What types of technical chart should one use while doing intraday trading in ICICI share? How to use/ interpret these charts?
i think its applicable for all big shares why ur spcifying only for ICICI share…
Well, the most used charts are candlestick charts, Renko charts and even plain line charts.
With candle charts, people use different candle periods based on their method of intraday trading. Some use 1 min candles to watch all the movement. Some use higher candle periods to catch the predominant trend.
With Renko charts, you have to set the range of the Renko bar. Renko charts cut out most of the noise that are present in candlestick charts and only show the trend. But you don’t get to see the intraday activity.
Maybe you can use a combination of both.
Then you have to use indicators to facilitate your trade entries and exits. VWAP is used for intraday trend analysis, RSI/Stochastic for overbought/oversold regions, Bollinger bands for volatility, candlestick patterns to facilitate price action study.
Start with the 5-minute candlestick chart along with the Renko chart on another tab and see if you can start collating things. Then you can choose which chart works better for you.
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@Subir_Das there is no specific approach to do INTRADAY trade and it could be mix of stochastic or other statistical approaches hence one needs to consider all that is applicable to make a trader COMFORTABLE to make any long/ short positions…
I use 5 min chart for knowing the trend and 1 min chart for entering the trade and use Rsi,Macd,Supertrend,CCI,ADX
and Stochastic indicators and use 5dma and 20dma lines and vwp for entering into the trade
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Trandline is most effective with combination of stochastic. Am I right?
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Can you please explain what is and how to “collating things”?
Well, somehow I feel attached to this stock as it has given me some profit. Anyway, can you please suggest some good stocks for intraday trading ?
Are you suggesting Supertrend?
No only stochastic