iCharts Discussions

shekharinvest · Yellow Belt Joined: 21 Dec 2007 Posts: 549

Hi,

Posted below are charts, nothing to write home about except profits from yesterdays position.

Today price got rejection from 34 but did not move much hence, closed as intra trade only.

Some peoples are confused about profit taking. Here is the simple method to follow, Spec has many times repeated in the SB.

Book 30% at 80-100 points rise.
Book another 30 % at close to 200 points.
Continue to carry the remaining 40% position until you are stopped out at swing point.

Or the RSI indicates sideways move.

Or whenever you feel like comfortable.

SHEKHAR

shekharinvest · Yellow Belt Joined: 21 Dec 2007 Posts: 549

Hi,

RSI came out of the OB range and corresponding price failed to make a new high, indicating sideways move/consolidation, I closed the remaining swing longs at 4902. Ditto for tatamotors.

SHEKHAR

Speculator · Expert Joined: 15 Apr 2008 Posts: 149

Swing remains up. I had closed 30% of my positions yesterday at 4915. Today i closed the rest 70% of my positions at 4885. I did not quite like the close. 10-min and 20-min charts, both had bearish rejections at the close. The 15-min charts escaped a bearish rejection marginally. My guess is they may test the lows of that 6 million volume candle of Feb 16 around 4846. If we test that on low volume and hold, then we should continue the swing higher. Will reenter my swing positions tommorow.

- Speculator Very Happy

rajabharani · White Belt Joined: 16 Jan 2010 Posts: 8

speculator / shekhar sir, i have gone through the thread and am thoroughly impressed. the only problem is access to live charts for which i know that i need to subscribe. will i also get advise on when to enter the trades in nifty futures and tata motors as the day progresses? how do i access the shout box during the market hours? kindly advise.
regards -- Raja

gauravtrader · White Belt Joined: 14 Feb 2008 Posts: 59

Hi Speculator

First let me congratulate for inventing such a simple trading system.I have been following your thread for sometime, and I feel it is one of simplest and best. And special thanks to shekhar for updating this site daily.I would like to know a few things from you.

1. You have said in shoutbox that you take intra-day positions along with your swing positions. Do you take these positions against the trend? If yes...how...without closing out your swing positions? Let me give you my example.......I went long on 16th feb at 4820......Next day....as market topped out.....I decided to create short position around 4920 to take advantage of 20-25 drop . But only thing that happened , was my long position got squared of as soon as I gave my sell order Sad

. Do you put any special order or your broker has this facility.........I hope I have made myself clear

2. What money management system you use?. I myself use %risk method.Putting a specific % of portfolio as risk capital

As someone who has probably traded longer than myself, your views are important for newbies like, especially regarding momey management
Regards,
gaurav

Speculator · Expert Joined: 15 Apr 2008 Posts: 149

Hi Gaurav,

I can answer 1), but 2) is beyond the scope of this thread and is a subject in itself. I wish i could give a simple reply, i but i can't.

As for 1), there are many ways you could do intraday hedging against your swing posiitons. Let's say you are swing long.

(i) Short intraday using puts

or

(ii) Short intraday using MiniNifty

or

(iii) Short the next month contract (i.e if you are holding swing long in
Feb contract, then short the March contract).

- Speculator

shekharinvest · Yellow Belt Joined: 21 Dec 2007 Posts: 549

rajabharani · White Belt Joined: 16 Jan 2010 Posts: 8

Thanx , shekhar.

shekharinvest · Yellow Belt Joined: 21 Dec 2007 Posts: 549

Hi,

Waiting for fresh swing entries.

Posted below are some charts, just in case, some one would be interested.

SHEKHAR

SwingTrader · Posted: Sat Feb 20, 2010 4:55 pm Post subject: Re: swing trading

Speculator · Expert Joined: 15 Apr 2008 Posts: 149

Swing remains up with the swing pivot at 4777. Nothing much to add there. But there were a few things that warned about the market weakness:

1) 10-min rejection from 34 ema and selloff

2) Cumulative A/D line making fresh lows

http://www.icharts.in/breadth-charts.html

3) 60-min MACD on sell

4) Daily CCI cross below 100 on NF

5) Volume expasion on 10-min at close

6) Ugly close on Reliance.

But given that the swing is still up, all these negatives can sometimes be a beartrap. Very Happy

-Speculator

RichieRich · White Belt Joined: 28 Oct 2009 Posts: 8

Hi Spec,

Was Away for a couple of days last week. Not Sure if you talked about the Strategy to Enter in the Middle of a Swing for those who miss the Swing.

If you did Could You Publish The Date of The SB Archives One Should Look For?

Thanks a Tonne
Phukad

gauravtrader · White Belt Joined: 14 Feb 2008 Posts: 59

Hi Spec,

Thanks for reply to my questions. Looking forward to learn more from this thread
Gaurav

amit82pandey · White Belt Joined: 08 May 2009 Posts: 1

Market Expite in this month 4750

Speculator · Expert Joined: 15 Apr 2008 Posts: 149

Swing pivot remains at 4777.

The A/D line made fresh lows today. This is by no means a bullish configuration.

http://www.icharts.in/breadth-charts.html

This market has been struggling to take out the Feb 3 highs but in vain. My bet is this market is about to selloff in a big way, based on how the breadth charts are looking. But since we all trade price, price is the king. My plan is to keep it simple tommorow. I am going to buy/short the breakout/breakdown of the triangle that i have shown in the 30-min charts.

-Speculator