I can help you with stock chart reading

vvonteru · #**491** 3rd June 2006, 06:51 PM

1)gujrat ambuja at current level
Double bottom. I am currently not doing double bottom or double top. But, U can, if U want. Be carefull, since U are picking the bottom. Have a tight stop around 85. And, don't forget to take partial profits as it gives U. Don't look for making century as in cricket.

2)cesc
Same story. Double bottom.

3)orient paper.
Kind of double bottom. Had a reversal on Friday. Same story.

All the above have MACD divergence, giving them a buy.

Market Analysis:
Market is at a point of reflection. It can take it from here and move on up. Can go sideways there on, before going up. Given the double bottom and MACD divergence, U can trade if U want. But, have a tight stop below the double bottom. And be sure to take profits as it comes. Don't wait for the whole thing to happen.

There will be lot of stocks in this pattern. I don't have any scan right now for double bottom. But, most of the stocks display this pattern. So, I pass on writing any code to do the scan at this time.

Quote:

taking www.icharts.com as standard.can you please specify how a novish like me can analyse a chart.

what i mean is what are the parameter i should chose and what are singnals
and values i should look for before coming into any decision.

I use 8, 50, 200 EMAs, Bollinger bands, MACD and Slow stocastic. I used to use Williams before instead of stocastic for overbought and oversold conditions information. I replaced that with Stocastic before, it does that as well as gives you buy or sell information based on the crossover.

What U can do is, start from these indicators. Change them according to your analysis. For example, 8 day short term EMA may not be right in all cases. If you look at sensex, it is more based on 10 or 15 day ema. So, play with the indicators. But, once you decide on them, have for some time before making a change. Don't change them every day to get buy or signals.

nonstopkaran · #**492** 3rd June 2006, 08:34 PM

well i am also a novice... nothing to get from the chart.. i wanna know is there any link where i could get a chart for the last 6 r 7 months..... which i think ll be usefulll

razurfish · #**493** 3rd June 2006, 09:59 PM

Hi vvonteru

Could you oblige me with your views on
RIL @ 865 (pre-demerger)
Sesa Goa @ 1040 (10% profits booked at 1325 levels).
Bharti @ 329

thanks a ton. your posts have been really wonderful and informative.

sujarouf · #**494** 3rd June 2006, 11:03 PM

Hi
Can You guide me on technicals of Tourism Finance Corporation BSE Code 526650 NSE Code. TFCILTD
I have with me 2500 @ 13.80 CMP is 11.84
Thanks and regards
Suja

vvonteru · #**495** 4th June 2006, 12:57 AM

Quote:

Originally Posted by razurfish

Hi vvonteru

Could you oblige me with your views on
RIL @ 865 (pre-demerger)
Sesa Goa @ 1040 (10% profits booked at 1325 levels).
Bharti @ 329

thanks a ton. your posts have been really wonderful and informative.

RIL @ 865 (pre-demerger)
Since U have waited so long, wait for more time. Lets look at it after a week. But, if it starts going below 850, consider getting out.

Sesa Goa @ 1040 (10% profits booked at 1325 levels).
It did not go up on Friday, like the market. Lets wait a week to get better feel where it will be going. Till then, watch for 1100 and 1000 levels.

Bharti @ 329
MACD divergence and double bottom. Ideally, just like the market, U would want the 8 day EMA crossing above the 50 day EMA. Till then, we have to be careful, with tight stops and taking partial profits.

Most of the stocks are displaying same pattern. There is nothing we can say about them. Given the MACD divergence and double bottom, the bias is upwards. But, how much is of question until 8 day EMA crosses above the 50 day EMA.

Tourism Finance Corporation
Same double bottom. But, this stock has been in downtrend from 2005 Sep. Until it takes out the downtrend trend line around 15, there is no scope. If U look back, there were several times it had MACD divergence and double bottoms. They never worked for it. Thats the difference between something which has fallen for sometime versus a short term downtrend. A stock that has fallen from grace can take long time to come out of it.

vvonteru · #**496** 4th June 2006, 01:04 AM

Quote:

Originally Posted by nonstopkaran

well i am also a novice... nothing to get from the chart.. i wanna know is there any link where i could get a chart for the last 6 r 7 months..... which i think ll be usefulll

Try http://www.icharts.co.in/charts.html

rahulg77 · #**497** 5th June 2006, 11:13 PM

HI VV,

I read in some page that u are now using Amibroker. How do u find it. Odes it support split, bonus of shares. Is there a vendor in India or do we have to buy it online. Also what do u do for the data. some site or u are using a data provider.

Rgds

Rahul

P.S : How is ur experience so far

vvonteru · #**498** 6th June 2006, 01:16 AM

Quote:

Originally Posted by rahulg77

HI VV,

I read in some page that u are now using Amibroker. How do u find it. Odes it support split, bonus of shares. Is there a vendor in India or do we have to buy it online. Also what do u do for the data. some site or u are using a data provider.

Rgds

Rahul

P.S : How is ur experience so far

I like Amibroker. But, you have to be a programmer. If U are not, I don't advise current version. I can share my scripts though.

How do u find it....
-- I don't know what U mean. On the net. Go to Amibroker.com I guess or search in google.

Data (including split and other info)
-- I buy metastock data. Amibroker supports metastock data. It is as easy as plug and play. Go to metastock website and check out the historic data info. They will automatically adjust for split/bonus etc. That is the only reason I moved from FCharts to Amibroker. Data!!!

Let me know if U have any questions.

Market Analysis
--- Those of U who have taken the buy signal based on double bottom, have a tight stop. Don't make an exception and release the stop. Trying to pick a bottom is high risk and high reward play. When it goes against U, be ruthless in taking out the position swiftly.

rahulg77 · #**499** 6th June 2006, 10:59 AM

Hi VV,

When i said how u find it, I mean how you like it.

And when u say u buy metastock data, are u using any data provider. Like Viratech or anyone else. No I am not a programmer. what do u suggest then, old version or some other s/w.

Rgds

Rahul

vvonteru · #**500** 6th June 2006, 07:08 PM

Quote:

Originally Posted by rahulg77

Hi VV,

When i said how u find it, I mean how you like it.

And when u say u buy metastock data, are u using any data provider. Like Viratech or anyone else. No I am not a programmer. what do u suggest then, old version or some other s/w.

Rgds

Rahul

If U can spend approximatly Rs 1200 per month, go with metastock data. Can buy from metastock website. Its from Reuters. As I said, U have to be a programmer to program views and scans. I can share mine. But, in future, lets say, U have an idea of scanning, whom do U go to. Hope U are not thinking its me. So, why don't U try other software. Like
1. Metastock
2. AdvancedGet

Checkout software section before making a decision.

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