Charts for the Day

[anil_s_trivedi]

 

[amibrokerfans]

i will keep my eye on jubilant life & wstcspaper for 2moro and next 2/3 days, if i go for buy side.

 

[anil_s_trivedi]

i will keep my eye on jubilant life & wstcspaper for 2moro and next 2/3 days, if i go for buy side.

Dear amibrokerfans,

I am yet to see any bottom formation on charts,lets see how it goes.

 

[a1b1trader]

Dear amibrokerfans,

I am yet to see any bottom formation on charts,lets see how it goes.

Anil bhai

Can you please elaborate more on, how to look for OR what are the signs of nearing bottom/top formation.

Thanks

 

[anil_s_trivedi]

Anil bhai

Can you please elaborate more on, how to look for OR what are the signs of nearing bottom/top formation.

Thanks

Dear a1b1trader,

If speaking on purely price action front, then in jubilant the recent sell off watch black candles are there, and todays was only pullback so it dont have character of bottom.

Also you see a lot of action/Reaction bars near to bottom, i mean struggle of bulls/bears. Here till now bears are dominating. Trading above 2-3 previous bars is a first sign of strength as per me, added by pin bars/ engulfing bars / reversal bars if any.
Also there is no divergence on charts, if i talk in indicators sense. Point is unless it have some evidence on price action front, it is dangerous to catch these bottoms.

I in my initial days lost good amount by loosing patience in intraday charts calling off tops and bottoms. So taken extra care afterwards.

Maybe some studies like gann and elliott can call bottoms, but i doubt about their success ratio.

Just going through my archives, i am reading a old book...
"scientific interpretation of bar charts" by John R. Hill
A good one to read.

Will share a detailed post. on tops and bottoms.

 

[a1b1trader]

Thanks Anil bhai for the post.

Do share a detailed post on tops and bottoms.

Elliott charts are good for top and bottoms but they keep changing counts if the reversal is not as per their line of study.

Thanks

 

[mangup]

Dear a1b1trader,

If speaking on purely price action front, then in jubilant the recent sell off watch black candles are there, and todays was only pullback so it dont have character of bottom.

Also you see a lot of action/Reaction bars near to bottom, i mean struggle of bulls/bears. Here till now bears are dominating. Trading above 2-3 previous bars is a first sign of strength as per me, added by pin bars/ engulfing bars / reversal bars if any.
Also there is no divergence on charts, if i talk in indicators sense. Point is unless it have some evidence on price action front, it is dangerous to catch these bottoms.

I in my initial days lost good amount by loosing patience in intraday charts calling off tops and bottoms. So taken extra care afterwards.

Maybe some studies like gann and elliott can call bottoms, but i doubt about their success ratio.

Just going through my archives, i am reading a old book...
"scientific interpretation of bar charts" by John R. Hill
A good one to read.

Will share a detailed post. on tops and bottoms.

Anil Bhai,

Catching top/bottom is almost difficult, but if are near to them by watching their signs of formation as mentioned by you is worthing doing it. Pl explain with some charts.

 

[anil_s_trivedi]

Nifty update:

Positive div formation going on in 15min / 5min.
A sign of strength if holds 5880 and surpasses 5895 levels.
Resistance zone at 5915 if surpassed may TGt 5950-60 levels.

 

[amibrokerfans]

Dear amibrokerfans,
I am yet to see any bottom formation on charts,lets see how it goes.

wstcspapr open at 46.50 up by 3.64% but close at 42.45 down by 3.30% with eye catching volume.

jubilant life get the wow factor, look solid all day long,closed at 90.55 up by 5.11%.

nifty down by 21.30 (0.36%) point.

dear anil,
with heartfull respect on your analysis and experience, honestly speaking i am a indicator-man i use only indicators for my trade. dont use price-action or gann or EW or WW. i am not using divergence also.

i look for very short-term trend like 2-3days for trade. and i am a daytrader.
so those calls was according to my need.

so far my mechanical system give me 65-70% success ratio ( West Coast Paper's call was false ) , but not happy with it.. still searching to get 90% success. and thats why i am here and there in the forums to learn more.

for Monday i will look for a penny-stock name KEI Industries, it just hit all time low today. :lol:

have a nice weekend.

 

[anil_s_trivedi]

wstcspapr open at 46.50 up by 3.64% but close at 42.45 down by 3.30% with eye catching volume.

jubilant life get the wow factor, look solid all day long,closed at 90.55 up by 5.11%.

nifty down by 21.30 (0.36%) point.

dear anil,
with heartfull respect on your analysis and experience, honestly speaking i am a indicator-man i use only indicators for my trade. dont use price-action or gann or EW or WW. i am not using divergence also.

i look for very short-term trend like 2-3days for trade. and i am a daytrader.
so those calls was according to my need.

so far my mechanical system give me 65-70% success ratio ( West Coast Paper's call was false ) , but not happy with it.. still searching to get 90% success. and thats why i am here and there in the forums to learn more.

for Monday i will look for a penny-stock name KEI Industries, it just hit all time low today. :lol:

have a nice weekend.

Hi,

Your calls are good. And if you have good success ratio with it, its really good to trade with it.
Anyway, dont add too much filters, it will negate the trades.
And try to trade good volume stocks.
Just a cent from my side.

Have a good day...