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[Nava]

Yesterday ESSARSHIP made Double Bar Low High Close (DBLHC)

 

[vijayakishorebabu]

Hi Nava,

Essar Shipping From 17th august i kept in observation. But after three days i removed it my observation list. Two reasons. 01. Very low volumes. 02. This scrip is having habit sudden raising and falling upto some fibonacci levels then it is going side ways. if you observe one or two years chart you can very well understand.
Generally after 70% to 80% chances on our side, then only we have to enter the trade. In my opininion this scrip is only 10% chance to raise as per the past habits and present market conditions.

 

[bandlab2]

bandlab2,

Thanks for sharing wonderfull strategy. Pl. have a look at Whirlpool daily Chart.

1. It has formed long tail/ short head PIN.
2. PIN range is greater than previous bar range.
3. PIN has closed within previous bar body.
4. It has pierced the support level and psyche levels of BRN 300 and closed above BRN 300.
5. No Traffic and resistance immediatly.
6. Over-all trend is UP
7. Fibonacci level of Wave-2 and Wave-1 are 37.9 % and 60.9 % respctively.

Please review and give your views whether we can buy this..?
If yes then what would be the entry price..?

Regards,
Nava,

but the location is bad. its not at swing low. for me location is the first criteria. i can manage a bad trade at a good location. but not a good trade at bad location

 

[bandlab2]

hdil daily chart

pros :

nice beob engulfing 2 bars. very strong finish
at a nice location,,, at swing high
rejected by BRN 300
rejected by 78.2 fib

cons :

some traffic ahead
not in the direction of trend


i am skeptical about big big engulfing bars as they may be running out of gas. i normally wait for the low of the bar to be broken and then wait for retracement upto prev bar low for entry. this gives me a good rrr. but some times we may not see retracement. i will not chase set ups. i will wait and pounce on good setups coupled with good MM. as lways patience is the key.

this is a really good setup

 

[bandlab2]

Yesterday ESSARSHIP made Double Bar Low High Close (DBLHC)

chart wise this is a good setup. nice BUOB at swing low, also prev bar was doji which means equal strength between bulls and bears. now we have more bulls with that BUOB

 

[Nava]

but the location is bad. its not at swing low. for me location is the first criteria. i can manage a bad trade at a good location. but not a good trade at bad location

Bandlab,

Thanks for your comments. But how to deceide the correct loacation..? Is it based on fibonaci levels..?

How to find whether the location is swing low or not..? because we will come to know the swing low only after formation of next few bars..

Thanks,
Nava,

 

[bandlab2]

Bandlab,

Thanks for your comments. But how to deceide the correct loacation..? Is it based on fibonaci levels..?

How to find whether the location is swing low or not..? because we will come to know the swing low only after formation of next few bars..

Thanks,
Nava,

swing hi/lo normally coincides with major support/resistence lines. it should have retraced quite a lot from hi/lo. in your chart your wave1 line is where i would consider a swing low. the pin should pierce the prev low and come back and close above the line. this means the price has refused to go below the prev support. so here we can consider long. we will also check for other conflunces like BRN, EMA, fib, free space etc

 

[Nava]

bandlab2,

FINCABLES has made Double Doji on daily chart.
Can we enter long..? your view please..

Regards,
Nava,

 

[rigel]

At best any trade is 50:50, some are 60:40 and max 70:30 probability.
Here there is 60:40 probability of a profitable long, there is an increase in activity if I read it correctely on the inverted hammer, with all that volume, market was unable to go down, which indicates buying pressure, hence demand, so on a short term basis, the prices should move up, not necessarily shoot skywards. But that is where trade management kicks in. If price goes up somewhat and stalls and then heads southwards breaking out of the channel on volume, then the tables have turned and you should go with the market as it unfolds it true intentions.

 

[Nava]

PIN at Hoteleela daily chart.