Price action with Candlestick Analysis(No indicators)

[ryan4ucar]

DLF today :-

This analysis is good sadly its done on a 1 min time frame ...for considering trades your time freame should be higher to get better prices you can use lower time frames ... in a current environment where volatility is good if you do 1 min analysis chances are you will suceed in a normal environment its difficult. If you do not do multiple time frames with previous histroy its pretty tuff to make money.

If you see this chart which is 10 min shorting below 164 makes sense but after that if you watch volume closely its not like yesterday it should be your 1st clue that the stock might have an outside range day ....if a stock falls on very high volume and trades lower the next day with low volume the retracements should not be traded as there will be lots of short covering , after the spike of short covering you might consider the shorts , anyways plainly looking at yesterdays data below 164 in morning and near 166.5 are the only places i would consider getting short no... anywhere else is overtrading for me

 

[Vertigo_1985]

This analysis is good sadly its done on a 1 min time frame ...for considering trades your time freame should be higher to get better prices you can use lower time frames ... in a current environment where volatility is good if you do 1 min analysis chances are you will suceed in a normal environment its difficult. If you do not do multiple time frames with previous histroy its pretty tuff to make money.

If you see this chart which is 10 min shorting below 164 makes sense but after that if you watch volume closely its not like yesterday it should be your 1st clue that the stock might have an outside range day ....if a stock falls on very high volume and trades lower the next day with low volume the retracements should not be traded as there will be lots of short covering , after the spike of short covering you might consider the shorts , anyways plainly looking at yesterdays data below 164 in morning and near 166.5 are the only places i would consider getting short no... anywhere else is overtrading for me

Thanks for your opinion, appreciate it .
I use 15 min timeframe for higher timeframe support/resistance, 3 min tf for trend and swing high/low, 1 min is used to get better view of what's happening anytime and to improve entries. As you said its particularly useful in volatile environment which i purposely choose, thats why asked you for your methods to select stocks.
You mean to say 'inside day' ?

If you notice in beginning of the day it made 3 100 % retracement. It was a clue of the coming sideways price action but couldn't notice it in realtime. I lack the ability to identify how in general price action would unfold on a whole given day.. working on it.Liked your observation "if a stock falls on very high volume ...."
I don't use volume as of now for analysis. Can you guide me for sources to learn the same ?

Looking forward to learn more form you .

Regards

 

[ryan4ucar]

Thanks for your opinion, appreciate it .
I use 15 min timeframe for higher timeframe support/resistance, 3 min tf for trend and swing high/low, 1 min is used to get better view of what's happening anytime and to improve entries. As you said its particularly useful in volatile environment which i purposely choose, thats why asked you for your methods to select stocks.
You mean to say 'inside day' ?

If you notice in beginning of the day it made 3 100 % retracement. It was a clue of the coming sideways price action but couldn't notice it in realtime. I lack the ability to identify how in general price action would unfold on a whole given day.. working on it.Liked your observation "if a stock falls on very high volume ...."
I don't use volume as of now for analysis. Can you guide me for sources to learn the same ?

Looking forward to learn more form you .

Regards

Ya i meant iside day , but when a stock breaks previous days lows and stays there for a while and then goes back in range for a inside day , i call it a outside range day , this is a setup ull notice if you observe volume , it will give you indication quickly that retacement will be large.

For me once that 100% retracement was made if i looked at the chart then even if i tried to short 166 , 164(previous low of day on high volume means lots of traders trying to get long there will support it) would have been a problem and it did support 164 only a small crash later in the day allowed for it to trade lower and near low of day , so all in all a low prbability trade once it get above that 164 and goes as high as 166 and stays there for more than an hour ... but if it tags 164 and goes upto 164.5 and then stays below 164 for like 30 mins this is another case as you can see in pfc today the same happened in this scnario almost all logs are losing money and panic can ensue ... so you have to create these if then else statements in trading to help you trade better

Compared to dlf in this chart of union bank the volumes are much more bigger at the open and after 10 there is almost 0 retracement , most traders dont bother looking at this unionbank chart because they think its fallen too much , it went from 162 to 152 after intial 6 point downmove , whereas a bunch of money could have been lost in dlf in that spike trying to short it . even in volatility a 1 min chart doesnt give you enough info then the larger timeframes, i use almost all starting for weekly to 2min .

As far as material is concerned i dont even remember now cause ive not read much of any lately will let you know if i come across anything

 

[ryan4ucar]

Also if you plan to watch a stock based on volatility and its not acting right the next day , dont get married to it move on.

 

[Vertigo_1985]

Also if you plan to watch a stock based on volatility and its not acting right the next day , dont get married to it move on.

working on it..will start watching 2 stocks from tomorrow. In opening there is so much volatility and many of stocks can hit your expected levels, so how you manage ?

 

[ryan4ucar]

working on it..will start watching 2 stocks from tomorrow. In opening there is so much volatility and many of stocks can hit your expected levels, so how you manage ?

I have my price alerts set on my interactive brokers platform sometimes it goes crazy with more than 20 alerts i quickly choose the best one then

 

[Vertigo_1985]

I have my price alerts set on my interactive brokers platform sometimes it goes crazy with more than 20 alerts i quickly choose the best one then

traded TCS and UCO today, although didn't get opportunity in TCS traded UCO well .
Managing 2 scrips is easier than i thought, will work on increasing number of scrips .

Regards

 

[merchantp]

traded TCS and UCO today, although didn't get opportunity in TCS traded UCO well .
Managing 2 scrips is easier than i thought, will work on increasing number of scrips .

Regards

Hi Vertigo,

Missing your charts, can you please update your trades on uco bank with charts at your convenience.

Regards,
Merchant

 

[rajsumi121]

Who is the best mentor for price action strategy ... I watched website of Nial fuller from Australia .. He seems pretty good to me ...Your's view Tj friends & seniors ???

 

[Vertigo_1985]

Who is the best mentor for price action strategy ... I watched website of Nial fuller from Australia .. He seems pretty good to me ...Your's view Tj friends & seniors ???

Although Nial's content is good it's not easy to get structured learning from a blog. If you are looking for personal mentorship from him then it's a different case and someone else who has taken a course would be in better position to answer?
If you are looking for a book to begin with then 'YTC price action trader' would be the best. It's simple, structured, clear and thoroughly covers everything. He is from Australia too.

There are books by Al Brooks too but they are pretty tough to read, advisable only to experienced traders.

Regards