Calling stock and commodity market enthusiasts

[rockstarIN]

My delivery portfolio is down 12%, but, thats mainly due to ABG and SouthBank. Intra day trading in F&O still on as usual.

I'm a long term investor

 

[surya kiran]

I'm a long term investor

Then look at axiscades and astra microwave. Suzlon is a long term and, I think, is a good buy.

 

[Armstrong]

Then look at axiscades and astra microwave. Suzlon is a long term and, I think, is a good buy.

I don't know where to start !

Did some FOREX trading a few months to a year back; was told of a new indicator or method for analyzing price movement every time I talked to someone. Heck people didn't agree on something as simple as how you're supposed to determine levels of support and resistance !

 

[surya kiran]

I don't know where to start !

Did some FOREX trading a few months to a year back; was told of a new indicator or method for analyzing price movement every time I talked to someone. Heck people didn't agree on something as simple as how you're supposed to determine levels of support and resistance !

I think, I had given you two books to download. Were you able to download and read them?

Rule no 1 : Do not trade live, till you have paper traded for 6 months.
Rule no 2 : Read the damn books.
Rule no 3 : Rule number 2 is life long activity.

To start with, look at the stock exchange. I do not trade in forex, hence, cannot help you there. Now from the Stock Exchange pick up the index and/or the most traded scrips. Take 5 of these. Now, start with simple Dow Theory. I am not saying this is the one you should use. Just the one, which is simple to understand. The book to refer is Magee.

Support resistance depends on what is the time frame you are using. What is the technique you are using. I am talking from a trading perspective, not theoretical. The start of this thread had a simple chart with support levels. This is pure price and candles.

If you seriously want to consider this as a career, I would advise you to go for the CMT. But, start with reading those books I told you to read. It took me 3 years to get where I am today. Lots of money lost. First year you lose money. Second you neither make nor lose. Third year "Allah meherban, gadha pehelwan".

Lest you forget, read the book. If you have any queries regarding them when you read, feel free to ask me. Or better email me. @Taygibay has my email id.

 

[Armstrong]

I think, I had given you two books to download. Were you able to download and read them?

Rule no 1 : Do not trade live, till you have paper traded for 6 months.
Rule no 2 : Read the damn books.
Rule no 3 : Rule number 2 is life long activity.

To start with, look at the stock exchange. I do not trade in forex, hence, cannot help you there. Now from the Stock Exchange pick up the index and/or the most traded scrips. Take 5 of these. Now, start with simple Dow Theory. I am not saying this is the one you should use. Just the one, which is simple to understand. The book to refer is Magee.

Support resistance depends on what is the time frame you are using. What is the technique you are using. I am talking from a trading perspective, not theoretical. The start of this thread had a simple chart with support levels. This is pure price and candles.

If you seriously want to consider this as a career, I would advise you to go for the CMT. But, start with reading those books I told you to read. It took me 3 years to get where I am today. Lots of money lost. First year you lose money. Second you neither make nor lose. Third year "Allah meherban, gadha pehelwan".

Lest you forget, read the book. If you have any queries regarding them when you read, feel free to ask me. Or better email me. @Taygibay has my email id.

I did read the Steve Nison book that you recommended; I got a few other books and video lectures (recording of some of his seminars) but it still looked so confusing 'cause what I was learning from Babypips was different. What I was learning from an amateur FOREX friend of mine was different still !

I'll give you an example (and I may not remember it all clearly as I haven't touched anything FOREX in nearly 6 months now) but a friend of mine told me that you determine the support (or resistance) by drawing a line through the highs (or lows) of the candle sticks.

Nison talked about something similar.

Babypips guys argued that the highs and lows are the knee-jerk reactions of the market and so the line ought to pass through the closing (or opening) prices instead !

Now they all can't be right !

 

[surya kiran]

I did read the Steve Nison book that you recommended; I got a few other books and video lectures (recording of some of his seminars) but it still looked so confusing 'cause what I was learning from Babypips was different. What I was learning from an amateur FOREX friend of mine was different still !

I'll give you an example (and I may not remember it all clearly as I haven't touched anything FOREX in nearly 6 months now) but a friend of mine told me that you determine the support (or resistance) by drawing a line through the highs (or lows) of the candle sticks.

Nison talked about something similar.

Babypips guys argued that the highs and lows are the knee-jerk reactions of the market and so the line ought to pass through the closing (or opening) prices instead !

Now they all can't be right !

Great. Now Steve Nison is Japanese candle sticks. This gives you primarily price action happening in the markets. If you are learning, go for the CMT. They have a ready made syllabus. With Steve Nison, you will need to combine western techniques. These are possible to be found in Martin Pring and Magee and Dehlinquist.

With respect to support and resistance, I would tend to go with what your friend and what Nison says. In fact, thats what most books say. And from experience, it works. But, I would suggest you try it on your own.

How to do it.

1. Get the data and software
2. Define the amount you are going to invest and the time frame you are going to invest for.
3. Select the time frame, based on your investment horizon.
4. Select the line chart. Observe how its trending. Select candle sticks and watch how the charts are moving.
5. Now, based on what you are seeing form a strategy. Test the strategy.

Now try combining a simple thing like an EMA or MACD with Candlesticks.

What you also need to understand is that, trending and trading markets have different strategies.

@Armstrong

Let me also, put forth this.

When babyquips says closing, he may say its for starting a position. So you do not enter a trade until a particular event results in actual overnight positions, which are stronger than intra day positions. When we use support and resistance, it can be to exit a position with a stop loss also. But, this is something you would need to study for the give scrip. Each scrip can work with different indicators and time frames.

 

[rockstarIN]

I think, I had given you two books to download. Were you able to download and read them?

Rule no 1 : Do not trade live, till you have paper traded for 6 months.
Rule no 2 : Read the damn books.
Rule no 3 : Rule number 2 is life long activity.

To start with, look at the stock exchange. I do not trade in forex, hence, cannot help you there. Now from the Stock Exchange pick up the index and/or the most traded scrips. Take 5 of these. Now, start with simple Dow Theory. I am not saying this is the one you should use. Just the one, which is simple to understand. The book to refer is Magee.

Support resistance depends on what is the time frame you are using. What is the technique you are using. I am talking from a trading perspective, not theoretical. The start of this thread had a simple chart with support levels. This is pure price and candles.

If you seriously want to consider this as a career, I would advise you to go for the CMT. But, start with reading those books I told you to read. It took me 3 years to get where I am today. Lots of money lost. First year you lose money. Second you neither make nor lose. Third year "Allah meherban, gadha pehelwan".

Lest you forget, read the book. If you have any queries regarding them when you read, feel free to ask me. Or better email me. @Taygibay has my email id.

Are you only a trader?

Then look at axiscades and astra microwave. Suzlon is a long term and, I think, is a good buy.

axiscades is down 18% today and high P/E @46 against the industry average of 22. What do you see potential in this counter?

 

[surya kiran]

Are you only a trader?

Yes. Full time. Mainly commodity markets and BankNifty.

Will post on the Axiscades by tomo eod. Its mainly due to who is buying into the stock and what they are into.

 

[surya kiran]

@rockstarIN @MilSpec

They are going to take over AXISCADES Aerospace & Technologies Private Limited. This company has a tie up with a South African company which provides services to Airbus. Possibility that Indian part will be provided by them. Their interest component is dropping, they seem to be increasing revenue year on year with profit. They have a loan component which can be covered by their profits. Also, check the bulk deals which have happened. Major buyer. I may sound like an idiot, but I do not normally look at too many ratios. Just how their sales have been doing, how much profit they are making and whats the debt like. Also, the business they are in seems sound.

For astra, its a no brainer. Also, two directors who had earlier provided funding have exited. Instead of them, a chap with experience from ICICI Ventures and Kuwait Investment has joined in. Which means major funds are going to pour in. This deal with Rafael, further re-enforces the same. This is a long term good buy.

 

[Styx]

all set to resume the downward slide ?

 

[surya kiran]

Also, that company belongs to R Chandrasekhar, the ex BPL chap.

 

[Styx]

not looking good, expiry tomorrow and we could see a major selloff.

 

[rockstarIN]

not looking good, expiry tomorrow and we could see a major selloff.

Its just a setback, market will come back sooner or later.

 

[Styx]

Its just a setback, market will come back sooner or later.

in the long term they generally do but you have to watch out if you're a trader or short term investor

Japan's Nikkei-225 still hasn't managed to get anywhere near their 89 highs.

nifty hourly looks precariously poised with moving average and gap resistances at every level

having broken the 200 DMA convincingly, spot nifty not looking pretty on the daily either

investors looking at technical charts generally like to get in above the 200 DMA

but markets are funny things, anything can happen.. I think next week on a trend might emerge.

 

[surya kiran]

Not holding any long positions. Had short Banknifty in the morning. Covered during the day. Have not exited any delivery positions.

@Geralt you using spider or falcon? MACD and RSI?