Thanks @Enygma & apologies for the late thanks. I have been literally sleeping in the hospital since Sat due to a family emergency with no access to internet.
Just to elaborate, I had taken this position the last time GVK had moved above a consolidation with strong volume last month & had rolled over the position to Sep. Unfortunately, there was no follow-through to the breakout with strong vol. The mistake, as usual, I did was not to have a strict stop-loss & hence had gotten stuck in it. Savant's & your comforting words have helped & to my pleasant surprise, today's upmove has helped as well!
Let me also request someone to summarize if possible, stop loss rules.
- just below the previous day's close, based on MAs, I believe there is something called parabolic SARs etc
BTW, if it means anything, Ashwini Gujral was recommending a buy on GVK with target of 58 & SL of 44 at the end of the day today.
Kumar
Just to elaborate, I had taken this position the last time GVK had moved above a consolidation with strong volume last month & had rolled over the position to Sep. Unfortunately, there was no follow-through to the breakout with strong vol. The mistake, as usual, I did was not to have a strict stop-loss & hence had gotten stuck in it. Savant's & your comforting words have helped & to my pleasant surprise, today's upmove has helped as well!
Let me also request someone to summarize if possible, stop loss rules.
- just below the previous day's close, based on MAs, I believe there is something called parabolic SARs etc
BTW, if it means anything, Ashwini Gujral was recommending a buy on GVK with target of 58 & SL of 44 at the end of the day today.
Kumar
Kumar,
As Savant says hold for now. Just wanted to add one thing for your learning. Be careful about taking long positions, especially in futures near to resistances. Wait for it to take out the resistance. In this case, GVK has resistance around 49-50 on the daily charts and supports around 45. It has pierced the lower BB yesterday and if it gives you a green candle today, then you will get a upmove.
I am starting to sound like the handsomely dressed TMA HOD that PT-Bhai was referring to on his thread, so no more gyaan on support and resistances for the day. Just that I could not resist giving you this support
Regards,
Enygma.
As Savant says hold for now. Just wanted to add one thing for your learning. Be careful about taking long positions, especially in futures near to resistances. Wait for it to take out the resistance. In this case, GVK has resistance around 49-50 on the daily charts and supports around 45. It has pierced the lower BB yesterday and if it gives you a green candle today, then you will get a upmove.
I am starting to sound like the handsomely dressed TMA HOD that PT-Bhai was referring to on his thread, so no more gyaan on support and resistances for the day. Just that I could not resist giving you this support
Regards,
Enygma.