Tata Steel: Reached the target today at around 12:00 noon, booked handsome profits :) Below is the updated chart:
Reliance Capital: It attempted twice to break yesterday's high with low volumes, but couldn't succeed, which is clear week signal for longs. So I stopped out at pivot low break, with marginal profits. Below is the updated chart of Relcap:
ICICI Bank: It moved up nicely, though volumes were on lower side. while moving up it was consolidated in sideways and gave break out with good volumes twice. During the down moves, there wernt any big volumes. I exited this as I don't want to hold my position over the weekend. Below is the updated chart of ICICI Bank:
9 comments:
Doji,
Congrats!
I like your smart cautious exits.
Regards.
ttthakur
Thank you thakur
Hi Doji,
Nice to come across your blog. For the Tata Steel trade[nice trade btw], have you tinkered with the idea of not to keep profit targets in mind, and letting the profits run?
From a Systems Trader
Soham
P.S: I will be around
Hi Soham, thank you for writing.
My trading is a lot more discretionary type, so I cannot generalize to a large extent. But I generally book partial profits (~50%) at the targets and leave the rest for trailing SL. I also have Adds at bullish signals.
In Tisco's trade yesterday, I booked 50% at the target and rest at Rs.405, when the pivot low was taken down. I feel Tisco is very strong in the lot and has further up move. I hold positions in Tisco for longer term too.
BTW, your blog is very nice. Will be a frequent.
-Doji
Mail me, we need to talk. I think you have my mail id.
Hey, nice blog Kiran. If possible, Please try to post the list of stocks with possible trading opportunities... It will be very usefull...
Thanks.
Hi Doji,
Could you please tell me the difference between wedge and wolfe wave.
Thanks
Hi Renu,
Even though some Wolfe Waves look similar to wedges, there are differences in the way these patterns are formed. I am talking about supply demand differences. Wolfe wave shows clear supply demand mismach and hense volume consideration is very important. Where as in wedges, draining volumes are desired to show declining participation, but not very critical.
One of the main difference in them is how they are traded. eg, a bearish WW is traded at the resistance line, where as wedge is traded when support is broken. Also, a point to note is wedge success ratio is the very low where as WW is very high.
Wolfe wave is all together a bigger topic and I surely write about it in my Anatomy of Chart Patterns section, some time soon.
Nice to have you comment on my blog :)
-Doji
Thanx for the explanation. was always confused about the complex pattern. It wud surely throw some light on it.
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