Diary of a 315 Trader

bapu4

Well-Known Member
Dear Putuval,
I checked the movement of rcom wondering that why it should happen,In my view what uo did was right on 15m Tf it was trading on 3 ema for 2 hrs then crossed 15 ema but due to 20 sma which was supporting 15 ema and 3ema it broke down around 2.30 pm you could have alternatively put a sl or what you did seems correct because Rcom escalates any moment surprisingly, however its
probable spurt timing is around 11.30,12.30 and 2.30-2.45(break out).
I am presently away from it because it has mauled me badly,I will be looking at it some time later.5m Tf has very high volatiliy hence many times frightens the trader at such moments the 15m and 30m tf give clearer idea in my opinion,your comments on this,they are always valuable.
Regds
vivek
 
Last edited:

bapu4

Well-Known Member
Dear Putuval,
The India hotels seems to have bottomed out 3ema has bullishly cut 15 ema closing on eod(52) is above median of bollinger and chikou span bottom resistance is at 56.2 do you suggest to trade long or buying a suitable call option of july? or any other scrip favorable to trade?
Rgds,
vivek
 
Last edited:

trade4putuval

Well-Known Member
Dear Putuval,
I checked the movement of rcom wondering that why it should happen,In my view what uo did was right on 15m Tf it was trading on 3 ema for 2 hrs then crossed 15 ema but due to 20 sma which was supporting 15 ema and 3ema it broke down around 2.30 pm you could have alternatively put a sl or what you did seems correct because Rcom escalates any moment surprisingly, however its
probable spurt timing is around 11.30,12.30 and 2.30-2.45(break out).
I am presently away from it because it has mauled me badly,I will be looking at it some time later.5m Tf has very high volatiliy hence many times frightens the trader at such moments the 15m and 30m tf give clearer idea in my opinion,your comments on this,they are always valuable.
Regds
vivek
I would prefer that you refer to this post, http://www.traderji.com/futures/67625-diary-315-trader-18.html#post821195 to get the Fibo Levels for RCOM and trade according to these levels.

If price crosses the Fibo levels on the upside, and the other TFs are supporting this upside, go long. And same vice-versa!!!

So at the moment, we wait for RCOM to retreat to 114 levels and go long with a stop somewhere near the Fibo levels (a comfortable level for you) or go short below 114 for the next Fibo level of 110. Alternatively if your other TFs give a sell signal near the CMP or greater than CMP, trade SHORT with a target of 114, same applies for the LONG scenario too!

But as you mentioned, the risk appetite for RCOM is very high and not many can withstand the trade fluctuations, not even me!!!!
 

trade4putuval

Well-Known Member
Dont you think that

RCOM has made a Cup n Handle (CnH) pattern in daily TF.

Thank you if you can point to me in daily,
  • The cup edge
  • The cup handle

Reason:
  • I need the cup edges as close-levelled as possible to one another. I could not find any.
  • I need the cup handle, that is a continuous downtrend. In RCOM, i see a flat trend after the rise.

So I am bit confused with your reference to finding a cup and handle pattern in RCOM.
 
Last edited:

trade4putuval

Well-Known Member
That was very quick, but sharp. The pattern is right!!:clapping:

So now we need to watch the levels 125. The line drawn from the high of the highest candle on 19th June 2013 glide through 123-125. If this value is taken out, then it is bullish pattern till the first level of 131, that I had shown in my previous RCOM posts.
 

trade4putuval

Well-Known Member
Dear Putuval,
The India hotels seems to have bottomed out 3ema has bullishly cut 15 ema closing on eod(52) is above median of bollinger and chikou span bottom resistance is at 56.2 do you suggest to trade long or buying a suitable call option of july? or any other scrip favorable to trade?
Rgds,
vivek
Indian Hotels has gone up sufficiently, and as per your view 3EMA moving above 15EMA is a sign of bullishness. But we need to consider the following points.
  • Kijun stopped the price movement at 52.1. As you know, Kijun provides a meaningful resistance to a price action.
  • Secondly, Tenken is below Kijun, which still indicates bearishness. Chikou span also indicates bearishness at the moment.
  • Drawing Fibonacci levels from 68.3 through 46.1, shows the price movement oscillating between 38.2% level and 61.8% level before the 61.8% level was broken and the price went down to 46.1. So I am expecting a resistance at the 61.8% level, 54.6.

Strategy would be to go short at 54.6 with a 1 Rs stoploss,or go long near 50.7 with a 1Rs stoploss. I am doubtful whether the price will cross 54.6 due to consolidation at this levels in the past. But let us take it one day at a time.

 

bapu4

Well-Known Member
Dear All ,
According to market correction strategy , nifty future price should touch the 15EMA within at max 6weeks before going anywhere else !! So now it has been 20 days since nifty had touched 15EMA !! So shall we consider that it may reverse at any time now for its 15EMA journey ??

Regards,
Vivek
 

Similar threads