Learning to catch High Probability Breakouts

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amitrandive

amitrandive

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#2,232
#2,232
Spot Nifty

Daily Chart of Spot Nifty

Weekly Trendlines/Support/Resistance=Blue Colour
Daily Trendlines/Support/Resistance=Yellow Colour

With every TV analyst(no disrespect to anyone) beating their chests and urging people to get value buy,do they ever look at the charts ?

The day Nifty fell 500 points on Aug 24, all of them shouting for value buying.
Doesn't the chart with plain trendlines and support/resistance zones tell us something else?

Nifty breaching 52 Week low today
 
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amitrandive

amitrandive

Well-Known Member
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anil_s_trivedi said:
Not have a single trade since 25th august since market tested 7667. After that market rallies but nifty dont have given single sign of strength, and it starts correction from 8091 zone again to test lows and breached this time testing 7626. Point is many who dont have plan, tried to seen picking bottoms and caught again weekend selling mania.

I tried to analyse on evening of 25th august, many leaders breached 50 DMA with volume or many are seen trading below 100 EMA on dailies or breaking the same. This is i infer again a downmove pending to test strength of rise.

Motive is, have simple rules with better money management. Small stoploss on trade is better than averaging it down getting married with stock till the divorce itself seems miles away.

You are here in this market to make a mark in life, and not doing gambling with your hard earned money. Stop following others tips, until you convinced with their philosophy of earning from market.

Have few setups, but master them like you know whenever they came, i will get in with Small Stoploss and rest market will show the way. Your premise for taking trade should be simpler, Price, Support/Resistance, Averages, patterns..thats it...dont add 'n' number of indicators...it will only delay your decision making process. whatever plan you have should be simple to follow and execute.

Have a nice weekend...
Click to expand...
:clapping::clapping::clapping:
 
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indianbank

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#2,234
#2,234
Hi friends.... i am sitting idle without any long trade for past 20 days....
This is not the time to go long in Indian equity market...

I dont want to jump in uncertainty...
As i said in earlier posts.... Indian rs weakening is a concern for bulls... Global markets also not getting grip... its falling like chain reaction....
 
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nitingosavi

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#2,238
#2,238
amitrandive said:
Anticipation of bounce is ok, but don't trade on that assumption.

Go and do what the price action is telling you.
Click to expand...
No amit sir,
I am not long in nifty.... but it will probably bounce.
nifty is just sentiment check. i am long in PNB SBI BNF DLF and tatasteel. at possibly best price for today. as all are against trend trades now with s/l at cost... will wait!
 
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