I understand that you dont wanna give any "tips" nor should anyone take any. But lets be real and just communicate. I would still do my own research before and after our talks. Okay , coming to point . havells has been on my tiny radar for 3 days now, seems like a good swing considering the retracement points and other indicators, do you agree ?
johntradingwick
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@Ameya_Devkar, Sure we can always communicate. The market structure of Havells is still bullish. It created a good bullish pin bar/hammer candle on 14th June but till now there is no follow-up. We will have to wait for a few more days. If the price creates a lower low by closing below 985 on 4 hr time frame, then you should just take your stop loss.
Ameya_Devkar
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@johntradingwick, I am looking to enter a swing trade in Havells ! , and would also like to know the thoghts on M&M, M&M finance, Amaraja Batteries and kotak bank. my analysis show a good possible swing in all these . Thoughts ?
Ameya_Devkar
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@Ameya_Devkar, 2 days of time to figure out new entries for the coming week. And also when you enter a swing , what is your target? is it always the level set according to previous highs or do you have any percentage as in 5-8 %
Ameya_Devkar
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John, sorry for the delayed response. Thank you, I will look into the fibonacci time target. Can we stay in touch and keep going back and forth. Hopefully someday I'll know much more than what I know now. Cheers mate.
sohamdey76
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Hi John.Holding Havells at 999 levels. Waiting for it to reach its previous high.
johntradingwick
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@sohamdey76, It may reach the ATH provided it breaks above 1080. We'll have to wait and see. Good luck! :)
Hey, I am learning a lot from you, thank you. I am also trying to analyze other companies for example, for swing , the concept is to buy low and sell high so , for that is : M&M finance , AMARAJA batteries, KOTAK bank a good option for now considering they are down quite a bit. Also at rare occasions I am able to find stocks that are at low level but even if I do, I am not able to calculate the time target for the same. Can you help me with that for these above stocks? And last thing what if I didnt get a particular stock at the lowest level or lets say i bought a small quantity at the lowest level and i wanna add to my position . At this situation I get a question of "what if the trend changes ?" how to be tackle this dilemma ?
johntradingwick
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@Ameya_Devkar, Hi, I am glad you are learning something from my charts, although my knowledge is very limited. :)
Let's tackle your concerns one by one:
1. The simplest way to calculate targets is to use Fibonacci retracement and extension. Just select a swing and apply Fibonacci, you'll get your targets.
2. If the structure is forming some kind of pattern, let's say a symmetrical triangle. So, the target will be equal to the depth of the triangle. Every pattern has a different way to measure the targets(also called measurement objective).
3. Do not try to place time limits on the targets because no one knows how fast or slow the price will move. Instead, just trust your analysis and place a logical stop loss. Keep trailing you stop loss.
4. If you want to add more quantity to your position, then do so only on the pullbacks. If the pullback comes, then well and good, if it doesn't then just don't add any more. The trend won't change abruptly. You will have to do a lot of practice to understand this.