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What is the pattern for today trade

Discussion in 'Technical Analysis' started by inboxpankaj55, Apr 11, 2016.

  1. inboxpankaj55

    inboxpankaj55 New Member

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    Hi Shabbir,

    I bought just few qty of DLF today at 122.10 , by considering it as a breakout.
    Attaching image for same (first arrow show my buying price and second my selling price 120.60) But ends up with a small loss 122.10-120.60 = 1.5.
    Could you please take some time and explain , what should be done here??

    Thanks.
    Pankaj
     

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    inboxpankaj55, Apr 11, 2016
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  2. siddharth_thapar

    siddharth_thapar New Member

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    Hi Pankaj,

    Need to add here if I'm correct, Always check breakouts with volume. If volume is not there then it will correct. and do check other indicators also. Like RSI, Stochastic whether they are in over bought or over sold position. Will wait for Shabbirs outlook on this.

    Regards

    Siddharth
     
    siddharth_thapar, Apr 11, 2016
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  3. inboxpankaj55

    inboxpankaj55 New Member

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    Thanks Siddharth,

    Could you please explain some more on indicator "RSI, Stochastic whether they are in over bought or over sold position" these were not included in Shabbir ebook, so do not have any more idea on it.

    @shabbir : Even whole day chart of DLF(11th Apil) seems somehow unfamiliar.
    Could you please help me to understand this?

    Many Thanks
    Pankaj
     
    Last edited by a moderator: Jul 16, 2017
    inboxpankaj55, Apr 11, 2016
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  4. shabbir

    shabbir Administrator Staff Member

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    If you were doing day trading, what you did was spot on.

    Stop loss could have been low point of the day as well but then when you entered, market was not in the long mood and so what you did is what I would have done as well.

    Never have too many patterns and that never helps me. Create more confusions at least for me.
    I don't use them and to be honest never had any need either.
     
    shabbir, Apr 11, 2016
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  5. inboxpankaj55

    inboxpankaj55 New Member

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    Thanks Shabbir,

    So you mean to say we need to just look, our familiar patterns to be happen?
    If it so then, i guess, we would need to be there always in front of our monitor. So how can one manage this by having a full time job ? but also interested in day trading.

    Any suggestion would be highly appreciated.

    many thanks.
    Pankaj.
     
    inboxpankaj55, Apr 11, 2016
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  6. shabbir

    shabbir Administrator Staff Member

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    Thanks Shabbir,

    Yes

    No you don't. Just at the end of the day, for your list of stocks, look for patterns and if it is something that interests you, place the order.
     
    shabbir, Apr 12, 2016
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