Presenting a small guide on how to trade breakouts from trading ranges. This trade has already happened, but similar ones can give wonderful profits! Comment, like and share...
Thanks . Good analysis and views about Trading the channel.
Abhinav_18
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I have a doubt, this is a daily chart. How can a person manage to visit and see the hourly, daily, weekly and monthly chart of like 100 stocks? ( i only get sometime to work on the market thing, so asking this)
Market-Thalaivaa
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@Abhinav_18, Make a list of your top 100 shares, review them on weekly basis. This will work well if you are trading only in cash.
For cash stocks, daily time frames suit me, at times I go for weekly time frames as well.
Mark your trendlines / levels / indicators in trading view and use alert feature. It helps a lot, especially on breakout trades.
Else, there are many screeners available. I would not suggest screeners as results are not comparable to human scan of charts.
Abhinav_18
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@Market-Thalaivaa, such a fast reply! One more thing, i'm planning to do swing trading only so is it a good idea to go with "ONLY" high beta good fundamental stocks?
Like having 5-6 stocks of IT sector, 5-6 of banking and so on, keeping them on radar, watching their MACD and trendlines (btw i've done rachna ranade's technical course so i've good hold on these indicators)
jasminenagendra
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I think usually, the breakout with high volume are not false. secondly, SL as described may protect. thirdly if it does not give a pull back, may be it is a lost opportunity unless it is a small candle.