My charts (and yours too........)
- Thread starter babukraman
- Start date
- Tags inv hns sffp wipro
Dhootankur. Merry Christmas to you! I'm visiting my trading family before my natural family arrives. It's only 11:00 am here
You have got this move nailed. Quite amazing, but all you need is one of these moves a week (That's about to happen.), and you are making a good living.
Kind of funny. You know the ones that are addicted if you fond them here on Christmas, and a Saturday, no less.
You have got this move nailed. Quite amazing, but all you need is one of these moves a week (That's about to happen.), and you are making a good living.
Kind of funny. You know the ones that are addicted if you fond them here on Christmas, and a Saturday, no less.
ITC
12-24-2010
Babu Kothandaraman
Last week, I was actually asking for some help from either or all of the EW, VSA or other experts regarding the behaviour of ITC. Well! Now, it has given us some clues.
Needless to say that the stock has been in a trading range between 165 and 180 and languishing to reach the Upper channel for a while. This has resulted in a descending triangle pattern at the top of the up move. Usually, the descending triangle is a bearish continuation pattern in a fall.
If reaching the Upper channel has been a struggle, then the least path of resistance should logically be through the Lower channel a.k.a the Support at around the 165 levels. But surprisingly, the stock has taken this Support seriously for the past four weeks and hasnt even tried to break it down. So, we can term this level of Support as a stronger one. At this level, it has formed a Perfect Bullish Up bar reversal pattern with the volume just a shade more than the 5-day MA of Volume. This pattern has also broken out the short-term down trend line within the channel.
The RSI and STOC has also broken out the down trend line. The indicators are showing +ve divergences.
Even though, the Volume is just average, RSI and Price breakout suggests a Buy for a target of 180 with a SL below 164.
Happy trading!
12-24-2010
Babu Kothandaraman
Last week, I was actually asking for some help from either or all of the EW, VSA or other experts regarding the behaviour of ITC. Well! Now, it has given us some clues.
Needless to say that the stock has been in a trading range between 165 and 180 and languishing to reach the Upper channel for a while. This has resulted in a descending triangle pattern at the top of the up move. Usually, the descending triangle is a bearish continuation pattern in a fall.
If reaching the Upper channel has been a struggle, then the least path of resistance should logically be through the Lower channel a.k.a the Support at around the 165 levels. But surprisingly, the stock has taken this Support seriously for the past four weeks and hasnt even tried to break it down. So, we can term this level of Support as a stronger one. At this level, it has formed a Perfect Bullish Up bar reversal pattern with the volume just a shade more than the 5-day MA of Volume. This pattern has also broken out the short-term down trend line within the channel.
The RSI and STOC has also broken out the down trend line. The indicators are showing +ve divergences.
Even though, the Volume is just average, RSI and Price breakout suggests a Buy for a target of 180 with a SL below 164.
Happy trading!
KLG SYSTEL LTD
16/12/2010
Babu Kothandaraman
The stock is in a clear down trend; below its 200 and 100 EMAs. Currently 100EMA has proved to a Resistance thrice (mid July, early Aug and mid Nov). In mid Nov, the stock had broken down trading range (between 102 and 87) of mid Aug to mid Nov.
Now lets take a closer look at the current status below for the bulls:
The stock has made a bullish engulfing pattern with 1/2xVol>VolMA5. This pattern has also broken out the downtrend line. Most importantly the short term fall since mid Nov, is accompanied by the positive divergences of MACD histogram, RSI and STOC.
Now talking from the trade perspective, I would term this as an extreme buy. Why? With the pronounced long term down trend and a much sharper short term downtrend in place, its always advisable to go with trend. But to go long on this is extremely risky.
For Long enty, the targets are 76, 87 & 92 and SL would be 61.
16/12/2010
Babu Kothandaraman
The stock is in a clear down trend; below its 200 and 100 EMAs. Currently 100EMA has proved to a Resistance thrice (mid July, early Aug and mid Nov). In mid Nov, the stock had broken down trading range (between 102 and 87) of mid Aug to mid Nov.
Now lets take a closer look at the current status below for the bulls:
The stock has made a bullish engulfing pattern with 1/2xVol>VolMA5. This pattern has also broken out the downtrend line. Most importantly the short term fall since mid Nov, is accompanied by the positive divergences of MACD histogram, RSI and STOC.
Now talking from the trade perspective, I would term this as an extreme buy. Why? With the pronounced long term down trend and a much sharper short term downtrend in place, its always advisable to go with trend. But to go long on this is extremely risky.
For Long enty, the targets are 76, 87 & 92 and SL would be 61.
Hmm....... All the three targets achieved though 91.45 acheived as an intraday High, yesterday.
http://img716.imageshack.us/i/eurchf.png/
I noticed a few charts featuring trendline breaks, or the potential. It has just been recently I have fallen in love with them. I trade forex, only, but the principle is still the same. Accompanied is a chart of the EUR/CHF. Encircled, are 2 candles. One is the large one that featured the TL break, and the other is the candle that pulled back after the break. A personal favorite of mine is trade the breakaway from the trendline after the pullback to it. Another words, right where the wick of the candle hit the TL on the pullback is the entry- no pullback and a nice, what should be a 171-pip trade.
All you need is one trade per week like this one, and you're wealthy.
I noticed a few charts featuring trendline breaks, or the potential. It has just been recently I have fallen in love with them. I trade forex, only, but the principle is still the same. Accompanied is a chart of the EUR/CHF. Encircled, are 2 candles. One is the large one that featured the TL break, and the other is the candle that pulled back after the break. A personal favorite of mine is trade the breakaway from the trendline after the pullback to it. Another words, right where the wick of the candle hit the TL on the pullback is the entry- no pullback and a nice, what should be a 171-pip trade.
All you need is one trade per week like this one, and you're wealthy.
Nagarjuna Construction -
First let's c Short term bias...Daily is showing divergences in recent swing highs and lows. RSI and Stochs are showing +ve divergences. Then 143 is really acting as resistance from last 1 month. 143 was good resistance during june, july & august 2009 even and then was acting as support, which was broken and fallen good. Now stochs is quite OB but RSI has still room for upside.
Now some looking at long term chart, WEEKLY - Its showing good double bottom near 114 levels and taken a bounce from there. By the way this double is visible in daily even
but weekly shows really long term feeling.
So you need to watch just one level, 143
Intraday people can try abv this level and positional people should wait for it to close abv this level with good volume to enter into. 137 - 138 should be a good support abv 143.
First let's c Short term bias...Daily is showing divergences in recent swing highs and lows. RSI and Stochs are showing +ve divergences. Then 143 is really acting as resistance from last 1 month. 143 was good resistance during june, july & august 2009 even and then was acting as support, which was broken and fallen good. Now stochs is quite OB but RSI has still room for upside.
Now some looking at long term chart, WEEKLY - Its showing good double bottom near 114 levels and taken a bounce from there. By the way this double is visible in daily even
but weekly shows really long term feeling.
So you need to watch just one level, 143
Intraday people can try abv this level and positional people should wait for it to close abv this level with good volume to enter into. 137 - 138 should be a good support abv 143.
4xpipcounter,
Thanks for your views on forex with the basic Trendline b/o and entry on pullback strategy. You've made TA look so simple. Your strategy reinforces the fact that simple tools as these can also be very productive. Hope this will help the newbies.
Your writing (strategy) reminds me of Saint's "Teach a man to fish......" (this is the compilation which has helped me to understand TA in simple terms). Simple and nice; Trends, Trendlines, Support and Resistance.
Thanks for your views on forex with the basic Trendline b/o and entry on pullback strategy. You've made TA look so simple. Your strategy reinforces the fact that simple tools as these can also be very productive. Hope this will help the newbies.
Your writing (strategy) reminds me of Saint's "Teach a man to fish......" (this is the compilation which has helped me to understand TA in simple terms). Simple and nice; Trends, Trendlines, Support and Resistance.
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