Charts for the Day

[rangarajan]

Dear rangarajan,

Trading on 5min with bars patterns is difficult for me. I generally trade on lower timeframes with levels from higher timeframes. Bars are secondary for me on 5min.

Yeah its a reversal bar, but wick is too long below body. A critic of mine says, closing above 50% of previous bar is good signal for going long.

Looking at price it seems climax is done here, a retest of low is possible, likely bounce seems to be in the region 505-520 zone...REtest requires on lower volumes and bounce from there will tell a about bottoming done or not.

anil Trivedi

As predicted, Justdial made a low of 535 till now. More may follow on pull back.

Can you pl explain more of Bolded lines of yr post.

 

[anil_s_trivedi]

anil ji

can we trade this rangebound stock now or is it going toward downside.

thanks

anil negi

Dear Anilji,

On intermediate its in downtrend, all it can have support at 425/435 or lower at 400-405.

Not that much bearish setup going on.So expecting support in this scrip.

First strength sign if closes above 470. On intermediate basis good above 480-85 only.

 

[anil_s_trivedi]

anil Trivedi

As predicted, Justdial made a low of 535 till now. More may follow on pull back.

Can you pl explain more of Bolded lines of yr post.

Dear Rangarajan,

That day was a news reaction and it just was climax volume in this downtrend. A retest of same zone, assures if selling was really that fierce or just a reaction.

Retesting same zone on lower volumes ensures supply is missing, if that zone was really a weak zone, it will go with heavy supply coming in...

 

[rangarajan]

Dear Rangarajan,

That day was a news reaction and it just was climax volume in this downtrend. A retest of same zone, assures if selling was really that fierce or just a reaction.

Retesting same zone on lower volumes ensures supply is missing, if that zone was really a weak zone, it will go with heavy supply coming in...

anil Trivedi

Assuming the vol is Low compared to Average vol while retesting that Low zone, should one go Long/

If so, where the long should be attempted?
Also, if the vol is more, how it should be traded?

The Volume was 80.5lac ( approx) when the low was made & today 42.3lac( approx) when the low was broken

Can u discuss w r t say Just Dial itself?

I am NOT in this share & only Tech curiosity.

 

[anil_s_trivedi]

anil Trivedi

Assuming the vol is Low compared to Average vol while retesting that Low zone, should one go Long/

If so, where the long should be attempted?
Also, if the vol is more, how it should be traded?

The Volume was 80.5lac ( approx) when the low was made & today 42.3lac( approx) when the low was broken

Can u discuss w r t say Just Dial itself?

I am NOT in this share & only Tech curiosity.

 

[rangarajan]

anilTrivedi,

Excellent Reply.

Frankly, i had never thought till today to incorporate Vol in analysing Low.
I was always fascinated by Stochastic which i learnt from Smart_Trade & which had paid me Good Dividends.

Your concept should give a cutting edge.

I have attached 6 months charts of Just Dial EOD.

The Role played by Vol is self explanatory on L1,2,3,4 & 5.

There was Never an opportunity to go long except Pull back, but confident shorts at Fib levels were giving profits.

Today, even at L5, the Vol was much higher compared to last 15days though lower than vol at L4.
How will u look at it?

According to you, L5 should be a Support zone of at least Weekly chart ( Higher TF ), otherwise there will be more fall < 535 being todays low though on lower vol. Right?

Till the time Point 2,3,4 occurs,No long to be attempted.

Can i say Mirror for High?

 

[anil_s_trivedi]

anilTrivedi,

Excellent Reply.

Frankly, i had never thought till today to incorporate Vol in analysing Low.
I was always fascinated by Stochastic which i learnt from Smart_Trade & which had paid me Good Dividends.

Your concept should give a cutting edge.

I have attached 6 months charts of Just Dial EOD.

The Role played by Vol is self explanatory on L1,2,3,4 & 5.

There was Never an opportunity to go long except Pull back, but confident shorts at Fib levels were giving profits.

Today, even at L5, the Vol was much higher compared to last 15days though lower than vol at L4.
How will u look at it?

According to you, L5 should be a Support zone of at least Weekly chart ( Higher TF ), otherwise there will be more fall < 535 being todays low though on lower vol. Right?

Till the time Point 2,3,4 occurs,No long to be attempted.

Can i say Mirror for High?

Dear Rangarajan,

Its not like that always, those are not hard written rules. But if its there well and good.

You need to see it in context of ongoing trend. Many a times high volume zones never get tested, bcoz what we see a climax selling, is being smartly being picked up by institutions who dont want to have further damage.

While analysing bottomsm its always beneficial to study is selling pressure still there. And for every selling going on (Effort), is the result is getting or not. Else its not selling but smart accumulation going on.

If selling is above avg and price fall is not there, sense something is changing, either someone wants to get rid here only, or it is supporting price here...

But for moving out of base/consolidation, i always love to see above average volumes...

I had given one technique of likely support/resistance in this thread with respect to volumes...just search it...it says, just open any stock chart, watch high volume bars for past 2-3 years, place horizontal lines on those price bars registering high volumes, you will see, future correction always find support/reaction points on these high volumes zones...its a great tool...
Such high volume is not created by us, its institutions who get in with those capacity, and there holding period i significant, so they came up during those times...

 

[amitrandive]

Dear Rangarajan,

Its not like that always, those are not hard written rules. But if its there well and good.

You need to see it in context of ongoing trend. Many a times high volume zones never get tested, bcoz what we see a climax selling, is being smartly being picked up by institutions who dont want to have further damage.

While analysing bottomsm its always beneficial to study is selling pressure still there. And for every selling going on (Effort), is the result is getting or not. Else its not selling but smart accumulation going on.

If selling is above avg and price fall is not there, sense something is changing, either someone wants to get rid here only, or it is supporting price here...

But for moving out of base/consolidation, i always love to see above average volumes...

I had given one technique of likely support/resistance in this thread with respect to volumes...just search it...it says, just open any stock chart, watch high volume bars for past 2-3 years, place horizontal lines on those price bars registering high volumes, you will see, future correction always find support/reaction points on these high volumes zones...its a great tool...
Such high volume is not created by us, its institutions who get in with those capacity, and there holding period i significant, so they came up during those times...

Anil Sir

Any book/website you recommend for Volume Analysis ?

 

[anil_s_trivedi]

Anil Sir

Any book/website you recommend for Volume Analysis ?

Dear Amit,

Not exactly, infact years ago i read about volume from our own TJ member Karthik Marar, he is more into VPA style of analysis. Infact the afl made by him is still used by traders. But i am not into that much detailed bar by bar analysis. Along the way i read books by Richard arms, wyckoff, williams o neil..and articles on net...

I had habit of noting it down the best point i like about any analysis be it anything...about elliott waves...harmonics...volume...price action...swing trading...volume profile....etc...etc...
So it helped me in understanding the fine points which i required.

Like few days back, Rangarajan cited the ST's thread of Stochasctics trading. ..i gone through it few pages, still trying to get some into my head...its very good thread...But i correlated the same with Stochastic study of Advanced get, where i think it is called false stochastic study....Its says, if i am not wrong...The trending periods are stronger when stochastics spent few bars in overbought region. and any signal of buy after sell signal from stochastics is to be considered for longs...for it they use their elliott markings and regression tool too...The danger part in elliott wave is you need to have alternate count ready, or else you will be first casualty of your beliefs...And automated software is no different from these falls...

So it helps, when you remember good things about particular strategy...

 

[amitrandive]

Dear Amit,

Not exactly, infact years ago i read about volume from our own TJ member Karthik Marar, he is more into VPA style of analysis. Infact the afl made by him is still used by traders. But i am not into that much detailed bar by bar analysis. Along the way i read books by Richard arms, wyckoff, williams o neil..and articles on net...

I had habit of noting it down the best point i like about any analysis be it anything...about elliott waves...harmonics...volume...price action...swing trading...volume profile....etc...etc...
So it helped me in understanding the fine points which i required.

Like few days back, Rangarajan cited the ST's thread of Stochasctics trading. ..i gone through it few pages, still trying to get some into my head...its very good thread...But i correlated the same with Stochastic study of Advanced get, where i think it is called false stochastic study....Its says, if i am not wrong...The trending periods are stronger when stochastics spent few bars in overbought region. and any signal of buy after sell signal from stochastics is to be considered for longs...for it they use their elliott markings and regression tool too...The danger part in elliott wave is you need to have alternate count ready, or else you will be first casualty of your beliefs...And automated software is no different from these falls...

So it helps, when you remember good things about particular strategy...

Sir

Thanks for your patient and detailed reply !!!