New Intermed Uptrend!!

Satyen · #**4221** 16th May 2008, 03:07 PM

Quote:

Originally Posted by rakeshluthra430

Satya,
Thanks a lot for confirming abt the daily chart and for your prompt reply to the pm....really nice of you.

Thanks again,
Rakesh

you are welcome .....

Regards
Satya

milkyblack · #**4222** 16th May 2008, 03:47 PM

Dear Saint and all Senior members,

Help needed abt todays NF 5 min chart...

According to pivot system... today the pivot low of 5110 was broken and then made another pivot low of 5107... well tht means to exit long on the break(of 5110) and short with SL of 5147 rgt? But today it made a double bottom at tht level of 5110... and by rules of pivot one should hold until SL gets hit rgt? Is there anyway to avoid such scenario like today? Did I read the chart wrong? As I had followed it and obviously it broke out 5147... Let me add to this tht, I follow pivot system and it is profitable... but was just wondering if this type of situation can be avoided or atleast a small SL (logical) can be placed where one can even reverse position... was the fall at 1.30 pm a vertical fall? In tht case 5135 could have been the SL, but can we reverse it there? Also can one reverse position once the WRB high/low is taken out?

It was not a good day for me in trading today... but I want to make it a better one... if I could learn something by learing my mistakes of the trade I took today. Kindly point out my mistake of going short below 5110 with SL of 5147... (the SL was even deep, but tht was fine with me, if it was logical), but if there was some other logical reversal SL below tht... plz explain it to me...

Learning is best done in ranging markets(ofcourse by paying some tution fee) though it was little expensive today!

Hope the learning to payback much more!

Regards

milkyblack · #**4223** 16th May 2008, 04:51 PM

Saint,
Today you are going to start the new 60min thread?

Wht would be the name of the thread?
"Assured hourly income"
"6 crores in 60 minutes"
"At 60 but still hot"

I am sure you will come up with a nice decent name

Regards

jamit_05 · #**4224** 17th May 2008, 12:32 AM

Quote:

Originally Posted by milkyblack

Dear Saint and all Senior members,

Help needed abt todays NF 5 min chart...

According to pivot system... today the pivot low of 5110 was broken and then made another pivot low of 5107... well tht means to exit long on the break(of 5110) and short with SL of 5147 rgt?

Let me see if I can answer that.

I hope you are using the hourly for reference. In that case hourly is still up, hence no shorting!

Quote:

Originally Posted by milkyblack

But today it made a double bottom at tht level of 5110... and by rules of pivot one should hold until SL gets hit rgt? Is there anyway to avoid such scenario like today?

By "avoid" you mean, you are hoping that there will be a way to avoid ALL whipsaws. One carpet solution. Nope, there isnt one.

Quote:

Originally Posted by milkyblack

Did I read the chart wrong? As I had followed it and obviously it broke out 5147... Let me add to this tht, I follow pivot system and it is profitable... but was just wondering if this type of situation can be avoided or atleast a small SL (logical) can be placed where one can even reverse position... was the fall at 1.30 pm a vertical fall? In tht case 5135 could have been the SL, but can we reverse it there? Also can one reverse position once the WRB high/low is taken out?

It was not a good day for me in trading today... but I want to make it a better one... if I could learn something by learing my mistakes of the trade I took today. Kindly point out my mistake of going short below 5110 with SL of 5147... (the SL was even deep, but tht was fine with me, if it was logical), but if there was some other logical reversal SL below tht... plz explain it to me...

My suggestion is that while working in this area of the forum where Saint's shadows lurk, do not expect anything technically magical. Expect just plain simple trend following.

This pivot method is good enough for you, but the real question is are you good enough for it

(This is my personal realization too).

jamit_05 · #**4225** 17th May 2008, 12:35 AM

Hi Saint,

About the new Nifty thread, will it revolve around trading the hourly timeframe or a 5 min timeframe?

milkyblack · #**4226** 17th May 2008, 07:28 AM

Quote:

Originally Posted by jamit_05

Let me see if I can answer that.

I hope you are using the hourly for reference. In that case hourly is still up, hence no shorting!

By "avoid" you mean, you are hoping that there will be a way to avoid ALL whipsaws. One carpet solution. Nope, there isnt one.

My suggestion is that while working in this area of the forum where Saint's shadow lurks, do not expect anything technically magical. Expect just plain simple trend following.

This pivot method is good enough for you, but the real question are you good enough for it

Thanks a lot jamit!

Actually I myself... did tht mistake of shorting... as 60min was in UT... so all my questions gets answered in a single line... tht I should not have shorted...

Well I still request you, Saint and other senior members to please look at the other queries also, should trade be reversed at break of WRB high/low, and second query in vertical fall/rise, the 2 bar SL mechanism is it to "only" exit or also to "reverse"...

Regards

ps: I do not know if I am good for pivot system... how can I know it?

milkyblack · #**4227** 17th May 2008, 07:34 AM

Hello Saint and senior members,

I have one more query for the 60 min NF chart... and I really need guidance on tht...
Say I am trading 60 NF... In tht case it is UT... Now it made a Pivot low near 4940/4930... after tht it kept on moving up, taking the pivot high of 5080...
and then it kept on moving up, after continuation pattern brk outs...
Now my query is tht ... where should be the SL be placed... is it at the pivot low near 4950 or below the low of the continuation pattern.. 5100...
But do we short when it trades below 5100
will 5100 be considered a pivot low? or a low of a consolidation?
Also when can we say tht the UT of 60 is in "question" now... apart from Uptrend line break... following pivot system
Really need guidance on this...

Regards

jamit_05 · #**4228** 17th May 2008, 08:48 AM

Quote:

Originally Posted by milkyblack

Well I still request you, Saint and other senior members to please look at the other queries also, should trade be reversed at break of WRB high/low, and second query in vertical fall/rise, the 2 bar SL mechanism is it to "only" exit or also to "reverse"...

Our primary intention while following the Pivot method is to catch the most of a trend. In that light, if I were to reverse my position at the break of a Wide Range Bar' H/L will I be in line with the prevailing trend? No, right. So you do not reverse your positions.

Saint does not typically reverse his position in such a manner. And as far as my belief in him goes, he will not teach what he does not do. Thus far he has said that he would take profits after a WRB. Not at the reverse of it though. Meaning, he wants to make the best of the quick move, a windfall. Like he did in Bombay Dyeing recently.

Even for your second query, do not think about reversing too much. There isnt much room for it in Pivot method.

Good bout of questions Milky. Nice. It feels good to have revised some important concepts.

Amit.

jamit_05 · #**4229** 17th May 2008, 09:23 AM

Quote:

Originally Posted by milkyblack

Hello Saint and senior members,

I have one more query for the 60 min NF chart... and I really need guidance on tht...
Say I am trading 60 NF... In tht case it is UT... Now it made a Pivot low near 4940/4930... after tht it kept on moving up, taking the pivot high of 5080...
and then it kept on moving up, after continuation pattern brk outs...
Now my query is tht ... where should be the SL be placed... is it at the pivot low near 4950 or below the low of the continuation pattern.. 5100...
But do we short when it trades below 5100
will 5100 be considered a pivot low? or a low of a consolidation?
Also when can we say tht the UT of 60 is in "question" now... apart from Uptrend line break... following pivot system
Really need guidance on this...

Regards

Saint, could you please refer to the chart attached. I have a question on the initial stop. The initial stop is too far so, I thought would it be okay to move it.

robin_malihan · #**4230** 18th May 2008, 11:57 AM

New contender for an uptrend , seems to be a good buy with a small stop also .

IFCI seems to be again ready for an uptrend.

This share seem be consolidating in weekly chart for some time and as far as i know consoldation after a move up is good thing for technical point of veiw, also forming a triangle in daily chart .

one more contender is aftech infosys which is also consolidating on weekly chart and has give tripple bottam and double top on daily chart means rectangle consolidation , ready to break that channel

Robin

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