AbhishekHSinghCMT
Long

ALBK -Magical Words-Sim Sim Door opened@66 for 80+ & H&S Pattern

NSE:ALBK   ALLAHABAD BANK
We continue with ALBK             ( Allahabad Bank             ) as suggested in the previous post that we can plan to buy ALBK             if it comes close to 65-66 Zone- Traders should look to buy if it remains above 65 which was our stops downside
I have updated previous post twice when it was close to 65-67 Zone - Please say - "khul ja sim sim" the magical door opened & obliged us by holding above 65 -an important level.

How this magical word was connected with Technical Analysis .


Double Bottom
Trendlines
Bullish Candlestick pattern
Head & Shoulder
Double Top next at 73.50 levels - these are magical words - Sim Sim for an analyst in the world of Technical Analysis .

Now, let the journey continue above double top@73.50 with post breakout above Head & Shoulder Pattern.

Target Measurement
Measure the distance from head bottom to the neckline - keep the same distance (in our case it is vertical red trendline ) above the neckline so we get target as 79-80 Next.

Trading Psychology / Investment Psychology
Set of few questions as mentioned below by Dr             . Van K.Tharp, which can help in becoming a better trader are

"(1) To recognize trading opportunities,
(2) To organize your investment information and manage risk,
(3)To wait for the right opportunity,
(4)To avoid failure thinking,
(5)To prevent your personal life from interfering with your investments, and
(6)To be responsible for your investment. In addition, the test measures
(7)The extent to which you invest to make money compared with other investors and
(8)The extent you have defense mechanisms that prevent you from becoming successful. Finally, you can compute an overall percentile ranking which allows you to compare yourself to other investors in terms of your overall investment psychology skills."
Clearly, this is valuable information. In fact, simply filling out the form can provide real insight,

This can be of real value or insight if Dr             . Tharp delivers the analysis for above set of questions - Does he?
For this you can refer - Book -Invest Psychology Inventory by Van K. Tharp or You can read the book - " Trading Beyond the Matrix" by Van K. Tharp.


Previous Update - Lawyer back in courtroom
Trade active: 13:20 Hrs 24th July2017

Last Price@75.35

Day High@75.80

Intraday trader can book partial profits at 75 - 75.25 & look for a move next above 76.
Trade active: 10:16 Hrs 25th July2017

Last Price@75.90

We are still open for target of 79-80 on upside - at present it can spend whole day or couple of days in the range 73-75 before heading next for the desired target.
Trade closed manually: Near by target zone touched - expected 79-80 - It went close to 77.30 levels & dropped.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Albk has entrered kumo cloud. On daily chart, 79.10 is at senkou span B line which may act as a resistance.
Reply
@amitahuja, Thanks but I use indicators sparingly.
+1 Reply
On your way..
Reply
@nirav5, Cheers
+1 Reply
apt and precise view on trading and invest. psychology.
Reply
AbhishekHSinghCMT bearishbull1968
@bearishbull1968, Let us see how much time it takes to reach 79-80 next.
+2 Reply
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