Trade going well with good volume. Immediate target 264 (futures price)
Trade closed manually
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Closed @ 263
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Shall enter long again on correction
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Entered long again @ 259.7 (futures price)
Trade closed manually
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Closed @ 262.7 (futures price) 3 points per lot. Lot size 2250
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There was some short covering yesterday... hopefully the rise will continue
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Its rising as I thought
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Immediate Target: 280-281 Medium Target: 287-291
Trade active
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Long position open since June 14
Trade active
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Increased Long position in futures market
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Sold on opening of market. Bought again @ 258.5 (futures price). It seems like the end of Wave-II and start of Wave-III.
Trade active
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Long since 21st June towards end of market because daily candle was a Doji at the end of a small down trend - which seemed to me like a Bullish Flag. Trade active... waiting for target range of 270-280.
@praveen2789, I read the books by Prechter & Frost and Ramki Ramakrishna plus extensive other research. But before this you have to be totally confident of how to work with Fibonacci ratios. I also am familiar with statistical data analytics. These are very complex subjects... takes many months of reading and actually analysing and trading with this knowledge to achieve some success.
praveen2789
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@fcsa, cool I majorly work on the charts and technicals and learning it. I kind of have simple rules which i am trying to perfect. Elliot is said to be the most premium thing in technical analysis. would love to read and understand.
fcsa
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@praveen2789, First work out your understanding with Fibonacci levels - retracements and extensions. Elliot Wave is sometimes easy to "see" but most often it is easy to see AFTER the price action has happened. On YouTube you will find various "experts" talking so smoothly about Elliot Wave AFTER it has happened. Which is something any 12 year old could do!!
Active trading is a different ball game. So you have to be prepared to quickly get out of a trade if there is even a slight movement against your analysis. It takes a loooonnnngggg time to learn this. But I am glad you are interested. Ramki Ramakrishna's book is very good and available on Amazon Kindle quite cheap. But is a steep learning curve. Have fun... Cheers.
praveen2789
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@fcsa, yeah i started reading about it its very practicle but looked bit advance to me need to read some basic stuff first i went through 8-10 pages.. thanks i will read and get back to you if any help needed. I am out of this trade for now should have booked profit on 263 as there was resistance any way earned some money.
fcsa
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@praveen2789, Great... ready to assist to the best of my knowledge...
@fcsa, Thanks man this looks so awesome. I was doing my analysis after office hindalco looks like a long setup for tomorrow, union bank and ujjaval finance too lets see... not taking any trade through .... but tata global i am bullish but now i will not enter in future risk reward ratio doesnot look into favour if it comes down any time might take some position in cash. Do you buy in future ?
fcsa
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@praveen2789, Just packing up for the day and saw your message. Please be careful about Hindalco. I quickly examined the chart (I don't trade Hindalco). The daily candle looks good but the 1hr candle chart - it seems to have reached the top of Wave-III and could correct to 244-243 (futures price). On the other hand anything could happen. Think a bit before you decide.
praveen2789
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@fcsa, thanks man for a quick reply i am working on office on call i just analyzed hidalco price havenot looked at chart of futures. will keep in mind so you analyze both the charts i thought they follow same trends.