General Trading Chat

[pravi_kanth]

Sorry your question is not clear but let me give my views.

The current downmove was in the form of a correction in the ongoing uptrend. 30 min stochastics stayed below 30 line for 13 bars and then moved up along with the prices and now in over bought zone....I expect some more steam on the upside tomorrow.Market never moves on technicals...technicals follow the market moves.

ST

Sir, basically I wanted know the reason or your view why it was termed as on Steroid.

 

[Smart_trade]

Imagine ourselves sitting in a motor boat facing the opposite side of the motorman....boat is moving and from the water waves we judge that the boat is moving in a particular direction and we expect it to continue moving in that direction but suddenly we see it starts moving in reverse direction and we start wondering how the waves made the boat to move in reverse direction fergetting that the motorman of the boat has turned the handle in reverse direction as he is driving the boat and he decides which direction the boat goes...waves are not the decision maker of the direction of the boat.Money supply and buy/sell pressure is the motorman and the waves are technicals and the boat is the market and the passengers are traders.

Smart_trade

 

[Smart_trade]

Sir, basically I wanted know the reason or your view why it was termed as on Steroid.

It was a VWAP day and in the end a large upmove was expected .

ST

 

[mastermind007]

Yes, the news article said that. Now if someone bought it at 150, what is his holding price ex-split ? I really must have missed the updates on this scrip.

Also, ex-split, is the lot size still 3000 and expected to remain the same ? It would be strange to have a contract size of Rs. 1.25 lakhs.

No, all old Crompton Greaves contract were terminated little before the stock was split. New contracts were to be introduced on next day there after.

 

[vivektrader]

Axis Bank has a great intraday chart today. Good both ways trends...

Smart_trade

ST sir you mentioned about axis bank chart, was following it since morning. My query is regarding trading counter trends (in intraday trading), I have lost dearly trading counter trends, mostly they are short lived and weak. What are your views on counter trends?
Do you consider volume when you decide to take counter trends?
Regards
Vivek

 

[iwillwin]

Fii cash +625 CR
Dii cash -680 CR
Fii index fut -115 CR
Fii index option -404 CR

 

[wisp]

An interesting thread http://www.traderji.com/metals/48890-how-much-return-you-expect-commodity-market.html

One of the things he says is if you watch your charts long enough eventually they start talking back to you.

The thread is a bit hard to read, but if you have data from 2011 might be an interesting thread to read.

 

[Smart_trade]

ST sir you mentioned about axis bank chart, was following it since morning. My query is regarding trading counter trends (in intraday trading), I have lost dearly trading counter trends, mostly they are short lived and weak. What are your views on counter trends?
Do you consider volume when you decide to take counter trends?
Regards
Vivek

The impulse moves are strong and wide and they are always easy to trade and the corrections are difficult to trade.I trade impulse and correction both .You can see volumes.I give more importance to ease of the movement. When the market is moving with ease,it is fine but at some point it starts making overlapping bars....and the movement further becomes laborious.That is the time we have to cover our positions and be ready for reversals.The ease of movement screen tells us.The breakdowns will not make much progress price wise,breakdown failures,green bars appearing in a down move all indicate that the move is coming to an end.Always ask whether the path of least resistance is up or down and the market will always follow path of least resistance.

Smart_trade

 

[HEM]

ST sir you mentioned about axis bank chart, was following it since morning. My query is regarding trading counter trends (in intraday trading), I have lost dearly trading counter trends, mostly they are short lived and weak. What are your views on counter trends?
Do you consider volume when you decide to take counter trends?
Regards
Vivek

Dear Vivek,

in spite of all technical knowledge one thing is very important for counter trend trades is vast( years) real time screen experience .




HEM

 

[vivektrader]

The impulse moves are strong and wide and they are always easy to trade and the corrections are difficult to trade.I trade impulse and correction both .You can see volumes.I give more importance to ease of the movement. When the market is moving with ease,it is fine but at some point it starts making overlapping bars....and the movement further becomes laborious.That is the time we have to cover our positions and be ready for reversals.The ease of movement screen tells us.The breakdowns will not make much progress price wise,breakdown failures,green bars appearing in a down move all indicate that the move is coming to an end.Always ask whether the path of least resistance is up or down and the market will always follow path of least resistance.

Smart_trade

Sir, the little I could understand in your reply is that there is lot to read in between lines, and fully agree, to trade countertrends one has to have years of experience and screen time.
thanks
vivek