Need Devil's advocates....

A

Apurv7164

Well-Known Member
#1
#1
Hey guys,

I need ur help to evaluate where did I go wrong...

I bought Clutch Auto around 36 long back and IFCI around 52 couple of weeks back..

Now here is the decision I made...

IFCI

On 13th it made long black candle which is followed by inverted black hammer which is followed by (i.e. yesterday) kind of spinning top with violated low of 13th. Since low of 13th was violated and inverted hammer at higher level, I interpreted it like early signal of down move and booked my profit... today it moved up with strong momentum....

At the sametime RSI was also strugling to go up and turning down and 50 MA was around 54 so I thot of selling it at higher level which I can buy again around 54 depending on prevailing situation at that time...

Clutch Auto

On 13th it made long white candle which is followed by piercing black candle and then again black candle... i interpreted it like sign of lil down move and I booked my profit....

At the sametime RSI was also strugling to go up and turning down and MAs were around 63, 66 so I thot of selling it at higher level which I can buy again around 63 or 66 depending on prevailing situation at that time...

Kindly help me to understand where did I go wrong...

P.S.: I m just trying to sharpen my skills.

~ Apurv
Not an expert or analyst....
 
alroyraj

alroyraj

Well-Known Member
#2
#2
Apurv7164 said:
Hey guys,

I need ur help to evaluate where did I go wrong...

I bought Clutch Auto around 36 long back and IFCI around 52 couple of weeks back..

Now here is the decision I made...

IFCI

On 13th it made long black candle which is followed by inverted black hammer which is followed by (i.e. yesterday) kind of spinning top with violated low of 13th. Since low of 13th was violated and inverted hammer at higher level, I interpreted it like early signal of down move and booked my profit... today it moved up with strong momentum....

At the sametime RSI was also strugling to go up and turning down and 50 MA was around 54 so I thot of selling it at higher level which I can buy again around 54 depending on prevailing situation at that time...

Clutch Auto

On 13th it made long white candle which is followed by piercing black candle and then again black candle... i interpreted it like sign of lil down move and I booked my profit....

At the sametime RSI was also strugling to go up and turning down and MAs were around 63, 66 so I thot of selling it at higher level which I can buy again around 63 or 66 depending on prevailing situation at that time...

Kindly help me to understand where did I go wrong...

P.S.: I m just trying to sharpen my skills.

~ Apurv
Not an expert or analyst....
Click to expand...
Inverted black hammer or more specifically is a shooting star. Bearish confirmation is required after the Shooting Star and can take the form of a gap down or long black candlestick on heavy volume.
Now next came a spinning top which is actually a sign of indecision so that was not a trigger.
So next candle should be a bearish pattern to confirm.
Its like in Tennis at deuce, unless it is advantage then only it is game,if an opposing point is scored it is reset.

Also I thinl the prev low being violated is not a sufficient reason, when the market is indecisive it happens often.
Also macro factors play a role say when both US and European markets are down, stocks turn bearish to different degrees.
 
O

oilman5

Well-Known Member
#3
#3
man,
i congradulate for ur trade.
In trading getting out is more imp,........in both cases u get out with some valid reason.
Feeling riskier & derisk by profit book.........is an art & u r mastering that unknowingly.
So ur success is assured.
btw........actually change to break out style make u to hold........this suspected breakout zone.
Dont switch from ur profitable system
...........
 
A

Apurv7164

Well-Known Member
#4
#4
Thank you oilman for your valuable input. Here i m not making change in my system... it is just I have resumed trading after significant gap so running low on confidence....

Guidance from seniors wud help me in getting my confidence and form back....
 
O

oilman5

Well-Known Member
#5
#5
basics in trading
......................
which timeframe........more depends on natural inclination and time availability
......................
which style........day/swing/position
........................
which pattern
reversal or continuation ?
................
if u prefer more correct trade but less profit.........better is reversal.......study exhaustion at bottom/top..........then simply take position.
.................
for continuation /break out........u have to add on winner,........as no of right trade is less.
..........choose what suits u.
btw in trading u have to be independent.
wish u all success in trading venture
 
praveen taneja

praveen taneja

Well-Known Member
#7
#7
Bro it is better to cry after selling then crying after holding a profit making trade to go down and all hard work down
I am not a Devils Advocate but Devil Myself:clap:
Indian stock market is operator based mkt and most of time when it shows going down it jump and vice versa
Mkt is in bear distribution zone from 5333-5399 and I repeated this many time in different threads you would get again those share at lot cheaper rate all u have to wait to make a kill :thumb:
 
You must log in or register to reply here.
Thread starter Similar threads Forum Replies Date
N need help get open positions of day before AmiBroker 0
G Need Help with converting this Pinescript to AFL AmiBroker 0
M Need an afl for scanning MACD Line crossing Zero Line AmiBroker 0
A Need to Hide the Title AmiBroker 0
A Help - Need GOLDM24JANFUT Data From 1 to 5 Jan 2024 Data Feeds 1

Similar threads