My daytrading

[nishant1011]

Hi Raghav,

I have been following you from last 1-2 month, and gone thru pdf from your's and aditya.

I have one doubt regarding putting up the horizontal lines of last three days High, low open close, and any other major support / resistance. when i mark these lines I find too many support and resistance line and afraid to take any trade as any one of the line is nearby which can act as support or resistance.

and one more thing I wants to learn how to analyse each and every candle (while in sideways) to get the possible direction of the price movement.

thanks
Nishant

 

[adityasaraf007]

TATAMOTORS - Daily Chart

A copybook Retest and Bear Flag Setup..... Although the season is not for Supports but the Chart says support around 670-680 area..... But I want to get it around 600 if not lesser

A look at Fibonacci Lines:

Regards,
Aditya

 

[adityasaraf007]

Friends,

I have made a few minor updates to the pdf and hope to post the file during this weekend.... Won't be able to update further beyond the posts after 30th June, anyway it covers all that is required and taught by Raghavji

 

[adityasaraf007]

Hi Raghav,

I have been following you from last 1-2 month, and gone thru pdf from your's and aditya.

I have one doubt regarding putting up the horizontal lines of last three days High, low open close, and any other major support / resistance. when i mark these lines I find too many support and resistance line and afraid to take any trade as any one of the line is nearby which can act as support or resistance.

and one more thing I wants to learn how to analyse each and every candle (while in sideways) to get the possible direction of the price movement.

thanks
Nishant

Nishantji, let me try to help you out till the time Raghavji posts his reply.....

I would suggest you to draw the lines just around the Pivots (Saint Sir's Pivot). What I do is I draw two different coloured lines:

• Red - It represents the Visual Pivots of a Higher Time Frame... If you are trading a 5-min Chart..... Draw these lines around the Visual Pivots of 30-min Chart

• Yellow - It represents the Visual Pivots of 5-min Chart

This helps me in taking the Entry as well as help to decide the Exits..... Look out for different Candlesticks pattern around these lines..... You may have a look at this Brief Thread started by me to know what I am talking about....

Regarding your query about analysis of each and every candle..... I would suggest you to first analyze the Waves around these lines for 2 weeks and then move on towards the bar-by-bar analysis.....

Regards,
Aditya

 

[Raghavacc]

Hi Raghav,

I have been following you from last 1-2 month, and gone thru pdf from your's and aditya.

I have one doubt regarding putting up the horizontal lines of last three days High, low open close, and any other major support / resistance. when i mark these lines I find too many support and resistance line and afraid to take any trade as any one of the line is nearby which can act as support or resistance.

and one more thing I wants to learn how to analyse each and every candle (while in sideways) to get the possible direction of the price movement.

thanks
Nishant

Dear Nishant,

A valid question from your end.In a sideways market it may pose a big problem as the range is too narrow and the space between the horizontal lines may be very less. Thats why even the reward in sideways market is very small as price takes support and res very frequently.

Please do post few charts so that I can comment and make you comfortble.

Few traders avoid open as market is opened by amtuers.Some others ignore even the close and take only high and low. You can also do that.No doubt low and high of any day are of paramount importance.

 

[nishant1011]

Dear Nishant,

A valid question from your end.In a sideways market it may pose a big problem as the range is too narrow and the space between the horizontal lines may be very less. Thats why even the reward in sideways market is very small as price takes support and res very frequently.

Please do post few charts so that I can comment and make you comfortble.

Few traders avoid open as market is opened by amtuers.Some others ignore even the close and take only high and low. You can also do that.No doubt low and high of any day are of paramount importance.

Thanks Raghav and Aditya,

I have been trading in the EDUCOMP and you can see 5 min chart of it for the last 3 trading sessions.

I will post my tradings in of the next trading days, which will help me to learn better.

thanks
Nishant

Thanks
Nishant

 

[Subhadip]

great going friends...
:clap::clap::clap:

 

[columbus]

I have been trading in the EDUCOMP and you can see 5 min chart of it for the last 3 trading sessions.
Thanks
Nishant

http://www.traderji.com/day-trading/27421-bollingerbands.html#post579515

 

[Raghavacc]

Lets Spend sometime on what all we learnt last week.

Weekly

After a DOJI week last,Nifty crashes through the low of DOJI and reaches all the way to 4800 where it has a first major support. 4800-4500 ,Nifty has 3 supports marked in the chart.However Bhalloo's are in no mood to stop punting bulls.

Nifty Daily

Last week we stated that the first gap was not closed and it signified the weakness off bulls. On friday we have one more gap which needs close to create any kind of confidence among bulls.As far as Japanese are concerned,they say in a big trend there will be 3 gaps and the when the 3rd gap is created we should look for covering the positions.Lets keep this noted and we shall watch out.


Nifty 60 Min chart

Though there was a significant support at 4800 ,The 60 Min action does not indicate any real reversal. It looks more like a pullback.Look at volume.It suggests that plenty of covering is going on at 4800 levels.

Nifty 30 Min chart.

There was positive divergence on this TF.However Price action was not enough to say that we have a sign of reversal.Look at the last 3 candles of Friday and the upper wicks.They suggest the ongoing Bhaloopressure.Now bulls are looking to first Pull it back to 5000 levels .
To make any real comeback,Bulls need incentives to come up with Volumes then sustaining those volumes.....HMMM.Lot of hard work for bulls....Currently they are running all over the place for cover Like our central Government.

 

[Raghavacc]

An options trade needs 3 key points .

Direction,duration and extent of the move.Price action can give you the first and last .The middle one is decided by the market and the prevailing scenario.

Lets look at some of my short duration (1-2 days) Options trades.Let me mention 2 of them here.

A- A big down move.
B-A retracement.If you need you can draw a FIB retracement here.
C.Swing High
D.next wave of downmove
E-Higher swing low.
F-Breakout failure.Look at volume.Thats where I buy 5000 PE .I am not a hedging guy as I believe in what I do..

I get reward for my decision next day and I comeout.

2nd one goes here.

On 16th Nifty takes support at 5000 ,a Big round Number.Bhalloos Hit back at5100 odd levels and price comes back to 5000 and takes support again at 5000 and then makes a false breakout mentioned in the above post.This signifies that we are looking for next lower level.4900 and then 4800.

Now invariably there will be a furiuos battle at 5000 as bulls know if they let bhalloos break that level ,they will be in serious trouble.Lets watch.

Nifty breaks 5000 with a big shaven bar.Bulls fight with huge volume.A hammer.But hammer closes below the low of breakout bar means Bhaloos are :clap:

Now once the low of that hammer is broken ,I will assure you next support is only at 4800.On break of the low of that hammer,I go for both 4900 and 4800 PE risking 20% of my premium. Bulls still make tiny hammers but frisked away by bhalloo's immediately.I get may day labour charges on the same day as well for carrying those positions for next day.I do all these despite of my other heavy comittments as these type markets we do not get every day/week/month