Charts for the Day

[athma_shakti]

Dear athma_shakti,

What i learned from Williom o'neil books is this while forming handle the high is lesser than previous high. So here high is already exceeded morning high. So in my opinion its not a cup and handle formation.

And i seriously doubt the pattern formation on these lower timeframes...Rest if you had mastered it then its ok.

Thanks Anil i was looking exact answer like this
me no mastered, started learning patterns

the image below commodities gold. i found inverted head and double top pattern. is that correct wat i spotted?

 

[anil_s_trivedi]

Thanks Anil i was looking exact answer like this
me no mastered, started learning patterns

the image below commodities gold. i found inverted head and double top pattern. is that correct wat i spotted?

Dear athma_shakti,

Yes it was a spot on...Good ones...And it added importance as the timeframe is higher one...so the validity of pattern holds good.

Another thing to get hold on is time period under formation. Like the daily H&S will have impact as limited to daily charts...but that on weekly is surely a killer one...

This pattern study is actually seen by Retail players on lower timeframes and they get caught in the process of trading it. But instiutional technical analysts see them as accumulation/distribution or continuation ones...

Like double top formed on weekly, where tops separated by 7-9 weeks is the one of a kind distribution on weekly timeframe..and gives clue that some big players are slowly exiting the stock...As the quantity hold by them needs to be slowly offload, and then a final dumping goes on.

 

[centaur]

Suppose we enter long position at 283 with help of this chart formation. When do we exit? Do you trail stoploss, or do you find targets? Could you share your post-entry strategy/thoughts?

 

[insider]

Am positive on IRB for short term. Stoploss - 236. CMP 245 for a target of 265.

 

[anil_s_trivedi]

Suppose we enter long position at 283 with help of this chart formation. When do we exit? Do you trail stoploss, or do you find targets? Could you share your post-entry strategy/thoughts?

Dear centaur,

As given on chart stoploss is at 275. And one can trail stoploss or just booked at next S/R levels coming in.

Also one can use fibo retracement for this fall from 341.5 high to 264.1 low. This are short term trading ideas, based on patterns formation.

 

[anil_s_trivedi]

Arvind and Renuka sugars both breakouts given a handsome returns...

 

[anil_s_trivedi]

The DLF story, it cooked when...Retailers averaged it down till last penny in their pocket...
See their convictions and upside target expectations....And Retail Traders wanna hear these foreign idiots..with that bullshit degrees...Wake up man....

 

[anil_s_trivedi]

Hindalco showing good strength as of now. stock made double bottom at 138 odd levels and bouncing back on account of oversold momentum indicators.

This strength is as of now on hourly. Expect more above resistance zone of 148-150. Although on daily first sign of strength will be above closing at 150 levels.

Disclaimer: Already into longs at 146 levels. will add only when daily will get strength. Stoploss will be closing below 145.

 

[manojborle]

Hindalco showing good strength as of now. stock made double bottom at 138 odd levels and bouncing back on account of oversold momentum indicators.

This strength is as of now on hourly. Expect more above resistance zone of 148-150. Although on daily first sign of strength will be above closing at 150 levels.

Disclaimer: Already into longs at 146 levels. will add only when daily will get strength. Stoploss will be closing below 145.

 

[anil_s_trivedi]

Dear manoj,

Yes, you are right...Hindalco in downtrend on daily making lower highs-lower lows, and no turnaround bar on daily as of now.

But looking at daily chart, it just got sold below 200 SMA and got bounce back above it.

Point for going is, i had 140-142 zone a strong support zone, where stock bounced back quite fast...So just giving a shot with Hourly +ve divergence into play.

Until, i get daily closing above 150-150.5 zone, it will be difficult to say whether short term bottom is in or not...