Consistent profits using Trendlines

[shanki99]

That was a tough day to trade....atleast in bank nifty...the range was very narrow for most part of the time today.

A - There was this TL from yday...i didnt trade since i dont take positions till 10 30

B - Long trade since close above TL and 10ema, but cud not get that 20 pts, Stopped out near entry

C - Short trade, rest same as B
http://img357.imageshack.us/img357/1606/banky26octa.png


D - Band became extremely narrow and then the explosive up thrust...cud not catch that (see the below image)

E - Break of rising TL and close below 10ema, cud get that 20 pts

F - Price cud not break above the horizontal line from the morning and also the falling TL on the right, close below 10ema....short trade, and look where price took support at the falling TL on the left as per point G

H - Look at the volume where price took support at around 12 20, where also lies the Horizontal TL.
http://img248.imageshack.us/img248/2529/banky26octb.png

 

[shanki99]

Trades of Today (27th Oct)

Ohhh Banknifty ! What a fall !!

A - TL breach and close above 10ema...long trade

B - That was a close below the rising TL and a short trade

C - Price moved sideways after a fall of around 80 pts with heavy volume. At this point, Nifty was climbing up but, banknifty remained sideways suggesting more weakness. Hence i had a short order below the low point in Point C. But, sadly price just jumped down without triggering my order. I didnt know how far the fall will be and hence i didnt chase it, so completely missed the fall.
http://img403.imageshack.us/img403/184/banky27octa.png


D - Breach of falling TL and above 10ema, But that was a SL hit trade

E - This short trade ultimately achived the target. But, since i was trailing on the top of every successive candle, SL was hit near to the entry point.

F - There was this possible trade, which i did not take. Breach of Horizontal day's low line as well below 10ema. One cud get 20 pts here as well. But bcos of heavy volume on the bar which breached and closed below the horizontal TL, i felt that there was buying on the lows.

Overall, big profits missed out completely today :annoyed:

Entire day heavy volume selling.
http://img156.imageshack.us/img156/7084/banky27octb.png

 

[shanki99]

Just See Guys...if we meticulously follow the system, we cud achieve greater heights. I always felt that Trendlines work much better that others. By following this regime, we wud avoid so many unwanted trades thereby saving on brokerages. Even if u earn thousand rs a day with just one trade, i wud be happy that i have helped u.

Todays trade--

A - Didnt know what to do during the entire fall. I went long in one place and sadly given clean SL hit. So the day started badly. Then i waited for some time before the next. But i was expecting a pullback, bcos, banknifty was going down faster than the Nifty.

B - When it was falling freely, i was going thru the chart to find where the support is. On 25Sep09, it went till 8430, before climbing 1300 pts. So i was watching that area of 8430s. When it pulled to 8460 from 8426, volume was also above avg . I even went long at 8462 and closed at 82.

C - Two Large sized bars really bothered me to go long above the Trendline. So I waited for some time and went long on break of high of that red bar. That gave 20 pts

D -The usual short trade as per setup. Got that 20 pts

E - For some time price was dancing near that horizontal TL before breaking it at E. Usual Long trade.

F - Look at F and the Volume. Almost the best volume of the day. I even wanted to short on the next bar. But cud control the monkey inside me.

G - Since the volume (sellers galore!) was so heavy on point F, I decided to watch and go short when price touches it again. Alas it happened and i shorted at the low of that small white bar.

H - Watch the TL from Point B onwards, lending a supp hand to the price all along. Breach of that TL and closed below 10ema...short trade...Enough for me today.
http://img145.imageshack.us/img145/3391/banky28octa.png



Other possible trades today...

I - Breach of TL and close below 10ema...short trade

J - Price on TL and above 10ema...Long one
http://img30.imageshack.us/img30/5804/banky28octb.png

 

[shanki99]

29th Oct

http://img101.imageshack.us/img101/788/banky29oct.png

 

[shanki99]

Today

Gap up day...so needed to wait for some time to get minds of people to adjust

A - I was wondering what to do...decided to go long since banknifty has fallen so much for many days. But on a gap day, its always tricky. Couple of bars prior of Point A, there was that long bar which closed above 10ema. So based on that, took a long at Point A, where it took support at the rising TL.

B - Breach of TL and close below 10ema. But my short order never triggered here. Price just jumped down 10 pts.

C - Since my order at B never triggered, i shorted at C, where price touched 10ema and retraced.

D - Look at PointD, It just touched the falling TL and then price moved down fast

E - That was a steep fall from D to E. Look at E bar, that was the only bar where the previous bar's low is not broken as well as the subsequent bar takes the high out. And also the support of yday's low line

F - Price took support at TL and the next bar breaks the high of that bar which triggers a long trade.

G - Look at where price resisted, the TL from the afternoon as well the R1 of 30 min pivot. Price moved >150 points from E to G and then went back to E...

http://img249.imageshack.us/img249/9344/banky30oct.png

 

[columbus]

Today

Gap up day...so needed to wait for some time to get minds of people to adjust

A - I was wondering what to do...decided to go long since banknifty has fallen so much for many days. But on a gap day, its always tricky. Couple of bars prior of Point A, there was that long bar which closed above 10ema. So based on that, took a long at Point A, where it took support at the rising TL.

B - Breach of TL and close below 10ema. But my short order never triggered here. Price just jumped down 10 pts.

C - Since my order at B never triggered, i shorted at C, where price touched 10ema and retraced.

D - Look at PointD, It just touched the falling TL and then price moved down fast

E - That was a steep fall from D to E. Look at E bar, that was the only bar where the previous bar's low is not broken as well as the subsequent bar takes the high out. And also the support of yday's low line

F - Price took support at TL and the next bar breaks the high of that bar which triggers a long trade.

G - Look at where price resisted, the TL from the afternoon as well the R1 of 30 min pivot. Price moved >150 points from E to G and then went back to E...

http://img249.imageshack.us/img249/9344/banky30oct.png

Hello Sanki,
You can use www.tinypic.com more effectively.
1.Browse the picture
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[shanki99]

Trades of 03Nov

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[shripadk]

Hi
Thanks a lot
How do u use Pivots in your strategy? How do you calculate them? You mentioned it in the post occaisionally Or just looking at price close bellow 10 EMA and trendline is enough.Thanks in anticipation

 

[shanki99]

Hi
Thanks a lot
How do u use Pivots in your strategy? How do you calculate them? You mentioned it in the post occaisionally Or just looking at price close bellow 10 EMA and trendline is enough.Thanks in anticipation

I used to trade with 30 min pivots earlier. But it worked when it works. Otherwise not. So l left it as it is. Nowadays i use it for targets or a point of reversals. U can look at various charts, where the price touches and turns. There are many occasions where this 30 min pivots work great.

Earlier, i used to trade like this....

When prev 30min bar is red, then taken a short position at the next pivot place. meaning, take short position when price retraces to the pivot point

When prev 30 min bar is green, long at the pivot, when price retraces to that pivot point.

There where many whipsaws and i left this system

But TLs work amazingly well. Even yday, of the many trades, one didnot achieve the target of 20pts in banknifty. Earning 2 to 5k with 1 lot is easy with TLs. Be with 1 scrip and draw the TLs and always be on the watch and ready to grab the trade.

Calculation of Pivots - there are many sites which can calculate pivots for u if u give values. Google it and its very easy

Happy trading and earning !:thumb:

 

[shanki99]

Good day today :clapping: