iCharts Discussions

[singh.ravee]

[amitagg]

can we buy here anybody...NF can go may be 30 poins down before first upmove....?

buying at end of day only?

rel cap near 374
union bank 125
dlf 159


or shorting shall continue

[amitagg]

Posting what i have written a while back in thread "My T&C" of SmartCancerian....since they reflect my trading insights

"
good but dont compare yourself with others...Sha and others......

few points -

i) as a trader, i understand that most would have lost money trading in initial years, and hence "gaining the perspective of keeping losses small" is very good and next transition scale for a trader....

ii) many dont post their losing trades or who they trade....what is posted are levels and, believe me "having direction right and having right call" is NOT the "same think as being in profits"......even if u see my thread, i often and most often in fact have right directional calls [and even right timing... with many mistakes also where just as you do, i have starting taking closer stops]

iii) on RR, i posted in Nakum's thread.....for me 1:1 is working well...even yesterday on my DLF trade where volumes were heavy, it worked and had i wanted 1.5:1 or more, it would have been wrong..... [again it depends on each trader ....this is also one area of improvement in sense that 1.5 is ideal but currently since i am not a professional.....i have not learnt or mastered 1.5:1 trading for day trades.....

nice you post your trades and method....really very nice

[one more thing....i thing Sha(???) often has "countertrend trades" and for me, these cannot be profitable for longer term.....just a wild guess since i am a simple trader having learnt in markets and started believing markets can pay us [just simple things to be done] rather than us paying markets......

i would also share one thought - i have learnt where market turns, not to lose there [so i dint lose when market fell from 6200 to 6000, i didnt lose when market broke 6250 to 6400+ and i didnt lose when market have fallen 100+ points from top,,,,then your leveraged trades can give you grear profits if you are not stuck in a bad trade....

if you see yourself, you are doing just that....and pls continue with that.....

best of luck "

[amitagg]

Markets shall bottom around 6116-6124 area ..if it breaks 6209....
i would be a buyer in 6120-6150 region...........till then sell on rise until 6310 crossed [allowing 20 points from 6290 for whipsaws and fib retrace]...

so either
- buying above 6290
- sell till [risky] 6182-6150
- buy at 6150-6110....

overall longer term consolidation in 6000-6400 area......which shall hold and then markets above 6500-6800+ over next few weeks/months....

the weight of the market at highs is such that it shall not be a one-way rise.....buy nevertheless buying to be forefront.....[not for intra-day wherein the day pattern or closer levels shall decide]

Tata steel looks weak till 403-400 is hit lower............a sell /sell on rise till 422 [stop 426]

[amitagg]

further to below, attached "trendline" chart....6150-6125 region is excellant support for intra day/2-5 days trades......

even if 5970 is to be broken [hypothetically], there should be a abc from 6415 for it.

....also 6116 is 66% retrace

....also 6124 is [as per one count] 1st wave from 5973 so reaction (if 4th) should hold above this

dlf century ranbaxy union bank other banks lic hsg and many stocks would reach excellant support levels "one level" down and with overall stockS view in mind, a pullback should start to 6250+

[amitagg]

levels in chart holding exactly.......not traded anything yesterday.....to keep qnty low today.....would buy bank stocks after 18th if all goes well....or even bad [after watching for 2-3 days]

[amitagg]

timing is everything......waiting waiting....PSU banks at critical supports.....waiting for a break not necessarily down....till tomorrow...

any BN trade

[amitagg]

this achieves target...next buy above 402 only

watch ciopla charts for buy at 387-388...target 394/296..stop 380
attached
+ today good consolidation channel after early spike [breaout out up awaited]

i) + ve divergence in RSI
ii) multi year support at 380 with long white candle today
iii) + news flow
iv) trendline supports on multiple time frame....
v) 7 legged diametric with "f" above to unfold [4th wave consolidation and then break above 430 on longer time charts]
vi) long term channel at 380-430 : was below 380 yesterday and today above decisively meaning other end of channel at 430 shall be hit
vii) pharma stocks rallying..
viii) + in case of adverse rbi moves also

so shall buy cipla definitiely tomorrow....quantity to be added depending upon movement above 389.....

[amitagg]

there shall be massive short covering in PSUs banks if rbi obliges. Considering their pattern and breakdowns, highly unlikely that RBI would come with something + ve....lets see

[amitagg]

so 6150 held for time being....bought Rcap at 360 good qnty...target 366/370..stop 354...markets still dicy and can give a leg down though...just trying my luck...

since r cap had more shorts i guess and reversal would be swift...

[amitagg]

booked rcap for profit rs 3 ...bought LIC hsg at 206 - better looking trade.

key reversal happending....today target 210...

[sauraj123]

Hi Amitagg,

What shall be the stoploss for lic?

Regards

[amitagg]

cipla achieves target...nexy buy above 402 only.....

lic forms double bottom from 198-205.....target therefore 212..but can exit at 209 most

so stop at 198....

[amitagg]

just reading past action - markets closing above 6200 would (read as "may") mean +news from US and gap up tomorrow......

sideways consolidation good since no fade.....

holding LICHSGFIN....many others bullish as well......

as expected for me, the undertone was bullish......US can spoil any projection though.....as trader need not worry, we shall "reverse" if need be......

PSU banks would gather stream as mentioned before if US action is not negative....

[amitagg]

[quote="amitagg"]cipla achieves target...nexy buy above 402 only.....

lic forms double bottom from 198-205.....target therefore 212..but can exit at 209 most

so stop at 199/198.......buy price 206-..

lic also reversing from failed H&S at 199-200......

retrace 38.2%= 209.5, 50% = 213.5, 61.8=217

holding will bring gains....

stop as mentioned 199....193 is next support 50% of rise from 156-227....sar from 198-193....

above is only trading plan to 'try' insulation from any move.....