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Saturday, May 9, 2009

How To Trade With Yahoo Charts (Part-I)

In my trading career I have come across, many charting softwares and sites, costly or non-costly. The list is becoming endless with the advancement of technology: Metastock, Amibroker, TradeStation, Advanced Get, FCharts, ICharts, JCharts, BazaarTrend. But may be we traders are ignoring a hidden free gem like the Yahoo Finance Charts. Thanks to Yahoo, we Indians get absolutely live charts for our indexes from Yahoo charts absolutely FREE. I have attached an auto-updating real time Nifty chart from Yahoo Finance @ Live Nifty section of this blog at Live Nifty.

I repeat even a novice can successfully trade Nifty future using this chart. But how? Rules are again simple:

Buy Nifty when 3 mins EMA goes above 13 mins EMA and 13 mins EMA is also above 34 mins EMA. Comfirm the RSI and Stochastics both in uptrend and has not reached the overbought zone of 80. Exit Nifty longs when RSI and Stochastics both starts coming down from the overbought zone.

Sell Nifty when 3 mins EMA goes below 13 mins EMA and 13 mins EMA is also below 34 mins EMA. Comfirm the RSI and Stochastics both in downtrend and has not reached the oversold zone of 20. Exit Nifty shorts when RSI and Stochastics both starts moving up from the oversold zone.

Now lets see how I have made 45 points in Nifty yesterday (i.e. 8th May 2009), just by trading the FREE Yahoo charts. I know a picture worth a thousand words, so I attached a picture of yesterday's trades. Your comments are welcome to extend this discussion to a further height. Cheers!!
at 1:21 PM
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17 Comments:

Raju said...

Hi Indrajit,
Amazing technical expertise/guidance !
But, a small correction in the statement "Exit Nifty shorts when RSI and Stochastics both starts coming down from the overbought zone.", as
"Exit Nifty shorts when RSI and Stochastics both moving up from the oversold zone."

May 11, 2009 12:27 PM
Indrajit Mukherjee said...

Thanks Raju,

For spotting the typo error. Corrected the post.

Regards

May 11, 2009 4:26 PM
Josh said...

Hi Indrajit,
The NSE Chart you are referring is the Spot Nifty Chart from Yahoo.
Is this correct?

Regards,
Joe

May 12, 2009 4:16 PM
Josh said...

Hi Inderjit,
The free Yahoo chart information is for the Spot Nifty. Rite ?? and not for Nifty Futures?

Regards,
Josh

May 12, 2009 4:27 PM
Indrajit Mukherjee said...

Yes Josh,

From Yahoo only Nifty spot charts available. But u can always trade future using spot.

Regards

May 12, 2009 4:36 PM
Josh said...

Hi Indrajit,
Is this your email address to contact you for Real time Data.
stockmaniacs@ymail.com.

Regards,
Josh

May 12, 2009 4:44 PM
Indrajit Mukherjee said...

Right Josh, thats my address.

May 12, 2009 5:05 PM
Indrajit Mukherjee said...

Right Josh, thats my address.

May 12, 2009 5:05 PM
adwin said...

i was trying to email to you, but my gmail account fails to send mail to your account stocmaniacs@ymail.com says, there is a error in the email address.
Can u please give me your any other email address which is checked by you regularly.

July 27, 2009 4:10 PM
Indrajit Mukherjee said...

U wrote a wrong email address. add another k after the c. my id is stockmaniacs at the rate of ymail dot com.

July 27, 2009 5:07 PM
Giri said...

Hi,

In the above chart, before Short call was triggered, it has triggered a Long call (just after 11:20am. But you have mentioned only above Short call.

Your comment is highly appreciated.

Thanks,
Giri

October 15, 2009 9:02 PM
Neeraj said...

hi,indrajit,
i wanted to ask you where do you conduct your weekend web workshop.
regards,
neeraj agarwal

November 6, 2009 10:39 AM
Indrajit Mukherjee said...

Giri,

See in the long call, there is not a complete EMA crossover. So the buy has been ignored.

November 6, 2009 9:30 PM
Indrajit Mukherjee said...

Neeraj, go through Premium Services page for details about the workshop. Its web based so u can attend from ur home.

November 6, 2009 9:32 PM
Neeraj said...

dearIndrajit,
i wanted to take a classroom kind of a coaching in technical analysis.if you do not offer it please guide me and let me know any institute in proper kolkata where i can avail of the same.i am a fresher in my office and the chart you mentioned that a novice can also understand,actually a colleague of mine takes much pride for understanding it.
ragards
neeraj

November 7, 2009 11:47 AM
Anonymous said...

Dear Author www.stockmaniacs.net !
Excuse, that I can not participate now in discussion - it is very occupied. I will be released - I will necessarily express the opinion on this question.

December 4, 2009 11:05 AM
Anonymous said...

I want to quote your post in my blog. It can?
And you et an account on Twitter?

December 25, 2009 6:32 PM

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