Pattern Trading [Actual trading, not educational]

linkon7

Well-Known Member
#11

post image wordpress

Break out trading is a high risk-high reward setup and I dont like the word high risk. As a trader, only thing on my control is the risk that i am willing to take to know if a trade will work. The reward is a factor of luck and luck is not a very dependable factor.

I am a big fan of momentum and Support/ resistance. They are my only deciding factor while trading. As they help in deciding the target (exit) and stoploss (risk per trade). Entry is not all that important compared to trade location on the bigger picture.

My stoploss for a short trade would be 2% above the 71 mark as thats where the supply came. The demand line at 64 appears to be broken, but momentum (RSI ) is not very encouraging. Momentum always precedes price on a break out. Here it's lagging. I'm more inclined towards calling it a false break down.

64.25 is the high made on the previous session and if i get a close above this mark, then its a clean contra buy for me with sl at 62.15, the LOD of last session.

67.25 is the monthly average trading value and
71.77 to 68.73 is the bi monthly value.
They will be my first target.

That's my opinion and i could be wrong. And i am wrong 51% of the time....!
 
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EagleOne

Well-Known Member
#12
No, Linkon, there are more chances of you getting Vijayabank right than wrong. I have been watching Vijju for weeks. I even short-scalped it a couple of times last week. But the way it pulls back despite all the falling hides something very fishy. Suffice to say, it's realtime, minute by minute, Spot PA is not being reflected in EOD. And that makes me wary of trading it for longer time. But I am keeping an hawkeye on it. It could turn out to be very juicy either way.
 
#13
No, Linkon, there are more chances of you getting Vijayabank right than wrong. I have been watching Vijju for weeks. I even short-scalped it a couple of times last week. But the way it pulls back despite all the falling hides something very fishy. Suffice to say, it's realtime, minute by minute, Spot PA is not being reflected in EOD. And that makes me wary of trading it for longer time. But I am keeping an hawkeye on it. It could turn out to be very juicy either way.
psu banks like vijayabank. bankofindia .corpartion bank ,dena bank and allahabad bank all r going below their base and strong supports ..chances r vijaya bank will go further down whole pse bank space getting sell signal
 

sunny_cool

Well-Known Member
#18
no charts after market crash..:p

Seems all ppl are busy in making money in volatile market....:thumb::lol:

Other reason can be.. charts wil not work in this kinda market ;):rofl:
 
#19
yesbank shortview :

Shorted near the top of the white candle on 11-08-2011.

Trendline marked as a triangle tho it was overshot, see zoom view to see why.
L1 and L2 mark the only two long positions i got in the period (not traded tho) . S1 is the shorting position im in right now.



The upper trendline validity comes as it is hit thrice, then price goes under.
Sell is at the trendline with a very tiny SL.



Next : Not out of the short-woods yet, price needs to make a closure below the low price of today (its an important level).

SL has been set just about my shorting price at 310.5, reason - I dont see any reason for price to go there unless its a test (minor double top) or a failure.

Also opened short on GAIL with a SL of 442.
 
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#20
IMO McDowell-n could turn into a good short.
SL for an entry should be just above 985.
A safer entry would be the breach of yesterdays low which rests on the bold trendline.
My guess is its a short. Might dump GAIL and short this one, lets see.
or Yesbank if it has issues going below yesterdays low (also a critical level)

 

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