I can help you with stock chart reading

[rvgandhi]

I am using FCharts and several other websites (U should find this info in my thread). FCharts is simple. It has scanner and its language is simple. Data is an issue. U should find some help in this thread to load the data.
I suggest use a scanner to program patterns U like the stocks to exhibit. Once U get the result of the scanner, U should be able to judge based on the charts.

Even I use Fcharts. However, your charts look extremely neat. Can you share your settings ?

Also what formulae do you use to scan stocks in FCharts ? Can you share them ?

Your help is much appreciated

 

[vvonteru]

FCharts Settings ---
I don't remember changing much. I modified the EMAs to use 8, 50, 200. Added another window (Shift + F12) to use MACD. Added another Window to use Williams. Added Volume as overlay to Price (Unfortunately, it doesn't show up in the zoomed version). If U want, you can play with the color settings using Indicator Settings menu.

Formula: 3 month high and pull back
highest_close[5] = highest_close[65] AND M_PriceFalls
>=2 and Close > 100 and MAVOL > 100000

U can tweek the nos to include/exclude subset of stocks.

 

[vvonteru]

Considering the market (All sectors except Metals and Oils) putting up Double top, try not to take new positions for a day or 2, till we have a better idea.

 

[SGM]

Considering the market (All sectors except Metals and Oils) putting up Double top, try not to take new positions for a day or 2, till we have a better idea.

Hello vvonteru,
It will be interesting 2 days. I think if the nifty does not break out of yesterday's highs in next 2 days the double top for the nifty will be confirmed.
Regards
Sanjay

 

[alok]

Thanks Vvonteru for info on international travel house....
I got in with half quantities at Rs 195.

Alok.

 

[kuldeep49]

Hi Vvonteru,
Sensex 12000, Nifty 3573 ... what now? What do the charts tell?

 

[prcpani]

Please let me know the status of Raasi Refractories stock. I have brought @ Rs.45 on Mid-August 2005

 

[SGM]

Hi,

Can you give a view on Indian Cement plz.

What a day, roller coaster ride...... its true that almost everybody here (seniors) has warned to expect volatility at this level .

Regards
Sanjay

 

[jntrade]

FCharts Settings ---
I don't remember changing much. I modified the EMAs to use 8, 50, 200. Added another window (Shift + F12) to use MACD. Added another Window to use Williams. Added Volume as overlay to Price (Unfortunately, it doesn't show up in the zoomed version). If U want, you can play with the color settings using Indicator Settings menu.

Formula: 3 month high and pull back
highest_close[5] = highest_close[65] AND M_PriceFalls
>=2 and Close > 100 and MAVOL > 100000

U can tweek the nos to include/exclude subset of stocks.

Hi,
Thanks for ur reply.
I just downloaded Fchart and started adding Nse data by data extracter by Satya.I have to go more deep reading the manuals inorder to use it.Just want to inform u that I also added volume as overlay.But it shows in the zoomed version.But very short bars,may be due to high spikes in other parts of the window, have redused them as a matter of comparison.
thanks again.

 

[vvonteru]

Sensex 12000, Nifty 3573 ... what now? What do the charts tell?
--- Nothing definite. Sometimes thats what it is. We definitly don't want to take new positions. The indexes have been rallying straight 4 days (+ Friday even though it was a down day, indexes did not give much back). The parobolic move suggests, there might be some pull back pretty soon.

Looks like too many people are expecting a correction. Too much bearishness makes the market bullish. If it doesn't come down pretty soon, all the people who got stopped out recently and sitting in the sidelines waiting for the correction will jump back. This may lead to even more parabolic move in the indexes.

Sectors:
MIDCAP & SMLCAP & AUTO : Still have double top
IT : came down from double top ( WIPRO, SATYAMCOMP, TCS, INFOSYSTCH )
OILGAS: 1 day pull back after acceleration. Hopefully, we will find entries in this pretty soon.
METALS: we need it to come down more.
BANKS: forget this sector till it comes out of the trading range

Maintain your existing positions inspite of people advocating correction. That talk should only deter U from entering into new positions. In not ideal conditions, if you want to go in, reduce Ur position size to 50% or 25%. Some of the good runs what we discussed recently are Reliance, Morarealty. ITC is looking more like a double top. Mcdowell-N was stopped out and was set yesterday for a short (I did/will not advise though at this time).


Raasi Refractories stock. I have brought @ Rs.45 on Mid-August 2005
---U waited too long to come out this stock. U should have come atleast after the long term trend line was broken at 40 around Feb 2006. At this point, give it a chance with a stop at 20. It recently broke the down trend that started in Feb 2006 and testing again 24 support.

Indian Cement
---This is a beauty. Wait for pull back to enter. Right now, overbought and too extended. Hey, for all those following few stocks, this should definitly be in Ur bag.

Lesson: Stocks give you at least 1 chance to get out (in my observation). Lets say you did not honour Ur stop (I don't want U to do that). The stock will give you another chance to get out. But, in most cases, we don't get out. We get greedy and think there will be follow through. My suggestion to you guys is, when in doubt, execute 25% or 50% of position, either on the sell side or buy side. Atleast U will not be 100% wrong. Don't try to get every thing right. Don't be hard on Urself. Accept the fact that there will be mistakes made (even if U are a pro) and we will learn from them.

Some of the stocks that came in my scan:
1. ZUARIAGRO (Fertilizers sector)
2. KESORAMIND (Tyres sector)
3. DALMIACEM (Cement sector)