Diary of a 315 Trader

trade4putuval

Well-Known Member
Re: Tata Steel

Tata steel looks poised to reach the last swing high of 440, also qualifying it for a double top in daily.

My views below:

Check Daily Charts

I do not know what pattern to describe here. But if you look at the price reaction historically, you can see a pattern getting formed here.
The ultimate Chikou Span as shown by red rectangle will form the final resistance to the price rise of Tata steel. If you look at the purple arrow, it represents the price traced after the chikou span peaked. The similar action can be experienced in TS after the high is reached. Of course, there is a forward cloud resistance near 410. We will look at this if at all the price touches 440.

Check Weekly Charts

There is a level where most of the price action consolidated or got reversed. This has the same price range as mentioned in the daily charts.
Looking at the weekly RSI and final resistance by daily chikou, the red arrow determines the trend of the TS after it hits 440.

Check Monthly Charts

We got two days for this month to end. You can see the blue rectangles that shows the area of consolidation or reversal. Again, 440 is the level we are approaching in the monthly charts. Tenken in monthly will then be the level to watch for in monthly if the fall starts from 440.

In small timeframes,
30 mins:
Bounce from 100EMA in 30 mins on 24th Dec.
SST is bullish with this 100EMA touch as the bull SAR (416.35) and 423.3 as TSL.

5 mins:
Price rise got rejected at 425.9, the dotted line of 27th Dec.
423.8 is the low of the candle that broke out of the 5 minutes consolidation (1400 hours to 1505 hours). So this is a SL.

So we respect the level 423 and 416 before deciding whether to go long. We can go long with extreme small quantity if price opens near 425, and build up if 426 is broken. On the reverse, we wait till price reach 416 or when the price cross 423 again from the bottom of that day.
Had a very tough month balancing work and market, mostly concentrating on work!

Anyways, Tata steel met the first target in weekly. 321.6 as per weekly chart above or weekly chikou (335.5)? Let's see.

 

trade4putuval

Well-Known Member
IT stocks

concentrating only on IT stocks for SMC since the past three weeks . Trade4joisar has already posted the same in the SMC thread.
 

trade4putuval

Well-Known Member
Hindalco: Start of consolidation?


Hindalco moved 20 Rs, and broke the important level of 125. Now what?



As always, when I do not get anything, I try to trace the price movement with Fibonacci levels to judge if the upside movement is over or not. I may be wrong, but I have shorted 2 lots based on this strategy for target of 133.5.
 

a1b1trader

Well-Known Member
My Observations

Still some more upside left
IMO, if crosses and sustains 145, then, should reach around 160/61 (may be 2-3 points plus/minus).

Further, though not likely, immediately/in short time, but,
If crosses and sustains 165/70 (and then each level), then can reach over 200 - 225 - 250 and that can be corrected once over 170.

Use proper SL/TSL
Take Care.
 

trade4putuval

Well-Known Member
My Observations

Still some more upside left
IMO, if crosses and sustains 145, then, should reach around 160/61 (may be 2-3 points plus/minus).

Further, though not likely, immediately/in short time, but,
If crosses and sustains 165/70 (and then each level), then can reach over 200 - 225 - 250 and that can be corrected once over 170.

Use proper SL/TSL
Take Care.

Thanks, will maintain stop loss.

But provide the name of the strategy based on which you predict this movement. I need to check and understand the strategy too because as of today, there are many stocks that broke the all time high and now none of our strategies are able to help us decide where it will go.
 

trade4putuval

Well-Known Member
Hindalco: Not taking risk

I exited Hindalco fut at 139.75, shorted 4000 at 142 (brokerage included). Not bad for STBT :thumb:, held for 35 minutes (traded yesterday at 3.10 and covered at 9.25 today).

Considering a1b1's views, if at all, Hindalco reaches 133.5, will go long with 145 target.
 
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a1b1trader

Well-Known Member
My observation

Hindalco

Shall move up from 135 or so levels
But, Shall not move below 133.
Then can be khatra for longs
 

trade4putuval

Well-Known Member
Sbin


Today I see SBIN in short mode.




As per chart, target is 15ema or the major support of chikou (both represented by arrows).

Note:

 
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sabhlok_r

Well-Known Member
Re: Sbin


Today I see SBIN in short mode.




As per chart, target is 15ema or the major support of chikou (both represented by arrows).

Note:

Even icicibank has not touched 15 ema for 10 weeks. Can short today for 1317 target....
 

trade4putuval

Well-Known Member
Nifty Monthly View

Target : 8169 (Based on adjusted Fibonacci levels of historical levels).

Check the arrows to see the consolidation levels around the Fibonacci mark.


 

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