iCharts Discussions

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

what is your SL Gautham? Mine is 6070.

shashangan · Posted: Mon Jan 07, 2013 7:23 pm Post subject:

Sorry, could not see mkt, Had a busy day. Luckily I got one mini @ 6051.90 with the puts, which I called my broker & placed morning at open.

Anyway it's a positional entry, so no need of stop, since as a worst, I had mentioned if you have back up for 100-200 points you can blindly take - though mostly my entries wont go so much against.

For intra day yes 6070 would have been ok.

And i had said expect selling in later part of afternoon also it has indeed made a Bearish Engulfing pattern as well if you see, which also I had mentioned could be a possibility. It missed my 6065-70 area since it opened itself at high. I wanted to take 2 more minis which didn't get filled.

If we are lucky we may get one more round of buying to break highs just to confuse shorts, since near closing seeing the selling pressure & the pattern formation many would have booked longs or taken short entries thinking it would gap down tomorrow.

If you get again a high, just take it bindaas, No if it breaks it will go up view from me - Only one side, It will fall. Just Do It. 6065-75 -Sell New High - It's to trigger stops & trap short term shorts & people who will enter long with stops on breaking high.

Well I am confident & I think the fall should happen, but then it's anybody's take if you want to go with my call. I may sound over confident, so do your homework. You dont have to blindly follow me.

Anyway So far so good.

Thanks
Gautham Shashangan

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

you could be right gautham but nifty took support from lower TL from 27/12 and it may behave like it did on 28 and 31 dec before starting upward journey againwith gap up open (all on spot chart). That's why I thought 6070NF (or worst case 6055NS) is safe SL.

shashangan · Posted: Mon Jan 07, 2013 9:17 pm Post subject:

True it's possible, the Weekly chart does look little dangerous too. But I have many times traded such move & got it right. So I wont change my view till I see something really out of my control.

But yes I have got it wrong a few times also, so it's my gut feeling there is a fall due from last month & if it happens it's big.

So how much risk anybody willing to take is their own discretion. It's just that I like challenging the mkt to get me wrong. It's like Bungee jumping where you have a risk of snapping the rope. High Risk High Reward. If anybody is scared I suggest to play with stops.

Let's wait & watch. I have a couple of meetings tomorrow, will know the time morning, if it's in the afternoon I may be there. Shall update if am there

Good luck.
Gautham Shashangan

shashangan · Posted: Tue Jan 08, 2013 9:47 am Post subject:

Mkt looks sideways to down till Noon. NF can see selling from 6020-25 for 5990 target for now.

Gautham Shashangan

shashangan · Posted: Tue Jan 08, 2013 10:42 am Post subject:

If you are holding multiple shorts, place an order to partially cover Jan shorts @ 5994-92 to replace higher.

Gautham Shashangan

shashangan · Posted: Tue Jan 08, 2013 12:28 pm Post subject:

1st Target achieved. There could be a correction to 6020-25 area.

Gautham Shashangan

shashangan · Posted: Tue Jan 08, 2013 2:35 pm Post subject:

Intra day - High Risk trade

Place an order to Short Jan @ 6037-40 stop 6055

Gautham Shashangan

shashangan · Posted: Wed Jan 09, 2013 12:08 pm Post subject:

Short term players - If you are holding shorts. You can cover it for now @ 6020-17.

If we get higher we can replace. Positional traders can hold if you wish.

Gautham Shashangan

shashangan · Posted: Wed Jan 09, 2013 7:07 pm Post subject:

Though I want to restrain from giving my full view, I thought let me share it, in case I get it right, it could help you plan your trade.

Jan - If there is an up move to go back to highs, it should come from 5975 region. I feel even if it goes back it will see selling again. It may not break previous high mostly, even if it goes up. 6046-51 could be the highs & if extended it may go to 6065-70 max not beyond. There is a small possibility they can make one sharp move to confuse, not necessary, but we should be prepared, since they would nt want to give a easy ride.

If Bear resumes 5955 is the immediate target. Below 5942 stops will trigger to take it to 5905 around instantly. Though again early, guess it could possibly see some correction from here (5905 region) to 5960 min. & then a down turn to 5870.

It's an approximate picture. I could be wrong. Just taking a wild guess.

Medium term a weekly close or a sharp break below 5850 there will be heavy selling targeting 5795-75 region followed by 5700-5695 region if extended, where the trend can end.

Any sharp move or a weekly close near or above 6100 can change my view, but it's unlikely. Or any deviation from my view, i shall change this view give my new outlook in the coming days. I repeat it's a approximate picture, I can be wrong.

Good luck, Play cautiously.

Thanks
Gautham Shashangan

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

".....Spot Range till Wednesday - (6055 - 5964)....."

very good call again, gautham

shashangan · Posted: Wed Jan 09, 2013 9:32 pm Post subject:

Thanks Vinay, well this move to min 5964 NS or 5985 NF, I was quite confident. From here there is a small chance, i can go wrong. It's little difficult to analyse, calculate, picturise & get the whole view accurately. It can be done, but needs a lot of patience & time.

But I like challenges, more than the money you make, it's a great feeling when you can tell people & get the guess right. It encourages you to put in the extra time & effort patiently plotting the possibilities & reading each move to detail & the psychology which level buying would come & selling would come. Hope I get my next call also right.

Anyway so far so good. Hope you did nt lose money if you didn't make at least.

Thanks again
Gautham Shashangan

pkveenu · White Belt Joined: 21 Apr 2009 Posts: 106

shashangan · Posted: Thu Jan 10, 2013 8:22 am Post subject:

Thanks Veenu

I am trying to focus hard, but there are also other things to focus in the day for my bread, so that's another challenge.

Anyway I appreciate your interest in my thread.

Regards
Gautham Shashangan

shashangan · Posted: Thu Jan 10, 2013 8:33 am Post subject:

The mkt may possibly give a breather to people who are holding higher level Longs today.

Jan looks like opening around 6030.

There could be Sell orders placed at 6034/35 for the open possibly by the panicked longs to just get an exit.

Buying may start from 6016/15 region if mkt is going up again.

Opening Range - 6044-11

Regards,
Gautham Shashangan