Charts for the Day

dear anil ji
pl guide me as FED and BOJ meeting on Wednesday how you see the bankniffty and specially federal bank for Monday and Tuesday i will be obliged by your view
amrit ak
Dear Amritak,

Generally my observations are not for short term...still on your insistence...

Bank Nifty:

In uptrend price action on daily in short term is sideways to down...Strength only above 20100 levels now...Momentum wise, its looking fatigue needed a sideways to down action...On daily charts we witnesses almost a same closing as compared to prev day but volume was above average...almost double compared to prev day...it can be read as attempt by bulls to clear but lacking follow up resulted in weak close...also closing was near the low of daily bar...

Federal Bank:

Strength in short term only above 73.2 levels...EOD close will be better...


Both bank nifty and federal are in uptrend in intermediate timeframe...i noted my observations for short term...
 


Anil'ji,can u post ur latest chart..my ranking if from nifty500,pls guide if u find wrong

IT first sign of strength come this week ?



cnx IT also on support.....




Dear raviji,

I am calculating %change on performance basis...i had not taken relative performance wrt Nifty or any index here...its a standalone sectoral index performance...

Yes as expected IT was ready for a bounce considering oversold readings...the chart posted by me in other thread, where we ascertained a bounce till 20 SMA can happen in IT..considering oversold readings...so IT is still in downtrend on higher timeframe...its a bounce as of now...lets see how it materialize...

Metal is looking weak in intermediate term considering its close below 50 SMA on daily...expect strength only above this...else its a tough battle out there...
 
Dear Anilji request your opinion about Break Out trades. I know you must have answered this many times in the past but still I am not quite clear.

Below is the chart of Pricol, which has trended quite beautifully in the past couple of months. Now if you look at the BO area there is no weakness post BO, there is no safe area to take an entry. One has to risk an entry at the close of BO bar. So my question is for BO trade how should one enter and exit. If one wait for weakness many good trades would be missed while all the bad trades would be in pocket.

 
Dear Anilji request your opinion about Break Out trades. I know you must have answered this many times in the past but still I am not quite clear.

Below is the chart of Pricol, which has trended quite beautifully in the past couple of months. Now if you look at the BO area there is no weakness post BO, there is no safe area to take an entry. One has to risk an entry at the close of BO bar. So my question is for BO trade how should one enter and exit. If one wait for weakness many good trades would be missed while all the bad trades would be in pocket.

Dear jain.er,

There is no fixed rule whether breakout will failed or succeed...Its all probability you need to assess...the price action going on...

Infact if you look closely there is another consolidation in that pattern from 21/4/2016...drawing a resistance TL from there connecting highs of 12/5/2016 and thereafter given a breakout at 27/5/2016...it closed below TL...but next day and few days it cleared and holded well...these are precursor to things coming in...if its a weak it should have reversed below...

Again,1/6/2016 provides breakout from TL resistance you had drawn...either you can go long at EOD or on next day opening of 2/6/2016...You had infact ample time here...its not that the day it breakout it runs away for 10% plus...it had given time here...

Now, coming yo your question if one missed breakout where to catch...This is difficult to answer, bcoz some stocks had parabolic run, then its difficult to dare to enter in...

Ideally i would avoid buying 5% plus above breakout out zone..i will let it go...as my stoploss then cant be affordable one...

I am moving average man, so i go on test at 10/20...With tight stoploss...Generally its my observation such multimonth consolidation breakouts dont fizzle out so fast...
 
Dear AmdhraCement,

If you trading intraday/EOD basis you need to have strategy for trading...random trading will not give you any results over long term...

Trading intraday requires swift decision making, if you had doubts while cutting your positions then its not a game for you in intraday...stay away...

I trade EOD(Cash basis) basis only...in process i am still learning how to be patient with our positions...

Decide what you want, work for it...have a strategy/plan to trade...
Anil ji

You have mentiond you trade EOD(Cash basis) . Generally for how long do you keep your positions i mean do you keep it for weeks or months :)

I can hardly take positions for more than two days , especially on Fridays :D

Intraday gives me a high , so can give me strategy for intraday
 
Anil ji

You have mentiond you trade EOD(Cash basis) . Generally for how long do you keep your positions i mean do you keep it for weeks or months :)

I can hardly take positions for more than two days , especially on Fridays :D

Intraday gives me a high , so can give me strategy for intraday
Dear andhraCement,

I trade in cash..Generally on swing positions i hold from 5-10 days...while rest i trail as long as it didnt take my stoploss...It can run for weeks for months too..

Like NTPC, Marico are few of them i am holding since months now...

Chart reading is same on intraday too..only thing is you need to be swift with your positions...You can trade breakouts, breakouts-Retest, or with moving average also...

For intraday, this forum is full of many strategies, and traders successfully using it...You just need to grasp their concepts...
 

VJAY

Well-Known Member
Dear anilji
For your positional trades how you put sl for trades?I mean you look for closing or put sl everyday .
 
Dear anilji
For your positional trades how you put sl for trades?I mean you look for closing or put sl everyday .
Dear VJAYji,

Strictly speaking for my type of trading it matters EOD stoploss...but nowadays if i am on screen i watch it, else i put stoploss in morning to avoid any mishaps...Till now it didnt whipsaw on this side...but yes in volatility days it can ...

Its better to be out of trade if my trailing SL triggers...if at EOD it closes again in my comfort zone, i just re-initiate my position...I try to see that general market Nifty/Sensex is in alignment then only i take position...else its a trade wind up for me...
 

VJAY

Well-Known Member
Dear VJAYji,

Strictly speaking for my type of trading it matters EOD stoploss...but nowadays if i am on screen i watch it, else i put stoploss in morning to avoid any mishaps...Till now it didnt whipsaw on this side...but yes in volatility days it can ...

Its better to be out of trade if my trailing SL triggers...if at EOD it closes again in my comfort zone, i just re-initiate my position...I try to see that general market Nifty/Sensex is in alignment then only i take position...else its a trade wind up for me...
Thanks a lot for sharing insights and thoughts about stop loss placing ....