Charts for the Day

[hai.jagan6]

Hi Anil,

I am new to this group. Can you please tell me how to draw raising trend line(dotted one in ur chart).

Thanks in advance,

Regards,
Reddy

 

[anil_s_trivedi]

Hi Anil,

I am new to this group. Can you please tell me how to draw raising trend line(dotted one in ur chart).

Thanks in advance,

Regards,
Reddy

Dear hai.jagan6,

You can draw trendline in many ways. Many have different approaches.
1) First you can look on chart leftmost bottom point then draw trendline connecting lows of pivots in the way. There may be many pivots, but minimum 2-3 is necessary to have trend picture in sight.

Sometimes a breakdown in TL and price quickly reverses back, its ok..its nature of price to test such selloffs.

2) Many draw from right to left. This means they focus on current price and see immediate pivot low before this, then just extend that TL backward to any crucial pivot lows. So that minimum 2-3 touches are there. This is one aggressive TL.

Take any chart, draw TL and post here. There are many in this forum who will guide you on this. And its the best way to 'share' and 'learn'.

 

[anil_s_trivedi]

Dear hai.jagan6,

This hourly voltas chart. Showing various points where Tl is drawn and sequence followd by traders. There are many hidden TL in this chart also. and many TL can be added. But for a simpliicity minimum lines are shown.

See how various points are showing breakout in price and taking supports at times.

Actually imagine a chart without TL and you will see price having a flow from middle left to mid bottom and then price breaking out moved up from mid- bottom to right -up. These is how simple trend looks like.

And remember, dont try to trade on TL's unless you have yourself drawn and studied atleast 100 charts. Its just one of things required by trader to focus on, and not the only thing...

 

[hai.jagan6]

Hi Anil,

Thanks a lot for your detailed explanation, one more question, hope i am not wasting your time,what is the best strategy for Day trading and how to identify
stocks for next day.

Thanks a lot once again,

Best Regards,
Reddy

 

[insider]

Dena bank is my medium term recommendation.

 

[insider]

After forming a multiple bottom base at 140 IDFC has broken out of range with volumes suggesting accumulation by strong hands. Buy with a stop at 139 for first target of 165 where one should book half of profits.

 

[umesh12]

From my wolfe archives

IDFC has formed a +ww on 27.8.14 in daily tf for a target of 160 that may overshoot to 166/68

A good sign is that IDFC has not broken 1-3-5 line after forming this wolfe and now located well above 2-4 line

 

[anil_s_trivedi]

Hi Anil,

Thanks a lot for your detailed explanation, one more question, hope i am not wasting your time,what is the best strategy for Day trading and how to identify
stocks for next day.

Thanks a lot once again,

Best Regards,
Reddy

Dear Reddy,

Read about trading books. And i dont day trade. I just have my own way of analysing things. I comment on price action, moving averages, trendlines and any momentum oscillator. Just this is enough for me to have my action plan.

For scrips you wanna day trade. I will say first make a list of stocks having good volume. Trade intraday only in these stocks. Dont try to trade every stocks on NSE.

Now in this universe, for selecting stocks for next trade, you can have own trading plan. Read more about it.

If you are new to market, dont get into day trading from day one. First make your plan and then only you can go for it.

 

[anil_s_trivedi]

Hello Friends,


Just for your information, i am sharing lot of insights, articles...etc...etc... in my Thread

"Making of a Trader/Investor"

Just see link on my signature...

 

[sharan]

Anil ji,
Tata motors sell at 507 SL 510 target 490.
Is this a good trade?
Thanks
In the daily charts is it a valid hns formation?