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| Discuss Saint's Pivot Method put to practice. at the Technical Analysis within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Dear Saint I have gone long on 4505 in 5 mn chart with a SL ... |
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#101
13th June 2008, 01:28 PM
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Re: Saint's Pivot Method put to practice.
Dear Saint
I have gone long on 4505 in 5 mn chart with a SL at 4585. SL hit. Am I correct? Are should have exited early due to any thing the chart which is not clear to myself? 
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#102
13th June 2008, 01:45 PM
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Re: Saint's Pivot Method put to practice.
Quote:
In 5 min.chart the previous Pivot high was 4503.90, we added 10 for jiggling space as advised by Saint, we get 4513.90, we go long above 4514.20!! I am writing this becoz I am also trying to learn the pivots and had given a trade to buy 1 lot nifty at 4514.20. it was not filled!!! In Kol meet ind. I shorted at below : 4497=4494.80, SL is now in profit!!! When i enterd this trade i gave a reverse SL above 4514.20!!!
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#103
13th June 2008, 01:54 PM
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Rulez
1) Find the trend in 30 min:
To have an uptrend we need ONLY a higher pivot high. <EARLIER: To have an uptrend we need both, a higher pivot high and a higher pivot low. Vice versa for downtrend.> 2) Long Entries. In this 30 min uptrend, we DO NOT wait for a 5 min downtrend. We simply enter at the break of a 5 min PH. Stop is the previous 5 min pivot low. 3) Exit. Is when a pivot low in 5 min chart is taken out. 4) ADDS: Since we have clear guidelines now, lets put the adds as well on the charts. Adds will be in the direction of the trend and only after the previous trade is out of the rough. The core idea behind the adds: While the chart is really trending we will profit on several positions. On the otherhand if the chart is not behaving favorably then we will lose on just one position. <SGM warned us of Gaps going against several open positions. So, lets just put them on the charts and not trade them for a while. Lets see what comes of it.> Amit.
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#104
13th June 2008, 02:03 PM
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Re: Saint's Pivot Method put to practice.
Quote:
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#105
13th June 2008, 02:06 PM
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Re: Saint's Pivot Method put to practice.
Quote:
Saint, the 30 min went into a downtrend at the red line in the chart, which is at the break of a PL of 4473. So, we looked for shorts. But then the blue line, a PH of 4525 was breached by a Tail. Is it good enough to change the trend to UP? (We did not even have a 5 or a 15 min close above it!) If not... then why are we looking for longs like LVG said?
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#106
13th June 2008, 02:14 PM
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Re: Saint's Pivot Method put to practice.
Quote:
gkpc, u might have been lucky in this instance but certainly Rs.10/- seems too high.... you give jiggling space also whenu square your position...that comes to 20 points!!!! 5 minute trades are usually done intraday.... maybe just a 2/- filter as u give in kol ind should be enough!!! Views sought from seniors please!!! Regards R K Karnani
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#107
13th June 2008, 02:20 PM
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Re: Saint's Pivot Method put to practice.
Quote:
 And yes,so far had two trades today,both stopped out.......not planning to short now till 30 min says so.Till then angling to get in long........ Shall provide the trades after mkt hrs ......... Till 3:30,am going to get into every long opportunity using pivots,and if it gets stopped,so shall it be.No probs of the initial positions getting stopped multiples of times,what I am looking for is that trend move,like yesterday,where huge profits are made. Not interested in the declines of the long term intraday charts and the profits there.Probably good for scalping...... Right....this post continues later.Looks like I am back in business. Saint
__________________
"You cannot change the direction of the wind,but you CAN adjust your sail..."
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#108
13th June 2008, 03:00 PM
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Re: Saint's Pivot Method put to practice.
Hi LVG,
Not able to actually define major and minor pivot in words.........but today's chart is perfect to show to you.So will post the chart later on. Saint
__________________
"You cannot change the direction of the wind,but you CAN adjust your sail..."
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#109
13th June 2008, 03:04 PM
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Re: Saint's Pivot Method put to practice.
Quote:
Tks in advance.
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