Day Trading Stocks & Futures

[The White Queen]

It is in extreme overbought zone for more than 5 bars so expect it to continue going up further...selling will be dangerous. It has to dissipate its bullish energy before it turns down.

Smart_trade

Thank! I'll know. But I still think that it will move down. Lacking only the level, 2500 passed. I'm not very good at futures trading yet.

 

[Smart_trade]

Thank! I'll know. But I still think that it will move down. Lacking only the level, 2500 passed. I'm not very good at futures trading yet.

Just observe for 3-4 more bars and tell me whether the price has gone uo or down from where it is today.....I bet it will be up...

Smart_trade

 

[Riskyman]

Just observe for 3-4 more bars and tell me whether the price has gone uo or down from where it is today.....I bet it will be up...

Smart_trade

You are right! The price in the screenshot is 2516. Cocoa US futures now trading at 2547. There is an old resistance at 2550 levels though.

 

[Smart_trade]

You are right! The price in the screenshot is 2516. Cocoa US futures now trading at 2547. There is an old resistance at 2550 levels though.

I have traded with oscillators for number of years before shifting to pure price action...I know how the oscillators and the underlying behave....without knowing what is the price now I knew that it will kill the bears if shorted on "overbought" reading...

ST

 

[Smart_trade]

I remember an evening many years back when I had visited a representative of a foreign brokerage on his invitation to find out if we can trade foreign futures and commodities markets legally from India . As we were discussing, there was a chart displayed on his terminal and he thinking that I am new to charts and technical analysis explained to me that these are charts and we trade on these charts etc......and I saw the oscillator was in OB condition for more than 5 bars....My host explained that see...now this is silver chart...it is in overbought condition so I have shorted it...it has not come down in last 3-4 bars but as it is in OB zone, it will come down.....

I told him that in my view it wont come down but it will accelerate on the upside and go up strongly to which my host remarked...no no ,you dont know technical analysis..it will come down....I said fine...

Next day morning I opened the papers with my morning tea and the headline was " Silver hits new all time high in overseas market" ..... I knew bhai ki to lag gayi hogi....

Smart_trade

 

[afin]

I remember an evening many years back when I had visited a representative of a foreign brokerage on his invitation to find out if we can trade foreign futures and commodities markets legally from India . As we were discussing, there was a chart displayed on his terminal and he thinking that I am new to charts and technical analysis explained to me that these are charts and we trade on these charts etc......and I saw the oscillator was in OB condition for more than 5 bars....My host explained that see...now this is silver chart...it is in overbought condition so I have shorted it...it has not come down in last 3-4 bars but as it is in OB zone, it will come down.....

I told him that in my view it wont come down but it will accelerate on the upside and go up strongly to which my host remarked...no no ,you dont know technical analysis..it will come down....I said fine...

Next day morning I opened the papers with my morning tea and the headline was " Silver hits new all time high in overseas market" ..... I knew bhai ki to lag gayi hogi....

Smart_trade

super

 

[nil.nik.9777]

I remember an evening many years back when I had visited a representative of a foreign brokerage on his invitation to find out if we can trade foreign futures and commodities markets legally from India . As we were discussing, there was a chart displayed on his terminal and he thinking that I am new to charts and technical analysis explained to me that these are charts and we trade on these charts etc......and I saw the oscillator was in OB condition for more than 5 bars....My host explained that see...now this is silver chart...it is in overbought condition so I have shorted it...it has not come down in last 3-4 bars but as it is in OB zone, it will come down.....

I told him that in my view it wont come down but it will accelerate on the upside and go up strongly to which my host remarked...no no ,you dont know technical analysis..it will come down....I said fine...

Next day morning I opened the papers with my morning tea and the headline was " Silver hits new all time high in overseas market" ..... I knew bhai ki to lag gayi hogi....

Smart_trade

ST Sir any specific thoughts on shifting from oscillator/indicators to pure price action.?

 

[Smart_trade]

ST Sir any specific thoughts on shifting from oscillator/indicators to pure price action.?

Being an engineer, the price action which has definite rules for trend identification, entry, exit, stoploss suits my mindset very well and I am never in doubt where to enter,where to keep stop etc...also the price action method is very profitable so changed over many years ago and on the same method for all these years....

Smart_trade

 

[afin]

Being an engineer, the price action which has definite rules for trend identification, entry, exit, stoploss suits my mindset very well and I am never in doubt where to enter,where to keep stop etc...also the price action method is very profitable so changed over many years ago and on the same method for all these years....

Smart_trade

Sir how long did it take you to make the transition from oscillators to pure price action? I still have problems assimilating principles of price action. I therefore find solace in oscillators.

 

[siddhant4u]

@Riskyman bhai mafi de do ADAG ko... Anil ki public guhar..

https://www.business-standard.com/a...-in-14-months-anil-ambani-119061100330_1.html