Teach A Man To Fish And.........

lvgandhi · #**1331** 26th March 2008, 08:14 PM

Quote:

Originally Posted by djsinha

Prabhjeetrana, we have a higher pivot low only. We'll acc to our system, wait for the pivot high of 652 to be overtaken. We place our trade above 652 with stoploss of 455. Don't enter now. Let it take out it's prev pivot high of 652.....only then can we confirm that it's in a uptrend.

Comming to your 2nd question, When we enter at 652, 455 will be our stoploss. Acc to MM rules, total amt u buy will be
(x% of total money u want to trade)/(buy price - stoploss).
where, x = allowable risk percentage u want to bear.
That's it. We don't consider target while trading. We only try to manage risk. And let our profits fly.

Saint will be in a position to give u better view.
(I've attached chart of onmobile).

Cheers
djsinha

On 11/3/2008, there is pivot high at 588.9. Am I correct or not. If I am correct, then we should wait for that.

satya_pinku2003 · #**1332** 26th March 2008, 08:21 PM

Quote:

Originally Posted by RSI

Dear prabhjeetrana,

Your question is directed towards Saint. But I am poking my nose uninvited. Understanding is that Saint will pardon me for that. He is very generous. I know it very well.

I am not offending you nor shall I ever try to do so. You seem to be excited to take the trade. That is my guess. Excitement is the last thing in trading. Keep it aside and think logically before taking the trade. If you are taking the trade then you must wait for the completion of the candle. In the chart posted by you, the weekly candle. Otherwise, you are anticipating that weekly close is going to be higher that last week's low. But can you anticipate such a close? If you are an experienced trader and if you can read the chart very well, no problem. Otherwise, please make it a habit not to trade on weekly chart, that too on the last weekly candle before the closure of week. What are your plans if it were to close below the low of the last week candle? How does the picture look in such a case? You will have an outside bar having greatly negative implications.

I donot know whether you have done multitimeframe analysis and then decided to take the trade. If that is the case, then you must be taking trade on daily chart or intraday chart by looking at the weekly chart, not the otherway round.

Of couse, I have left the final decision to Saint. If he disagrees with my views, I am open to all criticisms. I could not resist myself after seeing the chart posted by you.
Thanks and regards
R. S. Iyer

Hi

RSI ... my veiw please comment

according to Saints method we take two time frame into consideration like if we want to trade daily we take weekly chart as guidance .... in this case if prabhjeetrana want to trade in weekly chart then he has to wait for weekly close, again before that we should have monthly trend in upward direction if we want to take a long call on weekly chart but iin this case i can get data only from feb ... may be new company listed in that month

so in my veiw dont we have too litle data as we can not say whether we are in monthly uptrend or not ?

please correct me if i m wrong

waiting reply

Regards
Satya

prabhjeetrana · #**1333** 26th March 2008, 08:27 PM

Dj Sinha and RSI, both your comments are welcome.As pointed out rightly by you RSI i am excited about the trade and there is a good reason. Although I am not as experienced as many of my trader friends here but whatever Technical analysis I have learnt tells me to buy because as far as I am concerned the bottom for this year is firmly in place at 4450 nifty levels and any dips will be buying opportunity.

I am sure Saint would like me to wait for Pivot to be taken out at 655 levels but then the qquestion of Risk/Reward remains

prabhjeetrana · #**1334** 26th March 2008, 08:31 PM

And yes there is a method to my madness of suddenly turning bullish from bearish and I will show my indicators turning bullish on
NIFTY in appropriate thread, wont corrupt this beautiful thread

sanjay_jay_pd · #**1335** 26th March 2008, 08:38 PM

hi,
As the market Show , is this a sign of new rise.

djsinha · #**1336** 26th March 2008, 10:28 PM

Quote:

Originally Posted by lvgandhi

On 11/3/2008, there is pivot high at 588.9. Am I correct or not. If I am correct, then we should wait for that.

Good observation. I overlooked it at first. If dat's the case then ONMOBILE after making a lower high and lower low is on the way to make a higher low now.

Cheers
djsinha

djsinha · #**1337** 26th March 2008, 10:31 PM

Quote:

Originally Posted by prabhjeetrana

And yes there is a method to my madness of suddenly turning bullish from bearish and I will show my indicators turning bullish on
NIFTY in appropriate thread, wont corrupt this beautiful thread

NIFTY may be bullish, but not ONMOBILE. Remember that every scrip has to be studied in isolation. When NIFTY goes up say even by 600-800 points u will find many stocks going down. U have to assure first that ONMOBILE is not going to do that. So better wait and finf how the story unfolds.

Cheers
djsinha

RSI · #**1338** 26th March 2008, 11:03 PM

Quote:

Originally Posted by satya_pinku2003

Hi

RSI ... my veiw please comment

according to Saints method we take two time frame into consideration like if we want to trade daily we take weekly chart as guidance .... in this case if prabhjeetrana want to trade in weekly chart then he has to wait for weekly close, again before that we should have monthly trend in upward direction if we want to take a long call on weekly chart but iin this case i can get data only from feb ... may be new company listed in that month

so in my veiw dont we have too litle data as we can not say whether we are in monthly uptrend or not ?

please correct me if i m wrong

waiting reply

Regards
Satya

Hi Satya

First of all, our friend prabhjeetrana has not told his method of analysis as to why he is turning bullish on Onmobile. All that he has posted is a weekly chart and there he tried to anticipate higher weekly low (than previous weekly low) and perhaps may be a higher close as well. That is why I wrote in my previous post that I donot know whether he has come to this conlusion on the basis of multi timeframe analysis. I also tried to guess his method of conclusion (if he has done such a method of multi timeframe analysis) that he should have tried to analyse weekly chart from daily and intraday charts. That is why I sounded off a warning to him in my previous post. His method of analysis was and perhaps is still unclear. If he is trying to take trade on the basis of weekly candle alone, I again warned him about some of the possible outcomes at the end of week and I tried to know whether he is prepared for such an eventuality. You cannot rule out the possibility told by me in the last post. The whole confusion arose because we do not know why our friend has turned bullish on a candle which is not closed yet.

You are absolutely right when you point out that we will have to look at monthly charts for taking trades on weekly charts and you are again 100% correct when you say that as far as Onmobile chart is concerned, we do not have sufficient number of monthly candles to make analysis in the first place.

My sincere advice is never try to out smart the market. If one tries that market will prove that it is far more smarter than anybody including me and you or anyone in this forum. Let the market show the direction. Let it show the path of least resistance. Then we follow that path.

I hate to quote my own post as it would amount to blowing my own trumpet. But still to avoid unnecessary repetition, I also request you read my earlier reply to amit in this thread, which was made this morning. Read second portion of my post, which was specifically quoted by Saint in approval. This is my personal request to my friend prabhjeetrana also. Read that second part and again compare it with the possible outcome at the end of week postulated by me in my previous post.

RSI · #**1339** 26th March 2008, 11:15 PM

Quote:

Originally Posted by lvgandhi

On 11/3/2008, there is pivot high at 588.9. Am I correct or not. If I am correct, then we should wait for that.

On daily chart, yes. But to reverse a downtrend into an uptrend (which you are mentioning by reference to pivots), you must have higher pivot highs and higher pivot lows. That has not been formed yet. First of all, higher pivot low itself has not been formed. There is a difference between "pivot" and "daily candle". What you are referring on 11/03/2008 is "pivot" and what you are seeing now is "daily candle". Do not confuse one to another.

nick721156 · #**1340** 27th March 2008, 12:36 AM

Quote:

Originally Posted by RSI

Dear prabhjeetrana,

Your question is directed towards Saint. But I am poking my nose uninvited. Understanding is that Saint will pardon me for that. He is very generous. I know it very well.

I am not offending you nor shall I ever try to do so. You seem to be excited to take the trade. That is .............................higher that last week's low. But can you anticipate such a close? If you are an experienced trader and if you can read the chart .......................................... having greatly negative implications.

I donot know whether you have done multitimeframe analysis and then decided to take the trade. If that is the case, then you must be taking trade on daily chart or intraday chart by looking at the weekly chart, not the otherway round.

Of couse, I have left the final decision to Saint. If he disagrees with my views, I am open to all criticisms. I could not resist myself after seeing the chart posted by you.
Thanks and regards
R. S. Iyer

dear all friends,

Here i wish one confusion of mine to be cleared. According to Saint(Sir), we should use multi time frames before we embark on a trade. Say, for medium term (for 3 - 6 months) trading, we should conseider 2 time frames - daily & weekly. Now, in an intermdiate uptrend, we should find out if both daily & wekly charts, of a particular secuirity, are in an uptrend or not. If we find them so, we buy decline in the daily chart(means we are trading the daily chart-hope I am not wrong!). Now the question is, which chart should we follow from now onwards! Should we exit once daily uptrend is broken or should we wait till weekly uptrend is broken? What I have learnt (may be I am wrong!!) from Saint's(Sir) teaching is that daily chart should be traded for short term trading (for few days) only! In that case, for medium term trading, we should consider weekly & monthly charts and trades be taken on weekly chart in the same fashion and follow the weekly chart.

I am so far considering weekly & daily charts for medium term and follow the weekly chart for exit point.

Hope all of you senior friends would clarify my diubts.

Regards,

Nick