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Spike and Channel |
udaysahai
White Belt
Joined: 01 Feb 2011
Posts: 105
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Post: #166  Posted: Mon Jun 08, 2015 10:12 am Post subject: |
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Thanks Amitji,
For your views....
Best regards |
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udaysahai
White Belt
Joined: 01 Feb 2011
Posts: 105
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| Post: #167 Posted: Tue Jun 09, 2015 2:32 pm Post subject: |
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Amitji, Good afternoon,
It seems that today HPCL is following your theory....
 
Best regards |
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amitagg
Black Belt
Joined: 01 Oct 2013
Posts: 4559
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| Post: #168 Posted: Wed Jun 10, 2015 12:54 pm Post subject: |
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| It's spike and channel today possible if another hour sideways to up action maintained and gives bank Nifty more room to move on upside. Watch out for stocks as well on long side |
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amitagg
Black Belt
Joined: 01 Oct 2013
Posts: 4559
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| Post: #169 Posted: Wed Jun 10, 2015 4:30 pm Post subject: |
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| amitagg wrote: | | I have since Cut down on discretionary pattern trading and more using few trigger trades although the spike and channel was very good. I could not develop any algo for entry although rules for exit were more statistical.. Hence visual observation become key but for day traders yes it can be identified on certain reversal step ups for long trades in a short morning timeframe. Pls post if you find something useful for benefit of others. |
"Reversal sep up" mentioned above - today was a reversal day and a spike and Channel for NIFTy and BHEL
For BHEL perfect pattern and met 5 point target equal to length of up thrust till 10-10 30 after consolidation for 2-3 hrs
May have many more stocks performing similarly |
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