iCharts Discussions

[sunrays]

gud work speck n shekhar

[shekharinvest]

Hi,

Made and entry on NF at 4825 with 4803 as SL, after a bullish rejection from 34EMA..
Did not go long above swing high for the simple reason and I quote Speculator here:

“After a 100 point move in 45 min I don't like to enter.
Yes, I am very patient guy. I know that market will always trade the remainder of the year and the price always comes to 34 ema at some point.”

In the end closed the trade at breakeven as we do not wish to carry trades into weekends which are not deep into profits.

Today after many attempt at 684 finally Tatamotors could take out the swing pivot on closing basis. It was a genuine swing entry, but being quite late in the day and 3 holidays ahead not taken. Also see the increased volumes at the breakout today and at the supports previously. Very much suggestive of a good move coming up. If Monday start positive and we get it some where closer to 684-90 range one can enter or wait for a pullback to 34 EMA.

Did not enter on rejection from 34 was as it was moving in a range for quite sometime, and always stopped at close to 684


SHEKHAR

[npk1661]

dear shekhar
I have gone through the thread of yours. it is just amassing .However since i am new to this charts kindly if u can tell me how to get these charts of 15 minute with 34 ema and 5rsi ?do i need to be a paid member of I charts?hope I get reply as this is basics for u but its beginning for me . thanks in advance

[girishhu1]

i am enclosing a chart of hdfc bk and hindalco. i would request spec ji and shekharinvestorji to check and comment regarding trend reversal, if any.

[Ravi_S]

Hi npk1661

Yes you need to be a paid member if you need to look at realtime charts. The non paid members would have access to Daily, Weekly and Monthly charts only. If you want to track Futures (Nifty, BankNifty etc.,) you need to be a premium member. Hope this answers your question.

Regards
Ravi

[Speculator]

Today the market failed to continue the downtrend as was called the by downswing pivot we established on Wednesday. Instead we gapped up, made new highs and established a new upswing pivot. Typical range behaviour. Finally we got a bullish rejection from the 34 ema, which gave us a entry aroudn 4826. But again the market did not decisively breakout in terms of price or with volume conviction. They have now parked the price near the gap resistance at 4824. So either we gap-up again on Monday or gap-down back into range. The odds are still 50:50.

But technically now we are in a upswing, although a very weak uptrend at this stage. I decided not to take the risk of carrying long home, given that my positions were barely in profits nor was there a decisive breakout. Not to mention the 3 day weekend. My risk management is if i am at least about 40-50 points in profits or if the technical odds are in my favor, i carry positions overnight. That way even if there is a 100 point gap, my losses would be max 60 points.

Good luck !
- Speculator

[npk1661]

Hi Ravi
Thanks for your guidance and help javascript:emoticon('')

[girishhu1]

spec sir ji and shekhar sir ji,
your daily analysis is quite helpful in learning swing technique. i would request u to kindly add previous upswing and downswing pivots, swing low/high, recovery high, new swing pivot,sl points on the charts enclosed, invariably, so that beginners concepts can be more clear. anyway u are doing a great job, god bless you both.

[shekharinvest]

[girishhu1]

shekharji,

Thanks for your prompt reply. can u explain why timeframe of 30, instead of recommended 15 min and ema of 13, instead of spec recommended 34,in case of hdfc bank, is used? are there any other conditions for use of ema and timeframe? further, is it allright to use rsi5 with these changes?. please guide.further can u pl check whether nagarjun construction and yes bank are giving clear entry for swing reversal?

[girishjain20]

hi spec and sekhar, i want to know is the swing low now shifted to 4804 as we got support from there please confirm

[Speculator]

I don't recall a time in the last 6-8 months where the market established so many pivots in such short span of a time. 8 pivots in 5 trading days. Lot of compression building here for a big move ! We are back into the range. No profitable positions. So not carrying anything overnight.

[shekharinvest]

[Speculator]

Today the market was whipping around in a tight triangle, putting everyone to sleep. Finally we had the Type II reversal, where the price moves above the 34 ema, goes down tests the 34 ema and gets a bullish rejection. Type II reversals are countertrend in nature and you have to pray that the swing pivot gets taken out (4849 in this case) and swing reversal happens.

The circled candle was the reversal candle which would have given the best entry price. I chose to take the entry at the next candle which broke out of the triangle around NF 4825, to avoid whipsaws. The compression that i mentioned yesterday is now released. Current swing pivot is 4777, which is a good SL for this swing move. Ride the move until the next reversal...

- Speculator

[shekharinvest]