I can help you with stock chart reading

[pnbalaji]

Hi Vvonteru,

I am into stock market investing for a while and have generated some profits thru it. However, I bought all scrips based on other's recommendation and now I would like to learn TA on my own and planning to start a trading strategy for me. I did not get the Elder's book in the nearby shops. So, I had taken printout of the entire book "Coming into my trading system". My question are below.

1. Is it suitable for a beginner like me to get into this book?
2. Is it possible for you to suggest any other simpler book?
3. Is there any specific book that explains TA using Indian charts?

Thanks,
Balaji.


Thanks,
Balaji.

 

[SGM]

I did not get the Elder's book in the nearby shops. So, I had taken printout of the entire book "Coming into my trading system".

Hi Balaji.

Most of the people prefer to read a book (Hard Copy). More ever some one said that "You cannot take your computer to bed!" (Well, this is in the context of reading in the bed, don't think other wise )

But at times soft copy can also be useful to browse thru and to search and so on. So please can you tell me where did you get/buy the soft copy of the book.

Thanks in advance
Sanjay Mehta

 

[vvonteru]

i don't want to short this market.
---I don't think any body should. Its long way for us. But, for somebody who don't know what shorting is or is sceptic on the whole idea of shorting (oh they say, there is no limit on the upside before covering), I recommend looking into it.

I wait till 3200, start looking for picks and make the positions by 3100-3070, i.e if i get the prices. At this level what will be the stop loss?, on Nifty or Sensex.
-- I personally feel that should be it. 3200 is 50 day support. 3200 is the previous pullback support after the gap on March 9th or 10th. But, as I said in earlier posts, feelings have no value. Our attitude should be, 'let the market make the next step. I will look at it and place my next step. I would not reveal my step before the market's'. Having said that, it is a nice idea to think through the various support and resistance levels and what U are going to do. Isn't this like a chess game!!

Ideally, you want the market to test the support successfully. "Successfully" is the key. We want the market to test the support, pull up and pull back but not go below the support. When it pullsback, thats when you would enter above the pullback. Ofcourse, I am talking about my methodology.

I think on the upper side i can do the same if markets sustain 3425 on closing. plz gide me if 3425 is the correct level.
---Looks like you are expecting it to go above 8 or 10 day EMA. That would be nice too. But, I will wait for "Successful" test to happen. This will eliminate false breakouts and daily noise. My methodology doesn't trust breakouts. Too much money is lost in false breakouts.

1. Is it suitable for a beginner like me to get into this book?
---Oh Ya. I am your example. Why are wasting time. Just delve into it. You will never stop.

2. Is it possible for you to suggest any other simpler book?
---Come on man. Thats not bad. Give it a try.

3. Is there any specific book that explains TA using Indian charts?
---What difference it makes. White, black, brown etc. Inspite of different colors, they all think alike.

 

[gracec]

Only left with Reliance bought @783
sold 50% @832.5
--- Excellent. Follow on every trade. The key is repeating a theme that U have chosen.

Today read your complete thread and learnt many lessons. Based on that I have chosen Jindal stainless steel to enter.
I have also placed orders to limit purchase
Ultracemco @ 712
BataIndia @ 222
--- Please. I have said in most of my recent replies to look at the MARKET (NIFTY/SENSEX). They are falling as rocks right now. Wait for them to improve. If not, you will be catching a falling knife. Do not make new entries. We will have lot of opportunities


Thanks very much vvonteru
I will cancel my orders for the time being.

What about balance of Reliance? Shall i sell these as well 'cos market is going down or shall I place a Stop Loss? Is s/loss of 829 suitable?

many thanks again
geeta

 

[karthikmarar]

Vvonteru

Have been watching this thread with lot of interest. This has turned out to be a wonderful thread, one of the best. Compliments on the good work. We are lucky o have you in the forum.

warm regards

Karthik

 

[vvonteru]

Thanks very much vvonteru
I will cancel my orders for the time being.
---Thats great. Please look at my methodology I have given in one of my replies. If you follow, follow it whether loss or gain. Give the methodology a chance. If it works in a time span, you keep it. From time to time, U can tune it to suit Urself or based on market changes. More important, U should like it, should make sense to you and therefore U believe in it.

What about balance of Reliance? Shall i sell these as well 'cos market is going down or shall I place a Stop Loss? Is s/loss of 829 suitable?
---As we don't know whether the market is going down, we don't know whether the market is not going up. We just know that the conditions are not ideal for new stock entries. So, the existing entries should be dealt with stop loss. Let the market determine its next move. If it goes down, it will hit your stop loss. If it goes up, do we have a problem?

I would keep the stop at 783 (where U bought. Now U have booked 50% profits and have no loss no gain on the remaining shares i.e., breakeven). Let the next base clear up. When the stock moves up from this base, I will move the stop to 815. This is how I do on every stock. If you put the stop at 829, U are just asking for it. A daily noise can take it out. If you are unconfortable or feel you are going to lose money, take more partial profits. Its all about how you feel about the position. But, don't change how U put the stops.

 

[pnbalaji]

Hi Balaji.

Most of the people prefer to read a book (Hard Copy). More ever some one said that "You cannot take your computer to bed!" (Well, this is in the context of reading in the bed, don't think other wise )

But at times soft copy can also be useful to browse thru and to search and so on. So please can you tell me where did you get/buy the soft copy of the book.

Thanks in advance
Sanjay Mehta

Hi Sanjay,

You can find many such books at the below link

http://savefile.com/projects.php?pid=282274

Thanks,
Balaji.

 

[SGM]

But, I will wait for "Successful" test to happen. This will eliminate false breakouts and daily noise. My methodology doesn't trust breakouts. Too much money is lost in false breakouts.

hello vvonteru
Thanks for your inputs. This thread has been a gr8 learning place for me. I would have considered that a level has been "Successfuly Tested" if the prices sustained over it on closing basis.

Ideally, you want the market to test the support successfully. "Successfully" is the key. We want the market to test the support, pull up and pull back but not go below the support. When it pullsback, thats when you would enter above the pullback. Ofcourse, I am talking about my methodology.

So can we say that the Key here is an unsuccessful attempt to breach the support levels, after a breakout?

Regards
Sanjay

 

[SGM]

Hi Sanjay,

You can find many such books at the below link

http://savefile.com/projects.php?pid=282274

Thanks,
Balaji.

Hello Balaji

Thanks a lot buddy, for the link.

Regards
Sanjay

 

[kuldeep49]

Hi Vvonteru
ICICI Direct research team has recommended Kale Consultants based on their technical evaluation. Having looked at the fundamentals, I feel that this stock is worth investing into. In order to determine an entry point, I looked into the charts and my reading is that an entry at 105 would be ideal. What is your opinion?
Thanks & regards