Every trader should read this book - by Nobel Prize Winner - Daniel Kahnemann - " Thinking, Fast & Slow" who was was intrigued by the knife-catching phenomenon
Over the years, I have realized that if you want to sustain in markets you should follow market gurus who have suggested one needs to think fast - I say you need to think super fast before anyone could even think fast & you will realize the magic in realtime & best part is if you can share it before it turns into reality which I could do it easily now through TradingView - amazing platform. Check at website bottom - hot it works.
The current stock- HPCL is a real example when it was suggested that 300 could be the bottom & we need to pick for targets 312 - 320 ( suggested in last update - Hind Petro - Oily Crab - Good for Health-Just Rs 295-297) Last update
Review Stock moved as expected from 300 lows & traveled to 312 & later 320 - High@319 as mentioned in Plan 2 - Last Update Fall from 319-320 this morning@4th June 2018 was even fantastic as it hurried to 302 -303 levels (Plan 3 - Last Update "Buy only above 320 for 330 ) & holded 300 on downside- key level & jumped /bounced back to 314 levels
What Next? Moving above 320 levels & holding above 320 - we shall look for 330 - above 330 for 348 -350 & above 350 for 375-380 zone.
Best Regards,
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11:32 Hrs 11th June 2018
Good Morning!
Last Price@315
Be ready for the show - Holding above 314 - likely pushes upside for 320 -330 -350
320 was good resistance - smart trader will sell taking risk of 1 -2 points on upside
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11:17 Hrs 12th June 2018
Last Price@315.50
Looking for reversal on upside from 314 -315 zone so if 314 is not broken intraday - it will jump upside & moving above 318 shall confirm - going above 320 -shall fly.
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08:56 Hrs 13th June 2018
Last Price@316.90
Patience will always get paid - we picked between 314 -315 - suggested 314 should not break else we move out.
Will Oil Catch Fire...
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09:32 Hrs 13th June 2018
Last price@317.50
Very simple observation - huge supply at 319-320 levels -every time it goes -it falls so don't force yourself & buy next only above 320 levels.
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09:43 Hrs 13th June 2018
Last Price@316
Whoever is buying they are doing close to 314-315 levels as yesterday -holding 314 we will have intraday bullish bias & crossing 320 will open the lid
Going below 314 -obviously no buying
So, keeping stops below 314 -you get close to 314-315 you can buy or buy above 320 levels / selling close 319-320.
Move with the markets - you will be happy.
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11:11 Hrs 13th June 2018
Last Price@312.25
We tried in at 314 -low was@314.05 for few mins but could not hold so we left.
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11:20 Hrs 13th June 2018
Last Price@313
Falling since 319-320 - It is looking for support once we identify that support we will also jump in the oil train back.
Do not leave this stock as this stock could catch fire anytime & have patience. If at all it fails to hold 309 then we will check again else we are open for 350+ target on upside & we shall review back again once it starts moving above 320 levels.
If we look at the options data. CE 320 act as a resistance and 300 PE act as support. We all need to follow options data for profitable trading.
WaveTalks
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@deemoku, Thanks for your idea. Depends on person to person.
deemoku
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@AbhishekHSinghCMT, Agree. However, all supply and demand is correlated with options data.
onlyequities
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Please review hpcl once. I am long on this counter.
WaveTalks
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@ashu_shah, Long at what levels as I suggested that going below 309 will have to be checked. Levels are sacrosanct. Never ignore them - you have to book losses if you are trading short term else HPCL is good for 10-15 days next but has some trigger points as 320 which is very important level to cross on upside for 330-350 targets. Below 302 -300 zone is important going above 311-312 shall be the clue for upside next.
onlyequities
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@AbhishekHSinghCMT, I am long from 313 levels. Can easily hold for 10-15 days to even a month. Any positional stop loss now? Thanks for help.
WaveTalks
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@ashu_shah, 300 - 302 is very important zone -should not be breached downside & Intraday 305 -day low - bullish harmonic structure in early stages - if gets blown up -could take to 311 -It has to cross 311 & sustain to move even further upside- crossing 320 -everyone will join for upside.