Hi Kuldeep(without "ji")
,
This ones lengthy.....
Firstly a small introduction.
Myself Manoj, Software Engineer by profession.
Got interested in the market 2 years back because of friends. lost a lot of money and then realized there is much more to the market than meets the eyes.
Then I taught myself some amount of technical analysis like CandleStick, MACD, MFI, RSI and so on...
Understood that there are some patterns and indicators that can revel a lot about a stock. Searched for a website which will filter out these specific patterns from the 900 odd scrips traded on the NSE. Unfortunately, could not lay hands on any such resourse(till now). Then I decided I'll make one system of my own. So made this system.
The intention is to help other provide the information which I could not get and made losses. Mine is a web-based system and its free for use. Never-the-less, I'll NOT post the name of the site on this forum, you know why!
I can PM you the name of the site, incase it might interest you, so that you can have a look at it.
What I did was simple, I calculated all the relevent charts for myself. And since I am "calculating" the charts, its easy for me to identify patterns. Once the patterns are identified, I provide them in a menu driven link.
With the world famous charts like MACD, RSI, MFI I also deviced a mechanism to "measure" the trend of a stock. I call this the "Speed Of Trend"(SOT) indicator. The name itself suggests what it does. The SOT gives me a rought target for the stock with the date. My system give a rough estimate as to on which date the stock will become oversold or overbought. When SBI was on 740, my system had said that given it current speed it will reach 840. See it was very close to 840.
Regards
MANOJ