TRADING NIFTY on DAILY TIME FRAME

[sunny_cool]

Very nice thread started Ntrader....:thumb:

Want to know how u come up with all three levels on chart?

Hello

I am planning to start trading Nifty on Daily TF. I will use this thread to track the nifty trend on daily time frame.

To track the trend I am using the daily candles with a 5 days EMA of Open & Close on the chart. The direction of the EMA will give us basic idea of the current trend. Further refinements based on opening gaps, exhaustion moves and basic candle formations like if the price is making a higher high or lower low on daily basis etc.

This is not a mechanical system that i am using, i am open to use my judgement to take a call on when to go long or short or stay out of the trend. i do not consider using discretion in trading as a negative or bad thing. i know many traders will disagree with this and many prefer a definite up and down arrows on the charts to initiate the trade.

Current trend is clearly down but not tracking this current short trade on this thread as the entry is an old one.

As i see the charts now, we will go long on Nifty Future if it closes above 4850.

Thanks

 

[NTrader42]

Very nice thread started Ntrader....:thumb:

Want to know how u come up with all three levels on chart?

Hey Sunny

The levels come from price action, they are clear turning point or pivotal points, it can be swing high low on daily or a high / low of 2 bar that are in opposite direction (engulf / pipe) or even a high/low of a very wide range bar basically a price level that if taken out by today's candle then we can easily say the trend has turned.

As it is a daily chart, we can relay on fewer candles/bars and need not have min 5/3 candles to decide a pivotal point.

Thanks

 

[ayush2020]

Hey Sunny

The levels come from price action, they are clear turning point or pivotal points, it can be swing high low on daily or a high / low of 2 bar that are in opposite direction (engulf / pipe) or even a high/low of a very wide range bar basically a price level that if taken out by today's candle then we can easily say the trend has turned.

As it is a daily chart, we can relay on fewer candles/bars and need not have min 5/3 candles to decide a pivotal point.

Thanks

hii Dear Ntrader42.. last page u have given around 5 AFL ..will it work in a single sheet or else different ??

 

[NTrader42]

hii Dear Ntrader42.. last page u have given around 5 AFL ..will it work in a single sheet or else different ??

Hey Ayush

I use 2 charts to track the SH315, one with basic cross, the predictive level for next cross and other showing all the extreme cases like the % envelope, the candle not touching 3EMA, the 3ma reversals etc. . .


If you are trading or planing to trade SH315, please scan through few years of charts one day at a time, it is a very good system but you have to follow all the tricks that SH has devised, hope you have read all his posts on his threads.

Hope this helps

Thanks
NT

 

[ayush2020]

Code to highlight the candle not touching 3 ema

_SECTION_BEGIN("Price");
SetChartOptions(0,chartShowArrows|chartShowDates);
_N(Title = StrFormat("{{NAME}} - {{INTERVAL}} {{DATE}} Open %g, Hi %g, Lo %g, Close %g (%.1f%%) {{VALUES}}", O, H, L, C, SelectedValue( ROC( C, 1 ) ) ));
Plot( C, "Close", colorBlack, styleNoTitle | GetPriceStyle() ); 
_SECTION_END();

_SECTION_BEGIN("eXTREME RUNs");

//Can Book Profit when Last Candle Not toucing EMA3
FlagUP01	=	ema03 > ema15 AND ema03 < L;	//Buy Mode Ruaway Profit Part Booking
FlagDN01	=	ema03 < ema15 AND ema03 > H;	//Short Mode Ruaway  Profit Part Booking

PlotShapes(FlagUP01 * shapeHollowCircle, colorBlue, 0, H, 5);
PlotShapes(FlagDN01 * shapeHollowCircle, colorRed,  0, L,-5);

//Take a Contra Position when 2 Full Candles Not toucing EMA3
FlagUP02	=	ema03 > ema15 AND ema03 < L AND Ref(ema03,-1) < Ref(L,-1);	//Buy Mode Ruaway Contra Entry
FlagDN02	=	ema03 < ema15 AND ema03 > H AND Ref(ema03,-1) > Ref(H,-1);	//Short Mode Ruaway Contra Entry

PlotShapes(FlagUP02 * shapeHollowDownArrow, colorDarkYellow, 0, H,-20);
PlotShapes(FlagDN02 * shapeHollowUpArrow,  colorDarkYellow, 0, L,-20);

_SECTION_END();

Note: Please ask all your questions regarding the SH315 method on the original thread, here I have just collecting the material for easy reference

plz check in this afl ..some error is coming.

 

[NTrader42]

plz check in this afl ..some error is coming.

Hello Ayush

Please include these 2 lines in the code

ema03 = EMA(C,3);
ema15 = EMA(C,15);

as shown below, or copy it from below

_SECTION_BEGIN("Price");
SetChartOptions(0,chartShowArrows|chartShowDates);
_N(Title = StrFormat("{{NAME}} - {{INTERVAL}} {{DATE}} Open %g, Hi %g, Lo %g, Close %g (%.1f%%) {{VALUES}}", O, H, L, C, SelectedValue( ROC( C, 1 ) ) ));
Plot( C, "Close", colorBlack, styleNoTitle | GetPriceStyle() );
_SECTION_END();

_SECTION_BEGIN("eXTREME RUNs");

ema03 = EMA(C,3);
ema15 = EMA(C,15);

//Can Book Profit when Last Candle Not toucing EMA3
FlagUP01 = ema03 > ema15 AND ema03 < L; //Buy Mode Ruaway Profit Part Booking
FlagDN01 = ema03 < ema15 AND ema03 > H; //Short Mode Ruaway Profit Part Booking

PlotShapes(FlagUP01 * shapeHollowCircle, colorBlue, 0, H, 5);
PlotShapes(FlagDN01 * shapeHollowCircle, colorRed, 0, L,-5);

//Take a Contra Position when 2 Full Candles Not toucing EMA3
FlagUP02 = ema03 > ema15 AND ema03 < L AND Ref(ema03,-1) < Ref(L,-1); //Buy Mode Ruaway Contra Entry
FlagDN02 = ema03 < ema15 AND ema03 > H AND Ref(ema03,-1) > Ref(H,-1); //Short Mode Ruaway Contra Entry

PlotShapes(FlagUP02 * shapeHollowDownArrow, colorDarkYellow, 0, H,-20);
PlotShapes(FlagDN02 * shapeHollowUpArrow, colorDarkYellow, 0, L,-20);

_SECTION_END();

Thanks
NT

 

[deepanshah13]

Dear NTrader42,

You have posted FIVE different afls based on the 315 method of Tradewithhunter...

Thanks a lot for your great work...

Just a dumb question... Is it possible to MERGE all these alfs and use it as a single alf???

 

[chinmay555]

sir
thankshttp://imageshack.us/photo/my-images/21/nrtrader.jpg/

 

[ritesh.bafna88]

Dear NTrader42,

You have posted FIVE different afls based on the 315 method of Tradewithhunter...

Thanks a lot for your great work...

Just a dumb question... Is it possible to MERGE all these alfs and use it as a single alf???

yes it is possible.... just take care in reading all the different kinds of signs it generates... you need to be thorough with the signs and their meaning...

below is the combined AFL:

_SECTION_BEGIN("Price");
SetChartOptions(0,chartShowArrows|chartShowDates);
_N(Title = StrFormat("{{NAME}} - {{INTERVAL}} {{DATE}} Open %g, Hi %g, Lo %g, Close %g (%.1f%%) {{VALUES}}", O, H, L, C, SelectedValue( ROC( C, 1 ) ) ));
Plot( C, "Close", colorBlack, styleNoTitle | GetPriceStyle() );
_SECTION_END();

_SECTION_BEGIN("SH315 Basic Cross");

Len01 = Optimize("Len01", Param("Len01", 3, 2, 15, 1), 2, 15, 1);
Len02 = Optimize("Len02", Param("Len02", 15, 10, 100, 1), 10, 100, 1);

ema03 = EMA(C, Len01);
ema15 = EMA(C, Len02);

color03 = IIf(ema03 > Ref(ema03, -1), colorDarkGreen, colorDarkRed);
color15 = IIf(ema15 > Ref(ema15,-1), colorBlue, colorRed);

Plot(ema03, "", color03, styleThick);
Plot(ema15, "", color15, styleThick);

Buy = Cross(ema03, ema15);
Sell = Cross(ema15, ema03);

Buy = ExRem(Buy,Sell);
Sell = ExRem(Sell,Buy);

Short = Sell;
Cover = Buy;

SetPositionSize(1,4);

PlotShapes(Buy * shapeUpArrow, colorBlue, 0, L);
PlotShapes(Sell * shapeDownArrow, colorRed, 0, H);

_SECTION_END();

_SECTION_BEGIN("EMA Predict Cross");
// Anticipate an EMA cross
p=3;
K=15;

EMAp = EMA(C,p);
EMAk = EMA(C,k);

EMAcrossClose = ((p+1)*(k-1)*EMAk-(k+1)*(p-1)*EMAp)/(2*(k-p));

Plot(EMAcrossClose, "",0,styleStaircase);

_SECTION_END();
_SECTION_BEGIN("EMA3 Reversal");
// Book everything when ema3 going in the opposite direction of the position for 2 days

FlagUP04 = ema03 < ema15 AND ema03 > Ref(ema03,-1) AND Ref(ema03,-1) > Ref(ema03,-2);
FlagDN04 = ema03 > ema15 AND ema03 < Ref(ema03,-1) AND Ref(ema03,-1) < Ref(ema03,-2);

PlotShapes(FlagUP04 * shapeSmallUpTriangle, colorDarkGreen, 0, L);
PlotShapes(FlagDN04 * shapeSmallDownTriangle, colorOrange, 0, H);

_SECTION_END();

_SECTION_BEGIN("eXTREME RUNs");

ema03 = EMA(C,3);
ema15 = EMA(C,15);

//Can Book Profit when Last Candle Not toucing EMA3
FlagUP01 = ema03 > ema15 AND ema03 < L; //Buy Mode Ruaway Profit Part Booking
FlagDN01 = ema03 < ema15 AND ema03 > H; //Short Mode Ruaway Profit Part Booking

PlotShapes(FlagUP01 * shapeHollowCircle, colorBlue, 0, H, 5);
PlotShapes(FlagDN01 * shapeHollowCircle, colorRed, 0, L,-5);

//Take a Contra Position when 2 Full Candles Not toucing EMA3
FlagUP02 = ema03 > ema15 AND ema03 < L AND Ref(ema03,-1) < Ref(L,-1); //Buy Mode Ruaway Contra Entry
FlagDN02 = ema03 < ema15 AND ema03 > H AND Ref(ema03,-1) > Ref(H,-1); //Short Mode Ruaway Contra Entry

PlotShapes(FlagUP02 * shapeHollowDownArrow, colorDarkYellow, 0, H,-20);
PlotShapes(FlagDN02 * shapeHollowUpArrow, colorDarkYellow, 0, L,-20);

_SECTION_END();

_SECTION_BEGIN("Envelope");
BandWt = Param("Env %",6.5, 2, 15,0.5) /100;
ema17 = EMA(C, 17);
ema17HB = ema17 * (1 + BandWt);
ema17LB = ema17 * (1 - BandWt);

Plot(ema17HB, "UB", colorRed, styleDashed | styleThick);
Plot(ema17LB, "LB", colorBlue, styleDashed | styleThick);
_SECTION_END();