Good morning all!
After a long break I have resumed my blog updation. Was busy with travelling and the holidays for the past more than a week!
I shall be resuming my daily posting of stocks selection in the morning before trading begins and the follow up of the trades post market. I had stopped doing this due to the increased volatility witnessed in the markets due to the US elections.
I am posting the charts for the trades taken in the last week and the charts are self explanatory.
I have put detailed analysis in the charts for the 20th November trades as I got hit with SL's in 2 trades and it is far more important to learn when to get out of the trade rather than when to enter....holding on to a losing trade is extremely dangerous. Do post your queries incase you want any further clarifications and I will try my best to answer them.
We will start with the 20th November trades first as these would be fresh in our minds.
20th November
TCS: This gave a delayed entry. I had cancelled this and took the entry later on as in the daily charts it was trading at the range low. The selling pressure at the day open(first 2 candles) was absorbed and the failure of the sellers to drive prices lower gave the first clue that the stock could move higher. Could manage to book some profits and the remaining didnt give as much as expected.
Titan: The previous day high was an important level as it had faced selling pressure there(check daily chart). The break of the PDH was the trigger for the buy. The only mistake here was that I didnt wait for the pullback and entered on the direct BO. I rarely do this as it is always a risky to trade direct BO's. Was immediately punished and the SL was taken out promptly.
Reliance: Saw selling from the open with good volumes. The same was absorbed and a hammer was formed on the charts.....this level was again tested and held. Trade was a range BO that formed just above the lows of the day. This didnt move as expected and we saw renewed selling which hit our SL and also the broke the day lows decisively.
Some charts from trades taken at earlier dates:
Reliance:
Asian Paints:
HDFC:
HDFC Bank:
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