The importance of knowing where your off stump is!
All of you who follow the game would know this term from cricketing parlance, which means that a technically sound batsman at all times is aware where his off stump is. No matter the kind of wicket, whether turning or fast, or the ball be full length or just short of it, or angling away or coming in, he is not likely to be bowled out or go LBW or edge a catch behind the wicket....all because he knows where his off stump is, and is disciplined enough not to be lured too far away from it.
Now, to stretch all this to cover what we all do here: Trading.
In our context it seems to me, to know where one's off stump is, is same as knowing exactly where the INDEXES are going to be and where they are heading, at the time we enter a trade. This is in addition to whatever the technical outlook for the trade may be. And here the off stump takes in not just NIFTY or SENSEX, but at times even more vitally, MIDCAP INDEX, BANKEX or whatever.
How many of us are often lured into a trade purely on the technical merit of the scrip in a bull run, only to be trapped as it abruptly turns around to follow the major or the minor index when the correction comes, and just sit back and watch as the scrip loses steam and strength and falls into consolidation? Quite a few, I'm certain, and consistently continue to do so.
Some what like...for the Nth time Ganguly has lost sight of where his off stump was, hung out his bat, and is taken gleefully in the slips cordon! (Fans kindly pardon!)
As we sit around awaiting the reversal, besides being quite demorolised, we are also losing out on opportunities to rotate the money we work with.
I feel in this great forum, perhaps on a daily basis, those who are quite adapt at technical charting could start a separate section as a listening post for the benefit of all of us. This section could deal with the daily shifts of the important INDEXES, whether they are over bought or under sold or whatever.
Certainly this would be an even better and complete trading forum if such an exercise is done.
I'm all for it.
Kindly comment.
Traderji, kindly do initiate something along this suggestion please.
Regards.
All of you who follow the game would know this term from cricketing parlance, which means that a technically sound batsman at all times is aware where his off stump is. No matter the kind of wicket, whether turning or fast, or the ball be full length or just short of it, or angling away or coming in, he is not likely to be bowled out or go LBW or edge a catch behind the wicket....all because he knows where his off stump is, and is disciplined enough not to be lured too far away from it.
Now, to stretch all this to cover what we all do here: Trading.
In our context it seems to me, to know where one's off stump is, is same as knowing exactly where the INDEXES are going to be and where they are heading, at the time we enter a trade. This is in addition to whatever the technical outlook for the trade may be. And here the off stump takes in not just NIFTY or SENSEX, but at times even more vitally, MIDCAP INDEX, BANKEX or whatever.
How many of us are often lured into a trade purely on the technical merit of the scrip in a bull run, only to be trapped as it abruptly turns around to follow the major or the minor index when the correction comes, and just sit back and watch as the scrip loses steam and strength and falls into consolidation? Quite a few, I'm certain, and consistently continue to do so.
Some what like...for the Nth time Ganguly has lost sight of where his off stump was, hung out his bat, and is taken gleefully in the slips cordon! (Fans kindly pardon!)
As we sit around awaiting the reversal, besides being quite demorolised, we are also losing out on opportunities to rotate the money we work with.
I feel in this great forum, perhaps on a daily basis, those who are quite adapt at technical charting could start a separate section as a listening post for the benefit of all of us. This section could deal with the daily shifts of the important INDEXES, whether they are over bought or under sold or whatever.
Certainly this would be an even better and complete trading forum if such an exercise is done.
I'm all for it.
Kindly comment.
Traderji, kindly do initiate something along this suggestion please.
Regards.