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Trading Price action setups.... |
sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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Post: #1  Posted: Tue Oct 13, 2015 2:13 pm Post subject: Trading Price action setups.... |
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Dear Friends,
Starting a new thread on trading based on price action, as I believe price is the only factor which ultimately drives every other things. I would like to put forth setups based on my readings, I invite all experts to throw some more lights on them.
These are by no means calls to buy / sell. This series is purely for learning purpose. Hope you all cooperate in making this a success.
Regards,
Sumesh |
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #2 Posted: Tue Oct 13, 2015 2:21 pm Post subject: M&M |
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M&M...60tf
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Price ran into resistance with decreasing momentum, which is first sign of weakness. Short can be initiated either at top on sign of weakness / rejection OR after pivot break. Suitable SL can be deployed to keep r:r under control.
If 1240 is broken and sustained then 1200 can be the level it can go. This was the area from where sudden buying emerged earlier. |
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simply.index
White Belt
Joined: 28 Jun 2014
Posts: 158
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| Post: #3 Posted: Tue Oct 13, 2015 3:03 pm Post subject: Re: Trading Price action setups.... |
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| Congratulations Sumesh, nice initiative. I am also a price action trader and look forward to learn more on the topic. |
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ragarwal
Yellow Belt
Joined: 16 Nov 2008
Posts: 582
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| Post: #4 Posted: Tue Oct 13, 2015 3:39 pm Post subject: |
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| grt sumesh,wat are d possible signs of weakness initially |
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vinay28
Black Belt
Joined: 24 Dec 2010
Posts: 11748
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| Post: #5 Posted: Tue Oct 13, 2015 4:10 pm Post subject: Re: Trading Price action setups.... |
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| sumesh_sol wrote: | Dear Friends,
Starting a new thread on trading based on price action, as I believe price is the only factor which ultimately drives every other things. I would like to put forth setups based on my readings, I invite all experts to throw some more lights on them.
These are by no means calls to buy / sell. This series is purely for learning purpose. Hope you all cooperate in making this a success.
Regards,
Sumesh |
sumesh, not price with volume? |
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #6 Posted: Tue Oct 13, 2015 4:24 pm Post subject: |
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| ragarwal wrote: | | grt sumesh,wat are d possible signs of weakness initially |
First of all we should have two timeframes , bigger timeframe to decide boundary and trading timeframe for actual trades.. For example EOD / 60tf.
So on EOD, mark major swing points, range extremes (previous support/resistance) as trade boundary, then watch action on 60tf, how it approaches that boundary.
Wide range bars with consecutive higher highs and higher lows indicates strength. On the other hand , increasingly smaller range bars, candles with wicks at extremes indicating rejections, relatively larger time to reach extreme indicate weakness.
Also see the angle of move into such extremes. A steep angle indicates strength, whereas tapering angle is sign of weakness.
Ultimately we have to trade against the weakness. If bulls are getting weak, shorting is recommended. Similarly if bears are getting weak then long is recommended.
All putting in the context , taking note of trend etc. we can trade with smallest risk and maximum gain.. |
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #7 Posted: Tue Oct 13, 2015 4:28 pm Post subject: Re: Trading Price action setups.... |
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| vinay28 wrote: |
sumesh, not price with volume? |
Vinay, volume may be. But I feel price alone gives lot of clues. Having said that, if you or anyone else can elaborate more on volume part that will be great. I have no knowledge whatsoever on volume analysis. |
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ragarwal
Yellow Belt
Joined: 16 Nov 2008
Posts: 582
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| Post: #8 Posted: Tue Oct 13, 2015 4:47 pm Post subject: |
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| Thnx sumesh |
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amitagg
Black Belt
Joined: 01 Oct 2013
Posts: 4559
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| Post: #9 Posted: Tue Oct 13, 2015 9:50 pm Post subject: Re: Trading Price action setups.... |
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| sumesh_sol wrote: | | vinay28 wrote: |
sumesh, not price with volume? |
Vinay, volume may be. But I feel price alone gives lot of clues. Having said that, if you or anyone else can elaborate more on volume part that will be great. I have no knowledge whatsoever on volume analysis. |
ultimately it very good if all ur posted charts have volume.
Volume (me learning ......seems never ends........)... it critical......may take 1-2 years to decipher.......... have not professionally done in the past....
[read VSA..........its seems beautiful massive........]
so decide whether want to be Al brooks or Tom Williams.......]
lets read and apply some of the rules.!!!!!! Unfortunately in this forum the education element is massively lacking (me a culprit too)
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #10 Posted: Wed Oct 14, 2015 9:28 am Post subject: SOBHA...60tf |
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SOBHA...60tf
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Previous rally breaking support turn resistance strong.
Small pullback.
Bought @ break of 308.5, SL - 305... T1-314 , T2-320..
Please check with your study for any trade. |
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #11 Posted: Wed Oct 14, 2015 10:00 am Post subject: Re: SOBHA...60tf |
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| sumesh_sol wrote: | SOBHA...60tf
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Previous rally breaking support turn resistance strong.
Small pullback.
Bought @ break of 308.5, SL - 305... T1-314 , T2-320..
Please check with your study for any trade. |
T1 hit , TSL for second lot at cost |
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simply.index
White Belt
Joined: 28 Jun 2014
Posts: 158
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| Post: #12 Posted: Wed Oct 14, 2015 12:48 pm Post subject: Re: SOBHA...60tf |
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Two stocks looking good.
(uptrend)Tatachem : made morning star on weekly charts, y'day closed @ 414.30 resistance at 420/430
(downtrend) recltd: touched 100 MA on weekly and reversed. Closed below 20 MA y'day support at 253/240 |
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #13 Posted: Wed Oct 14, 2015 2:15 pm Post subject: RAJESHEXPO..5tf |
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RAJESHEXPO..5tf
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One of the best example of price action...
I could not post it earlier as by that time price moved beyond acceptable r:r
Price moved very fast from 610 to 635 in the form of big candles.. halted and slowly moved down upto 625, which was the low of last major candle. 1320 candle shook all late shorters by forming a hammer and that was the ideal point for long with minimum risk... I could see the chart only near 630, and with little more risk I entered above 630, it met my targets 635/640 within next 2 candles. |
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manojkr78
Green Belt
Joined: 07 Mar 2011
Posts: 1014
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| Post: #14 Posted: Wed Oct 14, 2015 2:41 pm Post subject: |
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| very good observation.....keep posting |
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #15 Posted: Wed Oct 14, 2015 2:50 pm Post subject: Re: SOBHA...60tf |
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| sumesh_sol wrote: | | sumesh_sol wrote: | SOBHA...60tf
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Previous rally breaking support turn resistance strong.
Small pullback.
Bought @ break of 308.5, SL - 305... T1-314 , T2-320..
Please check with your study for any trade. |
T1 hit , TSL for second lot at cost |
I booked out second part @ 318 near second target of 320 ( high was 319) |
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