Queries From "Teach a Man to..." thread!!

[sam_chinks]

Sam

Dear Saint,

After doing a lot of stuff in trading, some good some bad, net net on loss. I jus want to simply my approach to trading n whose better to go to, den the Master of Simplicit Approach himself. So here are a few trade i took in recent times and want to know whether my approach was correct, or there's other better way out.

So M enclosing first the daily chart of Infy.

Now here's my trade execution diary...........

1) Point A 6/6/08, still Inching higher,still a uptrend.....No Positions.

Hey One thing here, doesn't this Point A, looks like a 3 bar reversal set-up, n can b shorted??

2) Point B 10/6/08, taken quite a beating n made a low of 1796, still above Pivot low of 1791 made on 26/5/08,no problem, still in Uptrend. No Positions.

3) Point C 17/6/08, made a high of 1950. Still in Uptren. No Positions.

4) point D 24/6/08, broken Pr. Piv Low of 1796 (10/6), now Lower Piv High n low, Entered Short here, with a S/loss at Pr Piv High of 1950.

Is it a trade worth entering???

5)Till Point E its ok, went in my Favour.

6) Den a surge till Point F (2/7/08) n made a high of 1844, no problem, still in trade.

7) Den it drifted to Point G (8/7/08), will v consider this as a Pivot Low(since it is still inside the range of Big Candle F),if later price breaks High of Point F???

8) Point H (10/7/08), price opened gap up, n crossed Pivot high of point f (1844). Will v exit our Short Position n enter long?? Since the price jus opened gap up n made a high of 1885 on opening gong, dats my only concern??

It might be a fake out, but if I need to enter short here, will I consider point G as Pr. Pivot Low(8/7/08, 1711) to b broken to go short again, or should I consider Point E(1695) to get broken n enter short again??

I guess my way of putting my queries n the description was real messy, forgive me my friend for dat. But jus want your wisdom on dis. Hope you 'll consider it worth replying.

God bless.

Regards.

Gaurav..

 

[sam_chinks]

Re: Teach A Man To Fish And.........

Dear Saint,

Here's another trade which I executed on Friday before the IIp data. plz come with your views on it. Below is a chart of ABB Intra Day (60 Min.)....

I entered short @ Point I, when it broken the level of 895, seeing Pr. days bar set up. N also seeing the negative divergence in Rsi. N I added more when the lows of Point G (875) taken out, confirming downtrend on Intra day Chart. Since I entered the trade on 60 min chart, should I cover the shorts on Intra day basis only, or should i carry the long, wht factor should one consider on whether to carry the trade or exit n book profit.

Hope M on the right foot, n not bugging you with some stupid stuff. Hope to hear your views soon.

Thanks n Regards.

Gaurav.

 

[sanx]

Re: Teach A Man To Fish And.........

Dear Saint,

Here's another trade which I executed on Friday before the IIp data. plz come with your views on it. Below is a chart of ABB Intra Day (60 Min.)....

I entered short @ Point I, when it broken the level of 895, seeing Pr. days bar set up. N also seeing the negative divergence in Rsi. N I added more when the lows of Point G (875) taken out, confirming downtrend on Intra day Chart. Since I entered the trade on 60 min chart, should I cover the shorts on Intra day basis only, or should i carry the long, wht factor should one consider on whether to carry the trade or exit n book profit.

Hope M on the right foot, n not bugging you with some stupid stuff. Hope to hear your views soon.

Thanks n Regards.

Gaurav.

sam check this , this was posted in going with 60 minutes thread. What I see there is never to carry on . Close all things that day itself .

Originally Posted by rakeshluthra430
Hi Saint,
Just a curious question:
We know we shd not change the time frame once we are in the trade. However, can we dop it once we are in profit. Example, can we convert a 60 min trade to a day trade once we are in profits....just with the intention of letting the profit run.
It would be diferent than timing the daily trade with the help of 60 min..bec in that case, our stop loss will also be on the daily charts.

Please ignore if this question is outright illogical.

Thanks,
Rakesh
Hi Rakesh,

Presuming you are trading the 60min chart,unidirectional play,you have a great entry,and you are looking to a great exit..........you get a free fall,nice,no problem at all in bringing the time frame to 15min and exitting once pivot highs break to the up.........But do not forget to get back in short if the 60 is still showing a downtrend.In essence,you are actually trading the 15min chart following the trend pattern of the 60.

Or you could try the same method as talked abt in this thread,using the 15min chart.......up and down the 15 min chart,forget the 60min chart,don't worry what's happening there,don't bother abt the perspective charts,just long and short the 15.......But remember,tougher on the 15 as pivots break to the up,and then immediately break to the down,more volatile,so careful,but if you are eyeballing it well,then go ahead........whatever you do,bring analyses to as minimum as possible,give your broker as minimum as possible,.........my viewpoint,trade as little as possible,make as much as possible.

But don't try to use the 60min entry,and fine tune an exit using the 15,and then revert and go long all the while looking at the 60min..........you could be right every now and then,but the turnaround can be rather painful.

So either of the 2 ways in the first 2 paragraphs above is fine,not the last.

All the best!
Saint

 

[Saint]

Re: Queries From students of Saint

Hi Gaurav,

Nice to hear from you.....


Shall reply soon.Give me some time.

Thanx
Saint

 

[Saint]

Re: Sam

Dear Saint,

After doing a lot of stuff in trading, some good some bad, net net on loss. I jus want to simply my approach to trading n whose better to go to, den the Master of Simplicit Approach himself. So here are a few trade i took in recent times and want to know whether my approach was correct, or there's other better way out.

So M enclosing first the daily chart of Infy.

Now here's my trade execution diary...........

1) Point A 6/6/08, still Inching higher,still a uptrend.....No Positions.

Hey One thing here, doesn't this Point A, looks like a 3 bar reversal set-up, n can b shorted??

2) Point B 10/6/08, taken quite a beating n made a low of 1796, still above Pivot low of 1791 made on 26/5/08,no problem, still in Uptrend. No Positions.

3) Point C 17/6/08, made a high of 1950. Still in Uptren. No Positions.

4) point D 24/6/08, broken Pr. Piv Low of 1796 (10/6), now Lower Piv High n low, Entered Short here, with a S/loss at Pr Piv High of 1950.

Is it a trade worth entering???

5)Till Point E its ok, went in my Favour.

6) Den a surge till Point F (2/7/08) n made a high of 1844, no problem, still in trade.

7) Den it drifted to Point G (8/7/08), will v consider this as a Pivot Low(since it is still inside the range of Big Candle F),if later price breaks High of Point F???

8) Point H (10/7/08), price opened gap up, n crossed Pivot high of point f (1844). Will v exit our Short Position n enter long?? Since the price jus opened gap up n made a high of 1885 on opening gong, dats my only concern??

It might be a fake out, but if I need to enter short here, will I consider point G as Pr. Pivot Low(8/7/08, 1711) to b broken to go short again, or should I consider Point E(1695) to get broken n enter short again??

I guess my way of putting my queries n the description was real messy, forgive me my friend for dat. But jus want your wisdom on dis. Hope you 'll consider it worth replying.

God bless.

Regards.

Gaurav..

Hi Gaurav,

Point A:Yes,it can be shorted.........not that it has broken any pivot.But you got yourself a Topping Tail .....Short below the low and stops at the high.

If you didn't short at Point A waiting for some pivot confirmation,then that bar that you signified as Point B is it.....It breaks previous pivot lows for the first time in a while.

Point C now puts up a lower pivot high......If you are playing pivots,you are holding your shorts.And adding once you break to newer lows.That would be Point D......your add position.

You are out of your shorts at Point F around 1800 area when that candle took out previous pivot highs.

Would you enter long....that depends on your strategy.Do you go against the general trend?Depends.

The place to go short again would be if the lows of Point G is broken to the down......which happened with that last bar.

Feel free to ask.....Answers may take some time in coming though,so sincere apologies for that.

Saint

 

[Saint]

Re: Teach A Man To Fish And.........

Dear Saint,

Here's another trade which I executed on Friday before the IIp data. plz come with your views on it. Below is a chart of ABB Intra Day (60 Min.)....

I entered short @ Point I, when it broken the level of 895, seeing Pr. days bar set up. N also seeing the negative divergence in Rsi. N I added more when the lows of Point G (875) taken out, confirming downtrend on Intra day Chart. Since I entered the trade on 60 min chart, should I cover the shorts on Intra day basis only, or should i carry the long, wht factor should one consider on whether to carry the trade or exit n book profit.

Hope M on the right foot, n not bugging you with some stupid stuff. Hope to hear your views soon.

Thanks n Regards.

Gaurav.

Nothing stupid in the process of learning,my friend....Doubts are a must as you clear the cobwebs.

If the trade is off the 60min chart,cover it when previous pivot highs are broken to the upside on the 60min chart.In short,you are holding your shorts overnight.

And the short is below that bar/candle that you have marked as "12".....You have your pivot break.You enter short with stops at previous pivot highs.And,yes,below G is your add.

Saint

 

[solacefanatic1]

Re: Solace

saint sir !
Please excuse my ignorance.Your 2 minutes shall enlighten me.

I just read E&M, and it said-"if the bottomline is horizontal and the upper slants downward to the intersection point to the right,the resulting area pattern is called the descending triangle.
please clear my doubt!

Also first low(pl1) breaks at PL2(as far my little knowledge) so should not we go short in JULY.

I know u r damn busy but your just 2 minutes are a life for me.
regards

Is my query is so silly so it remained unanswered, as the guy after me has been answered.

 

[Saint]

Re: Solace

Is my query is so silly so it remained unanswered, as the guy after me has been answered.

Look at your chart,my friend........is that a horizontal line to you?Nothing wrong with e&m......Have already explained to you that this is not a descending triangle.A slanting down lower and upper lines qualifies it as a falling wedge......which too it is not.

Please read up again........you are not seeing what should be seen.So,instead of getting irritated.......put in some study time.

And,my friend,I shall answer the queries in any way I choose......or in any order that I so feel is comfortable.

Saint

 

[Ank!t007]

Re: Queries From students of Saint

Hello Sir,

I was short on nifty as 5 min pivot has broken (30 min was in downtrend).But next 2 pivots created both HH and LL.What should we do in such scenario ?

Ankit

 

[Saint]

Re: Queries From students of Saint

Hello Sir,

I was short on nifty as 5 min pivot has broken (30 min was in downtrend).But next 2 pivots created both HH and LL.What should we do in such scenario ?

Ankit

If trading the 5min alone.......honour your stops.Look to get back in short at the next opportunity.

If trading the 30min,the higher pivot highs and lows on the 5 mean nothing as your stop is still some way off.....You would still be short.

Saint