Teach A Man To Fish And.........

[[email protected]]

Hello SAINT,

I am quite new to stock market and the forum too...yesterday fast_rizwaan told me about (Teach a man Fish). Till now I read up to 15 pages and I am a fan of yours. In one sentence I can say "YOU ARE ROCKING MAN"

I think you are the most Unselfish and knowledgeous person. The way you are explaining with example is really amazing. Thanks again for all the help and support you have been giving to newbies like me.

Regards,
bABIDASH

 

[anilsingh1977]

Hi Saint,

I am new to technical analysis and I am trying to learn it reading this great thread of yours. I an looking for your insight into the script that I bought few days back.

If I read the charts correctly both weekly and daily charts were in uptrend on 20th May. I took my position aftert the previous pivot high (309) was taken out on daily charts. I bought at 320 thought it was late. I calculated Stop-loss as 267.1-1.1= 266.

It started to move downwards since 21st.

I would really be thankful if you can answer my following queries:

1) rights and wrongs that I did in the process of buying this script and

2) how about entering immediately after a higher pivot low has formed instead of waiting for previous pivot high to be taken out?

Thank-You,
Anil

 

[jamit_05]

Re: Probably a very elementary question, but thought I'd ask anyway

What you described in your chart is the way it is done..........trail stops raised on new highs formed.......but in that particular example you had posted,the other rule kicks in.....7 up days in a row + steep gradient......raise stops to 2 candles back till stopped.

All the best!
Saint

Tks for the reply.

 

[jamit_05]

Hi Saint,

I am new to technical analysis and I am trying to learn it reading this great thread of yours. I an looking for your insight into the script that I bought few days back.

If I read the charts correctly both weekly and daily charts were in uptrend on 20th May. I took my position aftert the previous pivot high (309) was taken out on daily charts. I bought at 320 thought it was late. I calculated Stop-loss as 267.1-1.1= 266.

It started to move downwards since 21st.

I would really be thankful if you can answer my following queries:

1) rights and wrongs that I did in the process of buying this script and

2) how about entering immediately after a higher pivot low has formed instead of waiting for previous pivot high to be taken out?

Thank-You,
Anil

Aadaa varze Anil sahab,

It would be nice if you'd mentioned the scrips name. Therefore, I am assuming a few things while I answer the questions.

Firstly, after the weekly goes into uptrend, like it did on the 20th we are advised to wait for daily to go into a downtrend. Once it does, we wait for it break a pivot high which is when we enter. This should probably answer your first question.

Secondly, yes that is done if the higher-pivot low looks "yummy". This is the word Saint would use.
I mean, if the bottom formation of the pivot low seems solid like when it forms a range or a strong basing then one might risk an entry with a tight stop.

Regards.

 

[anilsingh1977]

Hi Jamit, thanks for ur explanation.

Script name is CAIRN.

I would also appreciate if Saint can give give his guidance too.

Regards,
Anil

 

[djsinha]

Hi Jamit, thanks for ur explanation.

Script name is CAIRN.

I would also appreciate if Saint can give give his guidance too.

Regards,
Anil

Hi anil,
I've attached the daily and the weekly chart with coments on those. As far as the daily and the weekly are concerned, both of them are in uptrend. So you need not worry. Even the monthly is in uptrend making this stock a candidate of primary uptrend.Your SL is 266 on the daily...as you correctly pointed out.
So just wait and watch. I hope when you had taken position..you had done so in accordance with MM rules. So even if your SL is hit in near future...you'll not feel much pain.

Cheers
D J Sinha

 

[jamit_05]

Hi Jamit, thanks for ur explanation.

Script name is CAIRN.

I would also appreciate if Saint can give give his guidance too.

Regards,
Anil

Yes, first the daily has to go into a downtrend. Then buy at a daily pivot high break. Saint, pls attest.

Tks.

PS: As a matter of fact, I am waiting for the same

 

[nick721156]

Hi anil,
I've attached the daily and the weekly chart with coments on those. As far as the daily and the weekly are concerned, both of them are in uptrend. So you need not worry. Even the monthly is in uptrend making this stock a candidate of primary uptrend.Your SL is 266 on the daily...as you correctly pointed out.
So just wait and watch. I hope when you had taken position..you had done so in accordance with MM rules. So even if your SL is hit in near future...you'll not feel much pain.

Cheers
D J Sinha

dear sinha,

you are right. though both weekly & daily of CAIRN are in uptrend, daily has already moved far. the bar on 20th may, i would call it WRB. and after an uptrend if WRB is formed(saint's teaching), then it is most likely to go down and this is what has happened here.
even i am watching it closely.

feel free to correct me if i am wrong. waiting to hear from saint, too.

regards

nick

 

[nick721156]

Yep,Maddy.........but confirmation only above 57.5

Saint

dear saint,

according to stockscharts.com, cup & handle pattern is a bullish continuation pattern!! i want to if it is, at times, possible to become bullish reversal pattern.

please educate on this.

regards,

nick

 

[djsinha]

dear sinha,

you are right. though both weekly & daily of CAIRN are in uptrend, daily has already moved far. the bar on 20th may, i would call it WRB. and after an uptrend if WRB is formed(saint's teaching), then it is most likely to go down and this is what has happened here.
even i am watching it closely.

feel free to correct me if i am wrong. waiting to hear from saint, too.

regards

nick

Hi Nick
Thanks for your observation on the WRB in Cairn on 20th May. And you correctly pointed out that WRB after an uptrend is a bearish sign.

Also if you see the weekly, the last candle (a doji) has a long long wick. This means that at the tip of the wick i.e. in the price range of 335-340, supply was huge and so price couldn't sustain itself at that levels. Hence, there's a free fall.
Technically & historically('coz if you see....previously also EMA(20) proved to a vital support many a times for Cairn), some demand may come at 20 days EMA i.e. at 280 (the blue line marked in my daily chart).

Just my two cents. Let's see how the story unfolds.

Cheers
D J Sinha