My System - My trades.

[varunkochhar]

So VJAY ji if you have taken the trade keep a strict SL of 3602 or 3600. My minimun greed (profit levels) would be 8-10 points.

 

[varunkochhar]

Re-enter shorts ?

 

[VJAY]

Re-enter shorts ?

yes shorts ...

 

[varunkochhar]

Well they can short again as close to the 200EMA line with stop above the last pivot high which would be just above 200EMA's current value. Right now 1 point above 3622 (3623).

 

[varunkochhar]

So now that you have the SL it is upto you if you want to take the trade or not. Only take trades where first and foremost the SL is within your risk range. Leave the other trades where you are not comfortable with the stop.

 

[VJAY]

Well they can short again as close to the 200EMA line with stop above the last pivot high which would be just above 200EMA's current value. Right now 1 point above 3622 (3623).

:clapping:

 

[varunkochhar]

Trying to answer your querries one by one Taurus ji.
There is only one rule to initiate a trade. Both Price and OBV should be on the same side of 200EMA.
Since you can always know when the price(and between price and OBV you can know when price would breach that level) would flipover to the other side of 200EMA, i stay in wait for it (I pre-empt not discretion) and put an order when we are about to approach that value. We can do so by keying in the exact value of the 200EMA, or the last pivot low below 200EMA (in case of shorts) / the last pivot high above 200 EMA. Your SL in either case is already established as the preceding pivot high (for shorts) and pivot low (for longs). It is upto you whether you want to take the trade as per your risk appetite. For taking profits you can have a pre-defined greed level say 50/70/100 points or you can trail it by using the 36EMA, or anyother method you deem fit. I hope your querries have been addressed.

 

[Aman1]

Its a boring trading day today. No movement in crude.

 

[vijkris]

Its a boring trading day today. No movement in crude.

it just moved to new day low...

 

[niftytaurus]

Yes Vjay ji, one has to watch the price movement near previous day's high and lows OBV levels. They at times give excellent trading opportunities. Much better than waiting for 200EMA. But you need to have strict well defined stops as a convincing breach of those levels might lead to BD/BO. And this is for the well trained trader as you are effectively trading Pull Backs and against our earlier 200EMA rule based trading.

Vijay bro as you are planning to put pdh/pdl on obv..Varun Sir talk about same thing in this post...helpful for making your system more simpler:lol: