Price action with Candlestick Analysis(No indicators)

[bapu4]

Bapu, the candlestick formation is not hammer, it's inverted hammer. There is no confirmation as yet.

If you are shorting now, it will be ANTICIPATION trade. Medium uptrend, this may go wrong.

Enter only on confirmation and not on anticipation.

Dear Piyush ,
Thanks for the prompt reply !! Are the levels marked by me correct ?? Any level left to be marked plz show !! And if u can show some more aspects which i may have left to draw and which may help me to understand the technique further and better then plz do !!

Thanking u !1
GOD bless !!

-Vinay

 

[piyushonline]

Hi Vinay,
Plain and simple, your plotting on chart seems all correct.

The resistance may or may not play out. The longer upper shadow represents the bearish sentiment, but if you see the trend from last few days, the bearish signals are ignore and price is moving up.

I will wait for a black candle, and then short the position.

If the price closes above 181,than one should go long.

All position with STOPLOSS.

 

[bapu4]

This is axis bank daily chart !! It has retested a support level exactly at 784 and has made an exact double bottom at 784 (1st on 2-1-2012 and 2nd at 27-8-2013) !! It has also made a hammer !!
Shall i go long for a target of 964 !!

-Vinay

 

[avny]

todays trade

BNF,can bk

willm post chart later

BNF 3 MIN

CAN BK 3 MIN

 

[avny]

AXIS BK 3 MIN

 

[Bewinner]

BNF 3 min chart from my side...

avny ur 1st 3 min candle and mine is not matching...don't know why

 

[avny]

FINTECH 3 MIN

 

[piyushonline]

Hi Vinay,
Good chart. Hammer formation is perfect. The lower price of 780/800 is rejected and bulls took the prices upward.

There is no confirmation as yet, a white candle line.

I see the gap in the above price area, gaps/windows can act as resistance.

The risk reward ratio is not good. If the widow provides resistance.

You can enter intraday (haven't checked the chart though)

This is axis bank daily chart !! It has retested a support level exactly at 784 and has made an exact double bottom at 784 (1st on 2-1-2012 and 2nd at 27-8-2013) !! It has also made a hammer !!
Shall i go long for a target of 964 !!

-Vinay

 

[piyushonline]

Thanks Avny,
How much time/days you spent before starting live trading ?
How much time do you spend on an avg on trading.

Thanks for sharing the charts on this thread. Will help the community at large

dear,
i practiced on amibroker first,than switched to live terminal,looking at live charts,identifying patterns and set up and trying to guess the price movement after a set up
then i selected two setup,finalise a strategy,about how to use two setup and started paper trading,marking entries/exit on the chart in the real time
then after the session,i will take a fresh chart and again make the entry/exit,as it should be as per book,then compare both the charts and learn what and where the mistake i made.(a habit now)
after that i started trading live and my trading qty was limited to 5 share..idea was to trade as much as possible,w/o faer of loosing much and test my ability to trade with this strategy.
thanks

 

[Raghuveer]

I want to practice on a print version of historical intraday charts...or any other method to do practice,other than trading

Simulated trading in this website will help in practicing: http://www.chartgame.com
Only S&P 500 scrips are offered in this site (no Nifty etc) but still good for practice.

Quote from chartgame website:
"How the game works
When playing Chartgame, the computer will present you with a random historical stock chart of an actual large cap (S&P 500) security, without telling you which company and time period the chart represents.

You are then given the opportunity to reveal the stock chart one day at a time, selecting to "buy" or "sell" the stock at various times. After a maximum of one year is played for the security, the actual name of the company, and what time period the graph was for is revealed, and you move on to another stock chart for an unknown company and time period.

You are rated on how much profit you made over the days you were invested.

The computer compares you to a strategy of "buy and hold" on the stocks played. Your goal is to beat that."