Charts for the Day
- Thread starter anil_s_trivedi
- Start date
- Tags 50 dma investing chart reading moving average setups ta charts
Good morning 80% of nifty 50 stock are on short side today global market on negative SGX nifty -70 point. FII sell off and DII no new buy may market on correction. immediate support around 10300 (never hold any support resistance more than two times) next week market start sideway before takeoff or start fall to major shift rally. this useless view from my mind, market maker know the original story
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Nifty is just struggling to hold previous days lows and moving lower...on weekly we tested 10170 which is weekly 40 SMA a crucial zone...Infact this is a slight support zone for bulls to hold here 10140-10170...below this as all is not well and might test towards 9700-9750 zone...
Any bounce from here on will be first testable at 10300- 10330...Intermediate term will be positive only above 10630 levels...till then play the zones only...I mean its a trading market...
Any bounce from here on will be first testable at 10300- 10330...Intermediate term will be positive only above 10630 levels...till then play the zones only...I mean its a trading market...
Nifty yesterday holded 10140 levels and opened gap up today our modes expectation to test resistance zone of 10300 was there but it struggle to morning highs of 10240...
Seems bulls lacking strength here...anyways,,,as of now we are inside yesterdays trading range...a move below 10140 is not good for bulls...
Levels to watch for are...
10300/10330..........10140..............9700/9750
Seems bulls lacking strength here...anyways,,,as of now we are inside yesterdays trading range...a move below 10140 is not good for bulls...
Levels to watch for are...
10300/10330..........10140..............9700/9750
HDFC making LH-LL first time since we rallied from jan-2017 ...It also broken down crucial support zone of 1850-1860...any rallies will be tested at 1890-1895 zone...below that its a weak case here...
even HDFC has broken the crucial support of 1800, although it has not yet formed LH-LL on daily chart.
Nifty taken support at 200 SM/40weekly SMA...intermediate wise we got into downtrend...As time to time we analysed the support region of 10140 as marked on chart validated its significance...
Sustaining above 10270-10300 will test towards 10350...above that high chances of testing daily 50 SMA at 10600 zone...
A heavy volume buying required to pass this zone of 10450-10600...Lets see what coming week unfolds...
The Top 5 Mistkes Made By Novice Traders
(by Scott Goddard…from experience)
As a new trader, it's almost impossible to foresee the challenges that await after you excitedly pull the trigger on your first trade.
Let's save you some heartache. Here are the top 5 misconceptions I discovered when I started trading over 15 years ago:
No 1: That a complex trading strategy will have a greater success rate than a simple one.
WRONG
I can't tell you how many strategies and theories I had running in unison thinking I could outsmart the market. From Elliott Wave, to Time Analysis, from Astro to Gann. From pattern recognition and volume analysis to trying to code complex theories.
I soon realised there was no holy grail. Dumbing things down to strategies that suited my personality gave me the best chance towards success.
No 2: That I would understand the markets better and make better decisions if I watched the screens all day.
WRONG
Big mistake! The human brain can only cope with so much information, let alone with everything else that life throws at you outside of trading.
Too much noise leads to a lack of discipline and impulsive decision making. For me the solution ended up being very simple. Get off the screens and become an End of Day Trader.
No 3: That Position sizing wasn't important
WRONG
Position sizing is everything. If you don't mathematically work out your position sizing on each and every trade, then prepare to see your trading capital evaporate... rapidly.
No 4: That straying from your methodology every now and then will be ok
WRONG
Traders that do this believe they are smarter than the markets. If you move your stops around, for example, you are implying that you know what the markets are going to do from one day to the next. Yet no one has this knowledge.
Every successful trader has a plan, and they stick to that plan without fail. Let me repeat that - WITHOUT FAIL
No 5: That trading during major life events is not be a problem.
WRONG
This one will be different for everyone, yet from my experiences, trading during major life events can be fraught with danger. It may be a death in the family, a relationship breakdown, a sick child or a personal illness. These types of events can dramatically affect your ability to think straight.
My advice during these times is to simply turn off your trading platforms and stop trading. Manage your way out of any existing positions but don’t take any new trades. The markets will always be there, and more importantly, so will your trading capital!
Best of luck with your trading.
Scott Goddard
(by Scott Goddard…from experience)
As a new trader, it's almost impossible to foresee the challenges that await after you excitedly pull the trigger on your first trade.
Let's save you some heartache. Here are the top 5 misconceptions I discovered when I started trading over 15 years ago:
No 1: That a complex trading strategy will have a greater success rate than a simple one.
WRONG
I can't tell you how many strategies and theories I had running in unison thinking I could outsmart the market. From Elliott Wave, to Time Analysis, from Astro to Gann. From pattern recognition and volume analysis to trying to code complex theories.
I soon realised there was no holy grail. Dumbing things down to strategies that suited my personality gave me the best chance towards success.
No 2: That I would understand the markets better and make better decisions if I watched the screens all day.
WRONG
Big mistake! The human brain can only cope with so much information, let alone with everything else that life throws at you outside of trading.
Too much noise leads to a lack of discipline and impulsive decision making. For me the solution ended up being very simple. Get off the screens and become an End of Day Trader.
No 3: That Position sizing wasn't important
WRONG
Position sizing is everything. If you don't mathematically work out your position sizing on each and every trade, then prepare to see your trading capital evaporate... rapidly.
No 4: That straying from your methodology every now and then will be ok
WRONG
Traders that do this believe they are smarter than the markets. If you move your stops around, for example, you are implying that you know what the markets are going to do from one day to the next. Yet no one has this knowledge.
Every successful trader has a plan, and they stick to that plan without fail. Let me repeat that - WITHOUT FAIL
No 5: That trading during major life events is not be a problem.
WRONG
This one will be different for everyone, yet from my experiences, trading during major life events can be fraught with danger. It may be a death in the family, a relationship breakdown, a sick child or a personal illness. These types of events can dramatically affect your ability to think straight.
My advice during these times is to simply turn off your trading platforms and stop trading. Manage your way out of any existing positions but don’t take any new trades. The markets will always be there, and more importantly, so will your trading capital!
Best of luck with your trading.
Scott Goddard
Hi,
This is my first post on traderji .If i made any mistakes please let me know.Also, I thought this is the best thread to share this.
Stock:-LIC HOUSING FINANCE
MONTHLY:-
LICHSGFIN is falling for last 8 months.Two things were common in those 8 candles.
i)None of the candle crossed previous candle high.
ii) open of next candle is in previous candle's body.
But this time candle opened below previous candle's body(so i think this candle gonna be different).
Also low made was at 476 while 50% fib of nov2013 low to all time high lies around 475.
While 38.2% of all time high(794) and low (4.5) lies around 492.
WEEKLY:-
In weekly chart it formed a perfect abcd.
Also 200 weekly sma lies at 503 currently trading at 513.
DAILY:-
In its entire downtrend stock was resisted by falling trendline.
Or we can say 4 hourly 89ema.
A break of trendline can turn into a sideways or start of uptrend but a successful break of ema and trend line should indicate that a short term bottom is in place.
Any feedback or suggestions.
Thanks & Regards,
This is my first post on traderji .If i made any mistakes please let me know.Also, I thought this is the best thread to share this.
Stock:-LIC HOUSING FINANCE
MONTHLY:-
LICHSGFIN is falling for last 8 months.Two things were common in those 8 candles.
i)None of the candle crossed previous candle high.
ii) open of next candle is in previous candle's body.
But this time candle opened below previous candle's body(so i think this candle gonna be different).
Also low made was at 476 while 50% fib of nov2013 low to all time high lies around 475.
While 38.2% of all time high(794) and low (4.5) lies around 492.
WEEKLY:-
In weekly chart it formed a perfect abcd.
Also 200 weekly sma lies at 503 currently trading at 513.
DAILY:-
In its entire downtrend stock was resisted by falling trendline.
Or we can say 4 hourly 89ema.
A break of trendline can turn into a sideways or start of uptrend but a successful break of ema and trend line should indicate that a short term bottom is in place.
Any feedback or suggestions.
Thanks & Regards,
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