Trading Strategies Using Technical Analysis

[learning tech]

Hello Raunak Sir,
I have a dought in the charts of tata steel
Below is the weekly chart of tata steel
Sir is the retracement drawn correct?

And second is if according to Elliott Wave theory .Point 1 is the wave 1 and point 2 is wave 2 (considering it is fully formed)..then the minimum target of point 3 should be above point 1 that is length of wave 1*1.618 and add that value to the bottom of wave 2 .bt Sir does this works??
Please correct me if I m wrong.

 

[SwingKing]

Hello Raunak Sir,
I have a dought in the charts of tata steel
Below is the weekly chart of tata steel
Sir is the retracement drawn correct?
And second is if according to Elliott Wave theory .Point 1 is the wave 1 and point 2 is wave 2 (considering it is fully formed)..then the minimum target of point 3 should be above point 1 that is length of wave 1*1.618 and add that value to the bottom of wave 2 .bt Sir does this works??
Please correct me if I m wrong.

Yes, everything looks fine. However, I have a piece of advice for you. I think you have just started to learn technicals. Hence, I would suggest you to stay away from Elliot wave. Elliot wave is very complex and often one gets lost in its nuances. Start with something more simple and then progress towards EW.

For eg- Just by pure retracement, you can go long keeping stop loss at point 2. Book partial profits at point 1 and if point 1 is surpassed, add positions aggressively.

Tc

 

[saivenkat]

All i know that whenever i following any TA i suffered very good loss which is unbearable.

Its not the fault of the TA, but lies in the person who deciphers it.

A same chart can be interpreted in different ways by different persons..

 

[Apurv7164]

Dear Mr. Apurv,

Just wanna know one thing that why you dont want to disclose TA which you are following.. If there is any theory to earn regular profits in this market then you must share here in community... Just wanna inform you that i haven't read your post before but want to know about any TA which is profitable.

Thanks!

Ravinder,

I dont mind disclosing what indicator or tool of TA I am using but surely I wud not disclose my system or methodology... neither anybody else wud disclose his system especially not just to prove u wrong or himself right...

If u seriously wanting to progress further in learning technical trading, everybody here wud love to help... you might have ur account bottomed out because of your style of trading or discipline....

Bests,
Apurv

 

[Apurv7164]

Anybody having swing position in ACC??? I m having swing position and now confused with the taking profit home or still keep on holding??? I wud appreciate your thoughts and guidance...

 

[Esse]

Hi Raunak,

Thanks for sharing your views, but i dont know about others... I hope and wish that I must get someone who can prove me wrong.

Happy Trading!

Hi,

I think the most crucial thing is discipline and money management. One can make money in the mkts consistently without any TA or any kind of analysis but no one will make money without the first two. Even the best of technical analysis will not yield money without moneymangement and discipline in place. Once we put in place a discipline and money management strategy then we should go in for technical analysis.
Also what Raunak has mentioned many times in this thread is that he uses TA to minimise losses when the trade goes wrong and maximise profits when the trade goes right. This I personally believe is the ideal approach.
TA or for that sake anything else only increases the probability of a trade going right, it does not ensure it.
Anyway, thats what I feel. Everyone has their own opinions and beliefs.

Thanks and regards

 

[SwingKing]

Anybody having swing position in ACC??? I m having swing position and now confused with the taking profit home or still keep on holding??? I wud appreciate your thoughts and guidance...

As of today, keep a SL of 891.4 and keep riding the profits. Levels change everyday.

Tc

 

[saivenkat]

Anybody having swing position in ACC??? I m having swing position and now confused with the taking profit home or still keep on holding??? I wud appreciate your thoughts and guidance...

Dear Apurv,

I have twice asked this same question to Raunak a few days back, in this same thread i think, to which he told for swing trade it okay to have, but not for short/long term investment.

 

[Apurv7164]

As of today, keep a SL of 891.4 and keep riding the profits. Levels change everyday.

Tc

kool... thank you sirji... you helped me in dilemma of life... was confused for last an hour...

 

[Apurv7164]

Dear Apurv,

I have twice asked this same question to Raunak a few days back, in this same thread i think, to which he told for swing trade it okay to have, but not for short/long term investment.

Yeah but I was in position before we you happened to ask... i got into it sometimes back when I posted weekly and daily analysis with my ADX darling...
then now was confused what to do with it... I assume u also having position in it...