Friends, been a long time since I posted some charts...Mostly coz I was very busy with work and also coz there was not much to post...Yesterday was an important day in my view...And I got almost the lows...Lets look at the charts now...See how the daily turned up from the mid trend line...So far good...but before we get all bullish, we will almost surely have a good pullback..For me the most ideal situation will be if we dont go below earlier low...set a higher low and move up...But I feel any pullbacks from now on will be very good to accumulate some good stocks..It seems like market will stick with my earlier idea of not going below 4000 this time around..let us see..
Coming to the weekly...What is important here is how the stochastics looks....Very oversold..And good possibility of turning up over next 2 weeks....Pullbacks should be bought in my very humble opinion...Weekly stochastics are like the holy grail for me for longer term buys and sells..
Let us see...Trade safe.
Best.
7 comments:
The resistance line you have drawn i am not very satisfied with it , that does not make a gud resistance line , if we draw lines that way lot of lines can be drawn ... i am just a learner so was looking forward for the reason from you for drawing the resistance line from middle of some points . .. .
MR. Vipin
Many lines are to be drawn to check various possibilities
So chart seems to be ok
Check the chart for current date
and see if Support is working or Not.
I have another candle stick chart where many horizontal lines are drawn and out of that weekly support of 4245 is working.
Normally line can be drawn when any three points comes in a single or much closer to a singleline
after that trend and ...S2 S1 R1 R2.... can be verified with day to day movement
vipin, we have touches of the line in question of 5 times..in my book, thats good enough...Also for a channel, we do draw a mid t-line and it works usually..you can refer alexander elder's 'come into my trading room for more on this subject..but its definitely not arbitrarily drawn...
I assume here you are talking about the mid t-line I have drawn in the channel...let me know if not...(the other line I have drawn below at 4000 or so is totally arbritary...I should have taken that our before posting)
lee what do u mean by coming to ur trading room ....we are moving in the channel thats ok but you were refering to some alexander elder's for mid lline t ...i'm not sure about what you were saying ...were can we discuss more on this.
vipin, come into my trading room is the name of a book..probably one of the best books written on trading and TA..Author is Alexander Elder...
You can try esnips.com and find the pdf..
Mid-band T-lines are very common...
A variation could be the pitchfork also...
Check it out..
ya tat book is available in ensips just downloaded it, thanks for refering lee
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