey. But I am quite content & happy, it's paying off after years of struggle.

Gautham Shashangan

humble · White Belt Joined: 12 Nov 2012 Posts: 29

shashangan · Posted: Thu Dec 20, 2012 6:36 pm Post subject:

Thanks for your wishes

Again from lot of losses I understood one theory of trading stocks, I never trade stocks for intra day or short term. I dont trade high value stocks. I trade a few select good shares which is priced below 500 & mostly below 100. I never touch any stock above 500 even if it's a good co.

I dont break my head reading reports & results of co.s. I pick up stocks when Nifty makes a bottom & forget it & sell it when it makes a overall top.

I keep selling part of the portfolio as mkt keeps going up & close 80-90% when Nifty tops. Like I started buy from Aug 2011 & adding on till May 2012 & have been selling off from october 2012. Now my stock portfolio is 60% booked. I will clear another 20-30 % by Feb Mar 2013 where I feel mkt will top out & again wait for a fall & start picking up till mkt bottoms.

I also gamble with some penny stocks like lottery. Overall even the penny portfolio has given some bumper profits.

Eg: PIRLIFE - I picked 40 shares @ 9 Rs & it's today at 46 Rs.
Ruchi Infra I picked up 30 shares @ 14.80 & it's today @ 25.
Sanwaria I picked up 30 shares @ 12.50 Rs & it's today at 36 Rs
SRE Infra I picked up 20 shares @ 26.30 Rs Today it's around 47
SuryaRosni I picked up 15 @ 46 & today it's around 76
Syncom I picked up 30 shares @ 11.25 it's around 21
Syndicate Bank I picked up 15 shares @ 75 it's around 132
Central Bank I picked up 15 shares @ 64, it's around 83
UB Holdings I picked up 15 shares @ 61, it's around 123

I have more than 100 co.s like that in my portfolio,
Though some are in loss, some around same price & some knocked out from the index. But overall the portfolio has been giving me amazing returns in last 3 years. What I do is when a share appreciates more than 40% I start clearing little by little. Which is not appreciated I keep till top of trend. More than 30-40 co.s I already cleared selling.

So I dont really bother about stock trading anymore.

Gautham Shashangan

shashangan · Posted: Fri Dec 21, 2012 8:55 am Post subject:

Dec Nifty Likely to open below 5900.

I dont know if mkt can make a high above 5912 for the open.

5924 could act as a selling point if mkt pull backs.

If any extension mkt may try max 5932-35, unless there is a intra day trend reversal.

Lower side 5870 is the major support. Like I mentioned it will be a dead drop below it direct to 5835 & 5820. I think a break below 5886 itself will trigger the selling.

It gave one chance to exit from the up move yesterday for longs. Hope all of you got out.

Good luck
Gautham Shashangan[/i]

shashangan · Posted: Fri Dec 21, 2012 9:38 am Post subject:

There could be a small correction.

Place an order to partially cover Dec shorts @ 5879-76 to replace higher.

Gautham Shashangan

shashangan · Posted: Fri Dec 21, 2012 10:41 am Post subject:

The mkt could reverse from 5890-92 area

Gautham Shashangan

shashangan · Posted: Fri Dec 21, 2012 10:46 am Post subject:

High Risk Intra day

Replace or Place an order to Short Dec @ 5888-91 with stop 5914.

Target 5835-20

It's a Friday mkt dont play without stop.

Gautham Shashangan

shashangan · Posted: Fri Dec 21, 2012 11:19 am Post subject:

Move your stop to 5906

Gautham Shashangan

shashangan · Posted: Fri Dec 21, 2012 11:31 am Post subject:

If you dont wanna risk place a tight stop @ 5896

Gautham Shashangan

shashangan · Posted: Fri Dec 21, 2012 12:08 pm Post subject:

I think a dip below 5877 in Dec should possibly trigger the sells & stops for the fall. Mkt just holding here to irritate & test the nerves.

Hope it just breaks & relieve us from dilemma.

Keeping my fingers crossed.

Gautham Shashangan

shashangan · Posted: Fri Dec 21, 2012 12:35 pm Post subject:

you can partially cover the shorts @ mkt 5876 & leave the rest if you feel risky holding multiple lots or move the stops to 5889(gamble)

Gautham Shashangan

shashangan · Posted: Fri Dec 21, 2012 12:49 pm Post subject:

There may be a slight possibility of a bounce from 5865 Dec. If Intra day players cant hold their nerve they can cover, so that if it bounces you can replace again higher.

See the selling pressure if it's not making a big fall instantly below 5866 Buy back partially @ 5865-63

If the stops trigger & there is a big dip hold your short & let it run.

Gautham Shashangan