Short term sell : Petronet

[scplindia]

Great it has started to go up once again, will it touch 119 again and fall.

Please advise,

Thanks
Prem Kumar

 

[AlokTewari]

Petronet had made double top around 119 level & it did make sense to short it until double top is broken. Infact I feel Petronet may see 105-106 levels before it breaks double top, if at all.

All the way from 119 to 105 & then sharp bounce back. Next worst thing to being dead wrong is being dead right.

Cheers !!!!

Alok Tewari

 

[alroyraj]

All the way from 119 to 105 & then sharp bounce back. Next worst thing to being dead wrong is being dead right.

Cheers !!!!

Alok Tewari

So did you profit from it or u are shocked to be proved right?
These days the volatility is too much say if you are trading futures...

 

[alroyraj]

Raunkji,

Why are you not looking at petronet, is there more upside for it. I have missed the bus once again, can I enter on Monday

Thanks
Prem Kumar

Same here.Did not monitor it on Friday. But by virtue of tracking I can say it is better to enter at 108.5 levels. The resistance is at 110. Just to emphasize even on friday it was attempting to cross these levels from 11:40 to 2:40. Last hour there is some freakish movements. Expect on Monday Petronet to come down. Typical strong moves up are followed by retracements on the following day before it resumes it move.

 

[dead_xtinct]

So did you profit from it or u are shocked to be proved right?
These days the volatility is too much say if you are trading futures...

............:lol: .................

 

[AlokTewari]

So did you profit from it or u are shocked to be proved right?
These days the volatility is too much say if you are trading futures...

Mr.Alroyraj

Shocked to be proved right ? What gave you that impression ? Probably you have never heard the phase " Next worst thing to being dead wrong is being dead right " before. Never mind. I was short in Petronet futures right after it made double top & upto 105. From 119 to 105 is just 14 points but during this journey I made an average of 23 points for each future after brokerage. Those extra nine points came from Volatility & you are telling me that these days volatility is too much for futures. I thought volatility is bread & butter of a trader whereas you seem to think opposite. In a flat market you trade only for your broker, In a volitile market you trade for yourself.

Cheers !!!!

Alok Tewari

 

[alroyraj]

Mr.Alroyraj

Shocked to be proved right ? What gave you that impression ? Probably you have never heard the phase " Next worst thing to being dead wrong is being dead right " before. Never mind. I was short in Petronet futures right after it made double top & upto 105. From 119 to 105 is just 14 points but during this journey I made an average of 23 points for each future after brokerage. Those extra nine points came from Volatility & you are telling me that these days volatility is too much for futures. I thought volatility is bread & butter of a trader whereas you seem to think opposite. In a flat market you trade only for your broker, In a volitile market you trade for yourself.

Cheers !!!!

Alok Tewari

Mostly I was going long intraday. Did not catch the double top formation. I mostly trade futures intraday,need to extend that to over night positions. So wanted to learn what you did. I have not yet met till now someone who rode the move both up and move,so got to learn this bit from you. In fact since I could not interpret whether it was a retracement or reversal I stayed away from an overnight position.
ps. I gotta check the expression.Must be something there.

Hey what is wrong is being dead right yaar you minted money,quite astute reading of the charts. Keep it up.