New Intermed Uptrend!!

djsinha · #**4291** 31st May 2008, 05:17 AM

Quote:

Originally Posted by milkyblack

How can one know when the UT is abt to start and DT is over, until the pivot high is taken off?
Wht I can make out of it is, by your teachings is tht to buy above the 1st bullish candle high.... plz let us know if this is wht you meant ?

Regards

See the weekly chart. In an uptrend...u'll find series of green candles with higher highs and higher lows...then comes a series of red candles with loer highs and lower lows....well that's a decline or a retracement phase. Now when the weekly prints the first green candle with higher high and higher low...you know that the decline has just ended and a fresh rally is in the formation. Buy on the second green candle (having HHs and HLs) after the decline phase.

D J Sinha

djsinha · #**4292** 31st May 2008, 05:23 AM

Quote:

Originally Posted by rakeshluthra430

Keep a watch on Mahindra Lifespace....if it closes above 660 today.

Mahindra Lifespace is trading in a narrow range for the past couple of days. Volumes are also declining. I fear the stock may tumble down due to gravity. Entry should be strictly done on a breakout accompanied by heavy volumes.....esp. as Rakesh points out...may be on a close above 660.
BTW, weekly in an uptrend.

Cheers
D J Sinha

r_qumar · #**4293** 31st May 2008, 10:15 AM

Quote:

Originally Posted by djsinha

Well, I'm pouring my two-cents....
No harm in buying above the previous day's high. You can do that as well. But in following the strategy outlined by Saint...i.e. buying above the previous pivot highon the daily...we're taking some extra safety measure....that to confirm that daily is also in an uptrend.
HTH
Cheers
D J Sinha

Thanks Sir.
Your two cents is worth a lot.
In this chart, weekly was in uptrend and so was daily. Then Daily chart starts making decline. So, shall we not enter Daily when it takes over previous day high?

djsinha · #**4294** 31st May 2008, 07:52 PM

Quote:

Originally Posted by r_qumar

Thanks Sir.
Your two cents is worth a lot.
In this chart, weekly was in uptrend and so was daily. Then Daily chart starts making decline. So, shall we not enter Daily when it takes over previous day high?

Please drop the 'Sir'. I don't like it. Also I'm very young to be addressed by that title (probably the youngest member of Traderji).
You can enter...I've already mentioned that in my post...that there's no harm in entering jusr after a decline. But add to your position once the previous pivot high on the daily has been taken out.
Cheers
D J Sinha

musicjunkie · #**4295** 3rd June 2008, 10:04 PM

Just curious how old are you DJ ?

Saint · #**4296** 4th June 2008, 05:04 AM

Quote:

Originally Posted by milkyblack

How can one know when the UT is abt to start and DT is over, until the pivot high is taken off?
Wht I can make out of it is, by your teachings is tht to buy above the 1st bullish candle high.... plz let us know if this is wht you meant ?

Regards

Yep......the very first instance where the downtrend ceases to be and pivot highs break to the up,that's your entry point.All others are add points.........if not in,they have to be utilised as entry points.

Saint

Saint · #**4297** 4th June 2008, 05:07 AM

Quote:

Originally Posted by r_qumar

Hi Saint,

Trying to learn fishing from you

. It was all well untill the last few posts, when you described not to wait for confirmation on weekly but to get into daily charts for confirmation.

In case of Ispat, weekly high was in the week of 25/4 at 37.7. Now
i) Higher Low formed in the second week of May
ii) Looked into daily charts for confirmation. The previous HH was on 14-May at 35
iii) We should have entered on 22May when it made high of 35.5

But I find this entry is different than what it should have been.

Please clarify when you get time .

Nope......they were trades off the daily charts only.Not intermediate uptrend trades.

If you are talking intermed trades in ISPAT,not yet........a buy over 36.6,give it some room,buy above 37.1

Saint

Saint · #**4298** 4th June 2008, 05:11 AM

Quote:

Originally Posted by r_qumar

Sorry Saint,

just too many confusions I guess

In this case, should not we buy as soon as daily takes over previous day high. Since its already in uptrend.

-Raj

Nope,don't try that with the daily charts......it'll wiggle you out of the trades as newer lows are set..........The 2 possible entries I had mentioned,either one would do.

Different though on the weekly,you can try that in a weekly uptrend undergoing a decline......Buy over last week's high.To reiterate,don't try that with the daily.

Saint

Saint · #**4299** 4th June 2008, 05:14 AM

Quote:

Originally Posted by djsinha

Mahindra Lifespace is trading in a narrow range for the past couple of days. Volumes are also declining. I fear the stock may tumble down due to gravity. Entry should be strictly done on a breakout accompanied by heavy volumes.....esp. as Rakesh points out...may be on a close above 660.
BTW, weekly in an uptrend.

Cheers
D J Sinha

Closed yesterday at 593.......Rakesh's 665 (+ a bit) stands as that point to cross before thinking of an entry long.

Saint

r_qumar · #**4300** 4th June 2008, 12:28 PM

Quote:

Originally Posted by djsinha

Please drop the 'Sir'. I don't like it. Also I'm very young to be addressed by that title (probably the youngest member of Traderji).
You can enter...I've already mentioned that in my post...that there's no harm in entering jusr after a decline. But add to your position once the previous pivot high on the daily has been taken out.
Cheers
D J Sinha

Thanks a lot DJ Sinha. I get the point.

-Raj

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