Charts for the Day

[anil_s_trivedi]

anil Trivedi

Does it mean one should technically enter around that level on retracement?

yes...

 

[amitrandive]

Just Dial Daily

Anil Sir

Is this short covering in Just Dial ?

 

[anil_s_trivedi]

Just Dial Daily

Anil Sir

Is this short covering in Just Dial ?

Price spread is too large with decent volumes, it may fall under fresh accumulation too...If fall here on attract lesser volumes...

 

[rangarajan]

anil Trivedi

I was going thro once again what all you had replied to my quries.

I have a basic, beginner's query.

I refer post 2094 in conjunction with 2192 where u had stressed the imp of Sup / Rest for yr Entry/ Exit.

Though many have written extensively on this, pl post how you arrive at S/R from Dly/Wly charts,

You had also stated that when u trade NF ( yr only exception in Future Trade ) for intraday, you take Dly S/R for entry.

You may agree that It it Not necessary for the scrip to come near yr entry values every time & if so, does it mean, u never trade until that happens.

Can u pl post yr trade if u had traded on 4th NF or any other day or any ideal trade since it is for learning only

 

[anil_s_trivedi]

anil Trivedi

I was going thro once again what all you had replied to my quries.

I have a basic, beginner's query.

I refer post 2094 in conjunction with 2192 where u had stressed the imp of Sup / Rest for yr Entry/ Exit.

Though many have written extensively on this, pl post how you arrive at S/R from Dly/Wly charts,

You had also stated that when u trade NF ( yr only exception in Future Trade ) for intraday, you take Dly S/R for entry.

You may agree that It it Not necessary for the scrip to come near yr entry values every time & if so, does it mean, u never trade until that happens.

Can u pl post yr trade if u had traded on 4th NF or any other day or any ideal trade since it is for learning only

Dear Rangarajan,

How i do chart analysis is lengthier process for someone who is focussing on indicator only, but easier for those who focus on price only...

Just open a weekly chart, and place S/R lines at crucial peaks/troughs which got tested at crucial reversal zones, from where price correction/Rise had been significance...Now open a daily chart, try to repeat it, now zones arriving on both weekly/daily are importance...

Second draw weekly trendlines, then draw on daily trendlines...This is second line of analysis...

Third is just see where price is moving...I mean what we called uptrend is series of higher highs and higher lows...be it on any timeframe...So you need to give importance to monthly highs and lows of previous month bar, similarly its weekly highs and lows of previous week is of importance...

Now consider, price is in downtrend...What it will do first, it will first try to chase weekly high, sustaining it will give a clue, yes trend is changing...
So now until is closed below weekly low, its sure price can go sideways to up...Similarly in process it can chase, previous months high, if price sustains above it , it is sign of continuous strength coming in...

--------------------------
Remember if we trade on intraday, i regularly refer price sustaining above prev days high, why is shows strength of bulls to mark higher high and sustain above it...
-------------------------

This are all nuances based on price, one needs to understand...Indicator if you want to focus can come in part -2 of your analysis...But if on price alone basis you know strength coming in, you had confidence in your trade...Moving averages and all that come naturally, fits in our line of analysis...

Also, whenever price chase two-bars high on daily, its again sign...these 2-bars swing highs-lows are important telling us whats going on...
You can also use swing pivot method, here shared in this forum...it can have many alterations...i also include that in my analysis...

For Nifty trading, i use SAR method for positional basis and if using intraday then these all levels come in handy...

Now, you will say..if you had 'n' number of levels, which are important...Its simple higher timeframe levels carry more importance...if you trading on 5min, daily-weekly carry more significance than hourly itself...

 

[rangarajan]

Dear Rangarajan,
How i do chart analysis is lengthier process for someone who is focussing on indicator only, but easier for those who focus on price only...:lol:
..

anil Trivedi

I had a very close friend by name Chaturvedi from BHU when i joined my First job in 1970 & that is why yr name gives me pleasure.

I dont want to spoil yr Long weekend with my usual questions.

But nor could i resist my temptation of asking you whether you have used Least Square Linear Regression knowing fully well yr aversion for indicators, atleast partially.

Why this indicator i am showing interest espbeing not a popular one.

Invariably i find that whenever the price drifts away from this line, 100% i find it comes back to touch it within max 2days.
For a Scalper, it is magic if the brokerage is not much.

But what i want to learn from you is how to use it for positional buy, the ideal setting value, interpreting its slope or whatever it is. Has it got any edge over other indicators.

 

[anil_s_trivedi]

anil Trivedi

I had a very close friend by name Chaturvedi from BHU when i joined my First job in 1970 & that is why yr name gives me pleasure.

I dont want to spoil yr Long weekend with my usual questions.

But nor could i resist my temptation of asking you whether you have used Least Square Linear Regression knowing fully well yr aversion for indicators, atleast partially.

Why this indicator i am showing interest espbeing not a popular one.

Invariably i find that whenever the price drifts away from this line, 100% i find it comes back to touch it within max 2days.
For a Scalper, it is magic if the brokerage is not much.

But what i want to learn from you is how to use it for positional buy, the ideal setting value, interpreting its slope or whatever it is. Has it got any edge over other indicators.

Dear Rangarajan'ji',

1970...you had enormous experience of market rhythm, thats for sure...Now you are slowly opening yourself...Share your thoughts about markets...BSE/NSE born before you...earlier trading methods...styles...etc...whatever little you know...hope you will share...

Thanks you had some nice reminiscent with my surname...by the way, also share some stories of great institutions BHU...One of topmost institutions of its times...

You had made my weekend a more enjoyable...now...

Now to the question...During my initial trading days of 2003...(now i am shying to quote my initial years before you)...i juggled many trading softwares...one of them is Advanced Get...In that their is a tool called Regression Channel...Which is used extensively for trading price from breaking out of wave'2' / '3'/'4'...Its plots standard deviation channel parallel to regression line...So gives best fit to price..You can search net for little more explanation...

So i just used that much of regression thing in my analysis, during those days...Regarding your use of single line of regression, it will have that character of visiting that line, as its the best fit of data...For me use of that single line is only limited to 'slope' of price going on...

Please share what exactly you love about it...

 

[rangarajan]

Dear Rangarajan
.by the way, also share some stories of great institutions BHU...One of topmost institutions of its times...
.

anil Trivedi
Call me as usual w/o Ji,
It makes me feel young.

BHU of yester years,
Though i was not a student of that World Famous Esteemed University ( once ),i had visited it many times & can write full page about its Architectural beauty, sprawling Campus, Elite Teaching Staff & Students, Wonderful Seminars, Fantastic Library, Super Hostel & its delightful Mess, High Standard of Teaching, excellence in Metallurgy, Great labs, the list goes on.
The student friends were so Hospitable, i just couldn't forget their affection.

Thanks for giving me an opportunity to recall my sweet memories.

My trading career, another interesting Mega Episode where fortunes were lost in Harshad Mehta Scandal, at the prime of my Life.
Real Nightmare. many around me including Brokers were ruined beyond repair.
Everything manual.

Technology took over & when i re-entered, it was too late to understand & cope up with.
Adaptability was a Big challenge when i was mentally & physically tired.

Thanks to Traderji, it prepared me for the Challenge & No regrets now.
Still a pleasure to learn from Stalwarts like you.

Thanks for yr time.

 

[nitingosavi]

Anil sir
Can you check/analyse axis yesbank n banknifty afresh. ?

 

[anil_s_trivedi]

Anil sir
Can you check/analyse axis yesbank n banknifty afresh. ?

Dear nitinji,

Welcome back...Nice to see you...

AxisBank:

Hourly in downtrend strength above 416 only...
Daily up support at 396 levels...
Keep 396-404 as excellent support for the week...


BankNifty:

Its a way up from crucial support zone...and way price is trading it seems a grinding move is on...

For upside keep 15170-200 as crucial zone...till then possibility of spending some time here below that zone...

hourly on SAR is down strength only above 15230 zone...