Dear RSI
I am in market to make money & not for academics.
I believe in KISS strategy ( no oscillators OI etc etc ) . Pure price action.
Hence I look for patterns
Aban look liked Wolfe to me. and got in ( though not at rock bottom, I admit) , I followed my position with trailing SL, Ditto with Infy & others
I spotted H&S shoulders in GE Ship hrly chart - got into after piercing of neckline. Had I picked up Wolfe on daily chart earlier, my entry would have been around head area......
U cant be right all the time , hence importance of Initial SL & then trailing SL
cant be over emphasised
KISS (keep it simple sir)
Ajax
Dear Ajax,
Never feel bad about my post. I never intend to challenge anyone nor do I intend to hurt anybody's feelings. Recently, I have been reading a book on trading strategies, which in clear unmistakable terms stated that a trader should never ever over analyse the markets. If the pattern is visible and reassuring, trader should jump in to the trade with proper money management strategies. Very true. Got the point from your post as well, of course with a live example.
I am a novice in trading. There are many very experienced seniors in this forum (including yourself), who can really guide a novice like me. How does a novice proceed? First he will try to learn, that too basics properly. If one tries to trade the market without having proper foundation about basics, I think it will lead to disaster. That is why, whenever I see a chart which is slightly altered than whatever I have read or learned, I ask questions. This is only to clarify my doubts and to dig out more knowledge/information if anything is still left out. For example: Take Winston's thread on reliance capital. He was kind enough to admit that his call was wrong. That is a huge opportunity for novices like me to learn. Well, I expressed my feelings there. Karthik and Ashish came out and said that I am wrong, not only that they showed me as to why I am wrong. Indeed I was wrong. But all said and done, I learned a few lessons from Karthik and Asish there. Oxy also told some vital information there. This is how I think, I can do a practical training on whatever I have read or learned so far. If this forum is meant only to receive and dispense tips, tell me, what is the difference between this forum and other forums? So my request to you and all other senior members is not to feel offended or irritated whenever a novice like me asks questions.
Yes Sir, that's what I commented Since your name initials naturally form the RSI, maybe you could have some inborn RSI knowledge, joking sir, but really if you have do let us know
Hi czar,
That address as "sir" does not suit to me. At present I am learning. It may take some more time. I have learned a lot from this forum members. I owe a lot to this forum members. I shall repay my debts to this forum when I am capable of doing so. You see half baked knowledge is much more dangerous. That is why whenever, I am posting a comment, I try to post it with reasons so that reader shall analyse whether I am wrong or correct. If I am wrong, any one can openly say that I am wrong.
Regards
R. S. Iyer