Charts for the Day

[ravi2126]

Dear anil'ji,
As i m holding position in "mothersumi" from 161.90/-
25% book near first res 272/-
but it create confusion in my mind how i put trailing stoploss,
Means should i go for EOD last candle low as its forming HH-HL ,Or should i go for hourly?

 

[anil_s_trivedi]

Dear anil'ji,
As i m holding position in "mothersumi" from 161.90/-
25% book near first res 272/-
but it create confusion in my mind how i put trailing stoploss,
Means should i go for EOD last candle low as its forming HH-HL ,Or should i go for hourly?

Dear Raviji,

If you are trend follower then trend till SL gets hit...if you are swing trader look for a profit at good s/R zone or till you get swing pivot low gets broken on lower timeframe...here hourly/15min...

Trailing on hourly will have short term trade as it will get you out sooner...
While on daily it may you to ride some more...

As you are saying EOD last candle as SL..what if previous bar too small. Then you will get out of trade too quickly...

Devise Stoploss mechanism...you can use MA, ATR, swing highs-lows...etc...etc...but you should have something...

Go research yourself, what suits best to you...

------------
By the way for hourly i have stoploss coming in at 273.95 on closing basis...
on EOD coming in at 263.95 on closing basis...

 

[ravi2126]

Dear Raviji,

By the way for hourly i have stoploss coming in at 273.95 on closing basis...
on EOD coming in at 263.95 on closing basis...

how do you come conclusion on this stoploss,wiht chart pls..

 

[anil_s_trivedi]

how do you come conclusion on this stoploss,wiht chart pls..

Dear Raviji,

I follow Moving average and ATR based stoploss...I sometimes also visually see that SL is not at exact any swing pivot High/low , rather i prefer slightly above/below to avoid whipsaw...

 

[LoneWolf]

Dear Anil.

I found your thread few weeks back, and your charts and explanations are really adding great value to my trading insights. Thank you for your thread and time.

Its for you and this thread I am going to start out positional trades in Equity along with my day to day intraday trading. Here is my first stock. I am posting my view on this. Would like to know your analysis on them as well. Post when you get free..

JSW Steel

Weekly Chart

Price is near life time high of 1400. A major resistance. After little correction in APRIL, price has started rallying and volume is picking up as well. Weekly trend shows an accelerated uptrend line as price approaches the major resistance.

Daily Chart

Daily chart shows an indecision near major resistance.

Intraday 30M chart

Intraday 30m chart shows a vertical upmove with a pennant pattern near the resistance zone. As per pattern analysis this is a bullish continuation pattern. So a proper breakout with rising volume is what I want to see on 30m.

Trade Plan

I will look for buying this stock above 30 May High (Doji High) with a stop loss below 30 May low (Doji Low). Will finetune my entry on 30m chart.

 

[anil_s_trivedi]

Dear Lonewolf,

Your analysis on JSW steel is to the mark...But i really have not liken 'personally' to the stocks making newer highs...i really lack appetite to get in...

I prefer stock in uptrend and that to on good retracement or waiting for a fruitful consolidation...Consolidation in an uptrend is what i prefer in my majority of trades...

JSW steel is in uptrend on daily/weekly/monthly timeframes...stock is closer to multiyear resistance zone of 1430-40 so it needs caution here if one is entering here...have a strict stoploss in a place...

I see weakness in this below 1330 zone...a precursor to intermediate trend being challenged below this...

 

[amitrandive]

Dear Lonewolf,

Your analysis on JSW steel is to the mark...But i really have not liken 'personally' to the stocks making newer highs...i really lack appetite to get in...

I prefer stock in uptrend and that to on good retracement or waiting for a fruitful consolidation...Consolidation in an uptrend is what i prefer in my majority of trades...

Anil Sir

Though you have explained the above many times ,can you post some recent examples of this ?

 

[anil_s_trivedi]

Anil Sir

Though you have explained the above many times ,can you post some recent examples of this ?

Dear amit,

Although i had not traded all these consolidations, but its from my analysis of where the sweet points i love to enter...

This is one of good chart for me, where many learning lessons are there for me...including the breakout-Retest also there...we just need to sit and wait for proper entry point...

This is study i am doing for past 8 months...since i lack pyramiding approach, so i am looking to have something...this is just one of them...still lot of work to do...

 

[amitrandive]

Dear amit,

Although i had not traded all these consolidations, but its from my analysis of where the sweet points i love to enter...

This is one of good chart for me, where many learning lessons are there for me...including the breakout-Retest also there...we just need to sit and wait for proper entry point...

This is study i am doing for past 8 months...since i lack pyramiding approach, so i am looking to have something...this is just one of them...still lot of work to do...

Great Charts Anil Sir !!!

That is why they say,

The stock market is a device for transferring money from the impatient to the patient." -- Warren Buffett.

This requires patience,discipline and hard work which many people don't want to do.

Thanks for enlightening us with your charts from time to time.
:clapping::clapping::clapping:

 

[newuser_RK]

Great Charts Anil Sir !!!

That is why they say,

The stock market is a device for transferring money from the impatient to the patient." -- Warren Buffett.

This requires patience,discipline and hard work which many people don't want to do.

Thanks for enlightening us with your charts from time to time.
:clapping::clapping::clapping:

Almost similar charts for Bajaj Finance and HDFC Bank, Indusind Bank.

Do nothing just buy at replacement and sleep no monkey dance (buying and selling) you need to buy and sleep. Just need to do a weekly types of check both on fundamental and technical side.