A plunge in Indian Stock market

[sspms2002]

Hi Throwawaycc...thanks...

It seems you look for good set ups that may last a couple of days/hrs, is that so?

I am looking for set ups for a quick rs 5-Rs 10 move over next 30-40 candles in 5 mins..


Anyways , i have started looking for only price action on your suggestions and no indicators in use... I find it more comfortable and slowly getting some confidence...also i have started going through YTC price action book and i need to complete it to gauge the cause of different moves ....

 

[throwawayacc123]

Hi Throwawaycc...thanks...

It seems you look for good set ups that may last a couple of days/hrs, is that so?

I am looking for set ups for a quick rs 5-Rs 10 move over next 30-40 candles in 5 mins..


Anyways , i have started looking for only price action on your suggestions and no indicators in use... I find it more comfortable and slowly getting some confidence...also i have started going through YTC price action book and i need to complete it to gauge the cause of different moves ....

Since you are beginner , I would not suggest trading 5min charts. But i know what you are thinking. I will get more setups to trade on 5min. This sure is a recipe for disaster. you will realize this at a later stage , so i wont stop now. Better you learn this lesson the hard way.

What i showed you on the chart will give you what you need for intraday. Look carefully.

P.S - i have been trading for over 3 yrs intraday and i don't go below 1 hr charts.

 

[sspms2002]

I have started small again. The good thing that is happening now is that i enter at good areas on stocks..at decision points...like support and resistance...

The entry seems good enough and the Stop exits are also known upfront...but i think i am still struggling with my profit exit...

I took 5 trades today and booked small profits in each except one which went against me which i could get out flat.

I am still thinking of small profits , in one instance i took a LONG in TWL at 608 just to get out at 610...that stock blasted to go to 630-640 area..

TWL also is looking very strong for further up move..

Stock traded: 3-4 stocks (MASTEK , TATA SPONGE , TATA Motors , TWL)
P&L : Green 1560 after commissions

 

[Raghuveer]

I was looking to find something to sharpen my Candlestick pattern recognition skills...

Just found below shared by Seniors..
http://www.chartgame.com

Do we have any other resource/app/website/software around playing chart candle by candle??

Best is to use Amibroker bar replay.
Start with some date several months back. Trade it with bar replay. Write down notes with: trades, reasons, thoughts etc. Then compare with DP blog chart. Review theory/patterns etc as necessary.
Repeat for next day.

YTC has several candlesticks related pdf's and videos.
Steve Nison candlesticks pdf's: you may be having them already.

 

[sspms2002]

Best is to use Amibroker bar replay.
Start with some date several months back. Trade it with bar replay. Write down notes with: trades, reasons, thoughts etc. Then compare with DP blog chart. Review theory/patterns etc as necessary.
Repeat for next day.

YTC has several candlesticks related pdf's and videos.
Steve Nison candlesticks pdf's: you may be having them already.

Thanks Raghuveer, Yes i am going through YTC book as of now. I also have Steve Nisson's videos but not find them very useful though for the ones i have seen.

Also i don't know about Amibroker , is it freely available to use and can we use it to see bar replay for NSE stocks??

 

[sspms2002]

Very Nice Work...Best Of Luck..

I am an expert into stocks and commodities since last 9 years..Any Queries Then You can Buzz Me..

Thanks jnpatrick for the kind words..You might have already gone through the pain areas of a newbee, so any words of advice to improve or focus areas for novice traders would be appreciated and helpful...

 

[amitrandive]

I have started small again. The good thing that is happening now is that i enter at good areas on stocks..at decision points...like support and resistance...

The entry seems good enough and the Stop exits are also known upfront...but i think i am still struggling with my profit exit...

I took 5 trades today and booked small profits in each except one which went against me which i could get out flat.

I am still thinking of small profits , in one instance i took a LONG in TWL at 608 just to get out at 610...that stock blasted to go to 630-640 area..

TWL also is looking very strong for further up move..


Stock traded: 3-4 stocks (MASTEK , TATA SPONGE , TATA Motors , TWL)
P&L : Green 1560 after commissions

"Success is nothing more than a few simple disciplines, practiced every day; while failure is simply a few errors in judgment, repeated every day. It is the accumulative weight of our disciplines and our judgments that leads us to either fortune or failure." -- Jim Rohn

 

[Prataap_2013]

Made intraday profit on BF Utilities. I already hold long term shares in it, and in the afternoon thought of converting my trade to delivery.

But I chickened out. And then it zoomed up. LOL.

 

[Prataap_2013]

One bad trade was in Colgate. I heard people on TV saying that Colgate had a correction and now it will move. So I bought a e-margin position thinking that if it not in one-two days, Colgate will FOR SURE move up in five days.

But nothing happened and it stayed in the same range. Exited with loss.

 

[badarivt]

This T+5 business has very little logic in it, more like gambling - just my thoughts