I can help you with stock chart reading

ragsid · #**541** 19th June 2006, 03:33 PM

I got Jesse Livermore/Edwin's Reminisense of Stock Operator. Just wanted to know whether this has got any charts in the book or not. Coz, the one I got doesnt have any pictures.

I got Dave Landry on Swing trading, its an excellent book, thanks Vvonteru. Have you read Barry Rudd's Day trading and Swing trading, thats a very good book too, good examples.

I havent been able to get Dave Landry's other book "10 Best Swing Trading Patterns and Strategies" can someone please help me get it.

- Rags

vvonteru · #**542** 19th June 2006, 05:46 PM

Quote:

Originally Posted by ragsid

I got Jesse Livermore/Edwin's Reminisense of Stock Operator. Just wanted to know whether this has got any charts in the book or not. Coz, the one I got doesnt have any pictures.

I got Dave Landry on Swing trading, its an excellent book, thanks Vvonteru. Have you read Barry Rudd's Day trading and Swing trading, thats a very good book too, good examples.

I havent been able to get Dave Landry's other book "10 Best Swing Trading Patterns and Strategies" can someone please help me get it.

- Rags

Reminisense of Stock Operator - It does not have charts. Start reading. Then U will realize, its worth more than real world examples.

I did not read Barry's book. I will look at it after my current reading of Van Tharps book.

Dave's second book has additional 3 to 4 patterns more than the 1st book.

vvonteru · #**543** 19th June 2006, 06:15 PM

Attached BSE 30 (Sensex) chart. U might be wondering why I attached sensex chart instead of BSE 500. Just because of 10000 value significance in case of BSE 30 index. Lets look at some for and against going on for the index.

For:
1. Down Trend line has been broken. That does not mean, down trend has over. What it means is, the current trend of sharp break down has stopped.

2. Crossed above 200 day EMA.

3. MACD divergence. Again, what this is telling is, the current downtrend is not as severe as beginning of the down trend. So, there might be a bump up as there is no pressure for selling. This no way means the overall down trend is over.

MACD divergence signal works better when a stock/index has been down for long time. In that case, a long divergence can make the stock go up. But, EMA resistances are still snakes, waiting to bite the stock and send it down.

Against:

1. So far, Sensex crossed 10000 2 times. But, never ended above 10,000. Some seller made it a point to make Sensex close at 9997 at the end of the trading day, when it slightly breached 10,000.

2. 20 Day EMA (Yes 20 day EMA works better for Sensex) is acting as resistance.

3. Do U see the red down trend arrow. It is still pointing down!!! So, no buying.

So, what I see happening right now is a transition from existing sharp down trend pattern. That may mean trading range or slower trend downwards. In any case, the index is ready to go down now to test previous lows.

ragsid · #**544** 19th June 2006, 06:50 PM

ragh_ash,

Actually thats why I asked people to send me the links if they have to my e-mail.

I have tried googling, I have to try with more different options.

Thanks,
- Rags

learner · #**545** 19th June 2006, 07:46 PM

VVonteru,

Sirji you are simply great.
Thanks for providing all the explanations.

I always thought Fundamental Analysis should be enough for investing in stocks. But after following this thread since the day it started, I have really started admiring the TA side. Especially, after learning how much info is hidden in the charts (thanks to you).

Also thanks for telling us all about the iCharts site.

Please keep the good things coming.

Learner

Quote:

Originally Posted by vvonteru

Attached BSE 30 (Sensex) chart. U might be wondering why I attached sensex chart instead of BSE 500. Just because of 10000 value significance in case of BSE 30 index. Lets look at some for and against going on for the index.

For:
1. Down Trend line has been broken. That does not mean, down trend has over. What it means is, the current trend of sharp break down has stopped.

2. Crossed above 200 day EMA.

3. MACD divergence. Again, what this is telling is, the current downtrend is not as severe as beginning of the down trend. So, there might be a bump up as there is no pressure for selling. This no way means the overall down trend is over.

MACD divergence signal works better when a stock/index has been down for long time. In that case, a long divergence can make the stock go up. But, EMA resistances are still snakes, waiting to bite the stock and send it down.

Against:

1. So far, Sensex crossed 10000 2 times. But, never ended above 10,000. Some seller made it a point to make Sensex close at 9997 at the end of the trading day, when it slightly breached 10,000.

2. 20 Day EMA (Yes 20 day EMA works better for Sensex) is acting as resistance.

3. Do U see the red down trend arrow. It is still pointing down!!! So, no buying.

So, what I see happening right now is a transition from existing sharp down trend pattern. That may mean trading range or slower trend downwards. In any case, the index is ready to go down now to test previous lows.

ragsid · #**546** 19th June 2006, 09:19 PM

Hi Vvonteru,

Are you sitting out of the market since RPL was listed (The day market started cracking)? Or were you on the short side of the market, shorting?? Just curious...

Sometimes I wonder as many experts have said we are in a cyclical downtrend in a longterm bull market, whether we really are... Was reading one of the materials, in a 5 year bull market, we will have one year bearish trend, whether we are in that...

Yeah, have you read the book "Intermarket Technical Analysis". I felt its a good one (can correlate to things what happened in markets across a month back), still reading it though.

- Rags

kenneth · #**547** 19th June 2006, 09:21 PM

Thanks ragh_ash,

Found all the recommended books on this forum in one place

Cheers

vvonteru · #**548** 19th June 2006, 09:37 PM

Quote:

Originally Posted by ragsid

Hi Vvonteru,

Are you sitting out of the market since RPL was listed (The day market started cracking)? Or were you on the short side of the market, shorting?? Just curious...

Sometimes I wonder as many experts have said we are in a cyclical downtrend in a longterm bull market, whether we really are... Was reading one of the materials, in a 5 year bull market, we will have one year bearish trend, whether we are in that...

Yeah, have you read the book "Intermarket Technical Analysis". I felt its a good one (can correlate to things what happened in markets across a month back), still reading it though.

- Rags

I am in sitting on cash since the downtrend started. U could use Monthly, Weekly to determine the trend. But, follow that methodology always. So, Ur reaction to the market will be slower. This downtrend may provide you an opportunity to buy.

I did not look at these time frames. I will look at them and get back.

ragsid · #**549** 20th June 2006, 05:44 PM

Hi Vvonteru,

How is Reliance Capital and Century Textile looking for shorting? Even the market looks going down for sometime as the pullback from downtrend looks over, with strong resistance at 2870, 2910, 2960 etc.

- Rags

Czar · #**550** 20th June 2006, 06:15 PM

Quote:

Originally Posted by vvonteru

So, what I see happening right now is a transition from existing sharp down trend pattern. That may mean trading range or slower trend downwards. In any case, the index is ready to go down now to test previous lows.

Salute again, you have become untouchable...

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