My daytrading

[Raghavacc]

Hi,

This is the Nifty 5 min chart. Please observe the blue line in the image attached. Here is where RSI > 70 for more than 5 candles (satisfying the first condition), for the second condition, there is no candlestick pattern showing negativity signs but the Nifty has crashed. Please suggest the behaviour behind it.

Also, for Tata Steel and SBI, the candlestick trends were positive in the daily charts of the type "Meeting Lines Pattern" and "Bullish hold pattern", still both of them closed in negative. Any suggestive reasons.

Laxsri,

I cannot find any chart in your post.

However Coming back to your point. Yes Indeed the Nifty stayed in OB> 5 bars and then got crashed as per 5 Minutes chart.Thats the exact reason I make use of BB as well as Pivot breaks.

Thats one part - Second part is even good systems will fail once in a while.No system is failpoof. Thats why I mix price action,BB and Pivot breakouts.

Later when I post the chart I will explain what I did.

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Tata steel ,SBI -We are in a downtrend. Friday bulls tried to reverse the market.Just by looking at one candle on daily chart we cannot say whether its going to be reversal or not. We need confirmation.Whats that confirmation? more higher closes.So we need to wait.Today bears have reversed it again downside.I suggest you to study Steve Nissons "Candlestick charts " thouroughly.

For me Tatasteel gave great opportunity.I do not trade SBI .Hence can't comment.

TATAMOTORS.

By now I must have posted more than 50 charts overall.If anyone traded these signals seriously then there is no looking back.

Its just not one or two days phenomena. Its universal.Charts keep generating these signals.


Regards
Raghav

 

[Raghavacc]

Gap up always creates noise. So as per this method one has to wait for first 1.5 hours atleast. market won't go anywhere.

I am not putting BB as today I am putting lot of green lines. As per BB as well as Pivot break went long at 4992. 4th line marked from bottom. Break of PL. got out at 5009.BB didnt give any reversal signal in 5 MINUTE CHART.4 minute chart- Lets keep it aside.

OB>5 bars. Remember I have mentioned several times we do not buy as soon as OB>5 bars. WE NEED TO BUY DIPS. So we have to wait for the dips. However dips/retracements in a day do not keep on breaking PL's. I waited till 3rd P/L break and went short. Other reason is at 3rd P/L break I got very nearby S/L .Just listen what system and market says. Reward or S/L.No issues.

Regards
Raghav

 

[Raghavacc]

I will not be available on here for next few weeks due to my personal commitments.In case any one is serious about this method can try this out with any scrip with as little as 20-30 shares and let me know the feedback.

I have posted enough charts with crystal clear clarity & notes understandable to all.

Best wishes till I comeback..

Regards
Raghav

 

[laxsri]

In today's case - The price was falling but the RSI was rising. Even after RSI rose, the price did not follow the pattern to rise? Why so?

 

[laxsri]

In today's case - The price was falling but the RSI was rising. Even after RSI rose, the price did not follow the pattern to rise? Why so?

PS: Should I specify the link of the image here: http://yfrog.com/evchartvj

 

[desifxtrader]

Price is the King

In today's case - The price was falling but the RSI was rising. Even after RSI rose, the price did not follow the pattern to rise? Why so?

:rofl: I'm really amazed.

Who is RSI and why should Price follow it??

Please, please take two minutes of your valuable time to go thru this:

http://www.traderji.com/technical-analysis/39590-why-technical-indicators-dosent-work-2.html#post431222

hope this helps

 

[laxsri]

Re: Price is the King

Any other members have a different view on the RSI divergence (should one not take it as a guideline?)

 

[rajputz]

Re: Price is the King

Any other members have a different view on the RSI divergence (should one not take it as a guideline?)

Dont use it alone to take the decision. Combine it with some other. Bollinger band in this case is helpful, but ultimate decision is urs. Some prefer RSI with stochastic, some with pivot method.

Check this link. It might help you combining bollinger and RSI.

http://www.traderji.com/beginners-guide/37052-beginners-guide-14.html#post435528

 

[sumitdasjoshi]

HELLO FRIENDS AS RAGHAV IS NOT HERE but tody we can see that how wonderful is this method is i am posting todays 5 min chart and as you can see there are 3 opertunity we got as stoch is ob for more than 5 bars so we know we will only buy we buy in every deep
and the 3 trade is i thnk there a negative diverganse also well i dont know much about divergance if i am wrong dont mind it see the chart and enjoy.as i am also learnig this method those who are using this method clear me if i am wrong.

http://yfrog.com/1qnifty2g

 

[columbus]

HELLO FRIENDS AS RAGHAV IS NOT HERE but tody we can see that how wonderful is this method is i am posting todays
5 min chart and as you can see there are 3 opertunity we got as stoch is ob for more than 5 bars so we know we will only buy we buy in every deep
and the 3 trade is i thnk there a negative diverganse also well i dont know
much about divergance if i am wrong dont mind it see the chart and enjoy.as i am also learnig this method those who are using this method clear me if i am wrong.

Hi Sumit,

I agree with you.Yes,Today we had 4-5 good opportunities.Please refer to
http://www.traderji.com/day-trading/27421-bollingerbands.html#post438447
If the candles are above Middle line (Avg,s20) then you can hold the position.
If you observe on 6min TF we had few candles in Lower Band thorough out
the day.