Ichart.in and intraday trading

Dear Shabbir,
I am posting or querrying after long time, sorry for that. This forum has helped me a lot to learn basics of share market, trading and investing.I have also downloaded chartnexus as you had suggested. Its helping me a lot. I have developed confidence to decide the shares for intraday. I have done intraday trades since last 2 months but i am not able to make overall gain from it, may be i am going wrong somewhere in reading the candlestick signals.I want to ask you how i can improve my trading skills and profit from it. As on today i use candlestick chart method. EOD data on icharts.in,shortlist shares to be traded in intraday for next day and then look high-low on moneycontrol.com and then finally analyse them on chartnexus software and then decide 4-5 shares for trading.But unfortunately its not working for me since last 15 days. candlestick signals for buy are seen but the share goes other way. For example i bought bajaj auto 50 shares on 16th may(thursday). it has closed on 1863 odd so i expected it to open at above and then i instructed my broker to buy it if it opens above previous close. it opened at 1883 went to 1888 and then started dropping. my broker didnt sell it at 1888 as he expected to go further. I had given him trigger at 1865,first target 1875,2nd 1885 and sl at 1860. But as it didnt go well i took delivery and then as allowed for T+2 i waited till monday and then ultimately sold it at 1813.Same was the case with axis bank 15 days back. I want to know how to guess the intraday range,open,high,expectation from share etc. i know its long query but after learning about candlestick and using it comfortably and confidently i am bit hesitant to trade now after loss. I know losses are part of trade but such huge losses means i am wrong somewhere. And yes i think i have to use my stop loss perfectly to trade but yes i basically want how to obtain trigger price, target price and stop loss so that i always use stop loss and even then make profitable trade.

 

ok i will post every evening what stocks i have chosen for next day. todays pic are
First of all my broker works on BSE

scrip buy target stop loss
jindalsteel 307 312 305
bhartiairtel 310 315 308
tatachemicals 307 312 305
essdee 550 555 548

please advice on what to do.Please also advice me whether i should concentrate on few stocks only and only trade in them or follow the trends on icharts and carry out trades.

 

basically shabbir i am day trader. i have invested 20,000/- initially. My broker is Stock holding corporation of india. they have policy of only long positions and not short sell. Now i will explain strategy for intraday.
i am advocate and in active practise so i cant trade during market time so i look into EOD using ichats.in. I go thru the site and pick up stocks which have performed positive and r in uptrend.I do the same by observing daily candlestick pattern for the stock and then i visit moneycontrol.com to check the 52 week high and low for the stock and then i use chartnexus software to c the previous high,low,trend,support,resistance and EOD position of the stock and then i choose the stocks. I give sms to my broker before market opens and then he put orders for the stock and buys them. But in this case if the stock opens gap up then he hesitates to buy as i have not conveyed him the gap up price as i cannot find it early on the basis of EOD data. So sometimes i miss the good stocks and sometimes he buys even the stock which opens lower than EOD data as he puts the order and seller is ready to sell even at lower price and so the stock is automatically purchased and here also i loose some money as the stock does not go up as expected. So i am confused how to trade the market for intraday.

Let me again tell you that i only see the candlesticks, earlier low and high of the stock, earlier support and resistance in chartnexus and then decide the stock, so my stocks change every day as my selection depends on uptrend stocks and i dont follow specific stocks.This is so bcoz if i concentrate on specific stocks i cant trade regularly. My motto is to earn profit by doing intraday i am not in a mental state to wait for long time to earn profit but on the other hand my above strategy was working well from january till may first week, iearned handsome profits. So i need proper guidance for my type of trading. Hope you will guide me.

 

today also bhartiairtel worked, essdee worked, jindal steel worked and only tatachemicals didnt.

 

Shabbir you are absolutely right. But the major hurdle is that i have very low capital for shares right now and so for going long i have to wait for minimum 3-4 months to get positive result.And it seems that as per your look out it is better to go long rather than working on EOD data and predicting next days response and getting losses. Ok so if i am in the mind set of going long i will surely let u know and seek advice. Thanks for immediate,interactive and inpartial replies.

 

yes you are right. i purchase only 50 shares for each scrip and propose target of only 5-10 rupees even if my broker is ready for more.i do not use full margin even if it is available. i am satisfied with 500-1000 daily.

 

yes i believe in you but as posted earlier i have minimal capital to start with and i am waiting for it to increase as i have decided not to invest more unless i have liquidity in my hand. i have other priorities to give preference but i like to remain in shares as it keeps me active and energetic.Lets see if i get more capital i will definitely go for long positions as i also want to increase my risk reward ratio.