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READING THE LINE [DAY TRADERS MIND] - FUTURES ONLY |
amitagg
Black Belt
Joined: 01 Oct 2013
Posts: 4559
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Post: #241  Posted: Fri Oct 25, 2013 3:06 pm Post subject: |
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there has been classic EW 5th wave small rally from 6131 to 6188 followed by classic EW fall to 6150.5....DO NOT SELL above 6145-6147 NF.
we can very well have Sl sell order at 6145 NF |
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amitagg
Black Belt
Joined: 01 Oct 2013
Posts: 4559
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| Post: #242 Posted: Fri Oct 25, 2013 3:12 pm Post subject: |
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| no positions carried over........ markets still at crucial juncture...but price action is negative.........until 6220 NS closes. |
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amitagg
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Joined: 01 Oct 2013
Posts: 4559
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| Post: #243 Posted: Fri Oct 25, 2013 3:17 pm Post subject: |
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| Rk, close below 6150...now what......unable to trade the possible down projection due to expiry fears.... |
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apka
Black Belt
Joined: 13 Dec 2011
Posts: 6137
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| Post: #244 Posted: Fri Oct 25, 2013 3:48 pm Post subject: |
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| amitagg wrote: | | Rk, close below 6150...now what......unable to trade the possible down projection due to expiry fears.... |
if you are talking about NF it's final close price will get updated near 5pm and should be near 6150 i think, lets see. |
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vinay28
Black Belt
Joined: 24 Dec 2010
Posts: 11748
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| Post: #245 Posted: Fri Oct 25, 2013 6:58 pm Post subject: |
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| apka wrote: | | amitagg wrote: | | Rk, close below 6150...now what......unable to trade the possible down projection due to expiry fears.... |
if you are talking about NF it's final close price will get updated near 5pm and should be near 6150 i think, lets see. |
6151.55NF |
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rk_a2003
Black Belt
Joined: 21 Jan 2010
Posts: 2734
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| Post: #246 Posted: Fri Oct 25, 2013 7:48 pm Post subject: |
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| amitagg wrote: | | Rk, close below 6150...now what......unable to trade the possible down projection due to expiry fears.... |
One can attempt short with SL at recent high of NS for this series.There is a bright chance for taking the markets down by Diwali this time.It's just my reading.I could be wrong.We may get a minimum of 6000 at which part profits can be booked and TSL can be set to cost.
To make sure that it's just not a Friday phenomena wait for a bounce on Monday and if NS is not crossing 6175 then go for a short.If it crossed 6175 refrain from shorting.Make a note that NF closed above 6150. |
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vinay28
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Joined: 24 Dec 2010
Posts: 11748
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| Post: #247 Posted: Fri Oct 25, 2013 8:06 pm Post subject: |
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| rk_a2003 wrote: | One can attempt short with SL at recent high of NS for this series.There is a bright chance for taking the markets down by Diwali this time.It's just my reading.I could be wrong.We may get a minimum of 6000 at which part profits can be booked and TSL can be set to cost.
To make sure that it's just not a Friday phenomena wait for a bounce on Monday and if NS is not crossing 6175 then go for a short.If it crossed 6175 refrain from shorting.Make a note that NF closed above 6150. |
I agree with 6175NS but would prefer NS to remain above it for at least 15 min (more stringent than 15tf close) in view of possible stop hunters. fall by diwali is a possibility that can not be overlooked even though I won't be surprised by an all time high by diwali. I am overall bullish. But that's because long term bullish trend becomes doubtful only below about 5900 (5910-50).
I don't know why but half of my brain tells me that monday could see a gap up open while the other half is doubting it. |
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amitagg
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Joined: 01 Oct 2013
Posts: 4559
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| Post: #248 Posted: Tue Oct 29, 2013 3:01 pm Post subject: |
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Bought one lot of LICHSG[207], BHEL[134], Canara Bank[235], RCap [380call@10], Yesbank[400 call@12], Union Bank[120], DLF[151]....Sl below NS 6110....target open [still market not breaken high to "establish" bull trend but bullish anyhow]
looks a reversal in place and new high....not sure of target whether it shall extend much beyond 6300 in next few weeks. |
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amitagg
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Joined: 01 Oct 2013
Posts: 4559
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| Post: #249 Posted: Tue Oct 29, 2013 3:02 pm Post subject: |
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Cipla [420]  |
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amitagg
Black Belt
Joined: 01 Oct 2013
Posts: 4559
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| Post: #250 Posted: Wed Oct 30, 2013 9:39 am Post subject: |
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bhel sold 138 [profit= Rs 4 *2000],
lic 212[profit=Rs 5*1000]
canbank, dlf, SL to cost
this may be early exits but since i trade and out frequently to limit losses, the same has been booked....so no loss limited in overall basket now whatever happens |
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amitagg
Black Belt
Joined: 01 Oct 2013
Posts: 4559
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| Post: #251 Posted: Wed Oct 30, 2013 2:08 pm Post subject: |
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dlf and canbank stopped "at cost"...but PSUs very good if break comes on upside....lets wait to re-enter
LIC up 5rs more since square off...looks good but no trade now
Yes bank / r cap holding calls since a jackpot trade [not in terms of value of profits but % investment] |
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ca.krishna
White Belt
Joined: 17 Sep 2013
Posts: 158
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| Post: #252 Posted: Wed Oct 30, 2013 5:08 pm Post subject: |
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Dear amitagg
where do u see the markets tomorrow.....also when the fed will announce about QE3...
| amitagg wrote: | dlf and canbank stopped "at cost"...but PSUs very good if break comes on upside....lets wait to re-enter
LIC up 5rs more since square off...looks good but no trade now
Yes bank / r cap holding calls since a jackpot trade [not in terms of value of profits but % investment] |
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amitagg
Black Belt
Joined: 01 Oct 2013
Posts: 4559
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| Post: #253 Posted: Wed Oct 30, 2013 7:30 pm Post subject: |
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No idea sir nor do I speculate....
I have learnt to joined trend (very short term) and know market holds for some time and rises from previous days close if there is a huge rally any day...ie there is follow thru in initial hour or so....
So my strategy of trade yesterday was simple...buy themes which were not very close to tops...dlf can bk bhel lic hsg ..I closed all in profit in morning...I also trailed to cost some.. Ie exited beta countours immediately
Holding cipla ..don't see major breakdown inspite of fed qe bla bla
And betted with options (out of money) on rcap yes bank even high beta
Also released capital by churning and could move into my spike and channel for ranbaxy that's how I trade
While holding is good in bull markets, I don't predict break of tops but like to book out "close to previous tops"..one can enter again when top breaks...
Having short term view haves from gap ups and gap downs also - purely intra day is difficult though
But spike and channel has worked magnificantly (infact EXACTLY hitting INTRA DAY targets)...wonder if I can weed out other trades and look for more opportunities here on leverage!!!! |
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rk_a2003
Black Belt
Joined: 21 Jan 2010
Posts: 2734
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| Post: #254 Posted: Wed Oct 30, 2013 9:26 pm Post subject: |
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| amitagg wrote: | No idea sir nor do I speculate....
I have learnt to joined trend (very short term) and know market holds for some time and rises from previous days close if there is a huge rally any day...ie there is follow thru in initial hour or so....
So my strategy of trade yesterday was simple...buy themes which were not very close to tops...dlf can bk bhel lic hsg ..I closed all in profit in morning...I also trailed to cost some.. Ie exited beta countours immediately
Holding cipla ..don't see major breakdown inspite of fed qe bla bla
And betted with options (out of money) on rcap yes bank even high beta
Also released capital by churning and could move into my spike and channel for ranbaxy that's how I trade
While holding is good in bull markets, I don't predict break of tops but like to book out "close to previous tops"..one can enter again when top breaks...
Having short term view haves from gap ups and gap downs also - purely intra day is difficult though
But spike and channel has worked magnificantly (infact EXACTLY hitting INTRA DAY targets)...wonder if I can weed out other trades and look for more opportunities here on leverage!!!! |
Amit I wanted to tell you one thing. Even I too traded such setups even before your post Spike and channel, when ever I happened to be in front of the terminal for the whole day but those are rare occasions as I am not a full time trader.
I know that this set up has a good risk reward but don't know about success rate.From your posts I under stood that it has got a good success rate.
May I request you to formulate a methodology/strategy which boil down your experience with this set up. I have seen few of your formulations and I am sure there must be few more to add from your further experiences.
How ever I request you to prepare it in a documented form when you find some time.Congratulations! on your Spike and channel which is simple yet powerful.
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amitagg
Black Belt
Joined: 01 Oct 2013
Posts: 4559
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| Post: #255 Posted: Thu Oct 31, 2013 2:53 pm Post subject: |
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| amitagg wrote: | dlf and canbank stopped "at cost"...but PSUs very good if break comes on upside....lets wait to re-enter
LIC up 5rs more since square off...looks good but no trade now
Yes bank / r cap holding calls since a jackpot trade [not in terms of value of profits but % investment] |
added Union bank at 124....average 122.5
added canbank at 253....missed above 240 break
much more to go for them
Union Bank - 130 minimum
Can bank 276 |
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