Hi,
The cowboy style Taders are being happily gobbled up by Mkt.I was wiped out twice of my entire capital,in 2000 (Doing Dabba Trading,knowing nothing about TA all trades were done on Tips,recvd from Mumbai)2003(Online trading from Cyber Cafe,Thought knew every thing in TA).Mkt humbles me
every day it is supreme,i try to follow what it mkt want to say actually every thing is built in price,if i can't dissect the information then it is my ignorance,
if the 60DMA of mkt turnover is 42K crores & it falls then 21K buyers have lost that day & went home battered & many mavericks gunslingers,new kids in the block who can fire all 6 cylinders from the hip even dont have an epitah written on there tomb.Hence (this does not applies to investors,i mean genuine investors not like me "Intraday me Phass gaya so Delivery utha lia")
to survive long in this place i must be the coward old coon coyote stalking my Prize,sometimes even days from behind,to pounce to kill in weakness,not the gunslinger type.Hence before entry it is an absolute must to watch each rise & fall in Intraday chart,some times even days until totally convinced & supported by my own analysis,no Analyst shouting on top of his voice should influence me,actually it is i who is going to loose of my wrong move not he/she.In this forum,nowadays,too many cowboys to show how many notches they have on their six shooters,beware in my formative days as trader,i used to pay there Bar bills after mkt(thought they have magic formula)& frankly i felt delighted to pay.My own understanding of the chart
is basic,my understanding may be proved to be wrong then let me understand where i went wrong,ignore statements like "operator ne thok diya" so it went down,never belief this,i have seen even respected young traders belief this,(old traders have actually seen the operator driven mkt),plz understand "Bara Bhiya position liya" "Operator position liya" yarr they must have initiated a trade,in the mkt so then he must have left a foot print in the chart.Like a dedicated dog i have to sniff my charts to find it out.Pardon me for boring it is my inner feeling that i must warn how i was mystified & slowly wiped out not only of cash capital but family peace,confidence,position in the society(in Bengal stock mkt was directly proportional to SATTA,still a taboo).
However (i owe to kartikumar,Asish,Praveen & all who are serious
student of TA walking the trail left by Saint & others) for sharing &
discussing my understanding of"Balarampur Chini" chart.
By 28th Morning 2am all of us were 500% convinced that mkt is going
to fall with fierce velocity.
Hence to Buy in Panic on Budget day my criterias were as following:
1st Criteria: it has to be in Nfty or in Futures,but to play in cash
mkt only & Qty as multiples of Future lot size,
but in cash mkt in own money (so that if necessary in
case of further fall can comfortably write calls,to
protect my entry capital)
2nd criteria: only those stocks which are on verge of completion of
there downward 5th Impulse wave, so limited downside.
The search on this criterias resulted in few stocks,selected Balarampur
becoz adjusting the Fib extension to 201.00 than 200.00 (in 2nd Wave
top) found better response in 100%,161.8%,261.8% in past (and actually
traded profitably in past,on the top half of chart window,you will
find nos inserted,those are dates,on which dates it signalled &
initiated profitable trades within few days after those signals
(based on my own hard coded indicator),having taste of past success
on this scrip,had more confidence(becoz i was venturing to catch the
falling knife)Interpretation of my understanding of "Ichimoku"
(a link given for your study):
Whenever this changes value expect a change in minor wave structure
(actually it prompts to you before hand about a down spike before an
eminent up move after the spike,hence you know beforehand about a down
spike,here Ichimoku,like Fib,pattern tells us way before any
traditional indicators,about an event to happen in future.Like fib,
pattern ichimoku also has a failure rate of 40%.)
Now if you look at the attached chart from 12 th of Feb you were
expecting a down spike,here comes the role of my another own hard coded
indicator "Laxman Rekha"(i am not pro BJP),the function of Laxman Rekha
is to negate one -ve point of My Ichimoku(many a time waiting for the
down spike i have found price comes nearer to earlier pivotal low but
rises without filling my SL Buy order,or it goes further down after the
spike,there SL or long term Lakshman Rekha).Now with help of this tool
"Laxman Rekha": which if breached assures me it is bound to fall
(my adventuristic nature which leads to loss,prompted
me to sell in past whenever it is breached,becoz i
thought i know beforhand price is going to give me a
down spike,but i learnt, obviously by loosing money,
in intraday,that down spike many a times is exteremely
short lived,say it hoovers in the low of the spike max
40 sec to 1 min.& then it jumps like a rattle snake,after
being bitten few times now i stalk pricefor long only.)
Hence look at the chart in album section of the blog link(double click for zooming,this is for for new blog users like me)after 12th Feb there was the Signal of Ichimoku then on 20th Laxman Rekha popped up & upto 27th Price could not breach it upwards.So the scenario was better in Balarampur than
other stocks.Now the price of 50.55 was put as a SL buy at 9.56 on 28th
Morn.I was so childish on 28th that i posted in some thread in the
forum "this is the moment when Men r seperated from Boys".Till date
unable to control my jubilations whenever a sucessful kill is made
after days of painfull stalking.
Invite your comments ,except asking for the codes.
Asish
Ichimoku Link:
http://www.forex-books.com/articles/techan/ichimoku.pdf
Balarampur Chart Link:
http://uasish.blog.com/
