Manoj's Trading Diary

Discussion in 'Trading Diary' started by manojborle, Dec 8, 2016.

  1. manojborle

    manojborle Well-Known Member

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    1303 candle adx is trading above 35 meaning trending and I look for entries when adx indicates range that is below 35. I use 35 level on ADX instead of 25.
    1427 candle RSI is above 50
     
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  2. manojborle

    manojborle Well-Known Member

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  3. southpaw

    southpaw Active Member

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    are u using rsi from the same TF to decide? in this case longs?
     
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  4. manojborle

    manojborle Well-Known Member

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    I consider RSI from daily chart to decide long/short. Intraday RSI is for timing the entry/exit.
     
  5. chavanms

    chavanms Active Member

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    Hi manoj
    if time permit please explain target calculation for possitive reversal

    Regards

    Mukesh

    Sent from my HUAWEI RIO-L01 using Tapatalk
     
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  6. manojborle

    manojborle Well-Known Member

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    Author and trader, Andrew Cardwell discovered two other types of divergences which he called positive and negative. These divergences are found in every phase of a stock's movement... whether it's trending or range bound.

    The beauty of positive and negative divergences is their ability to forecast price movement.

    First, locate positive and negative reversal patterns in the RSI and label the troughs and peeks like this...

    [​IMG]

    Using the corresponding closing prices, plug them into the following formula to get the new up-side price target...


    ( X - W ) + Y = price target


    A down-side price target can be calculated using the negative reversal pattern. Label the peeks and trough on the RSI. Then, using the closing price, calculate the price objective with this formula...


    Y - ( W - X ) = price target

    Thanks
     
  7. chavanms

    chavanms Active Member

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    Thanks

    Sent from my HUAWEI RIO-L01 using Tapatalk
     
  8. manojborle

    manojborle Well-Known Member

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  9. manojborle

    manojborle Well-Known Member

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    Trade plan for 13th Dec

    RSI on daily is falling from 50 level indicates extremely bearish view.
    Falling ADX means weakening trend or possible range formation.
    So short trades only in nifty future.

    AS ADX indicates range, on trading time frame resistance zone is 55-65 RSI level and plan will be to short in that level.

    Resistance : 8187,8206, 8215, 8240, 8252, 8278
    Support : 8156, 8130, 8101, 8079

    Demark Trendlines
    If spot nifty opens below 8143 then its a valid breakdown with target of 7918.
    Any situation other than this will be breakdown failure below 8143
     
    Last edited: Dec 13, 2016
  10. manojborle

    manojborle Well-Known Member

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    Update: Spot nifty has opened at 8196 so break below 8143 will be breakdown failure
     
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