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

satya_pinku2003 · #**1351** 27th March 2008, 08:45 AM

Quote:

Originally Posted by Saint

Yep,Satya too little data,for a clear cut reply...........but the buy over today's bar means we are in a daily uptrend,that's for sure.......Are we in a weekly uptrend,we have to wait and watch.......The risk is not too much anyway.....For now all you have clearly is the daily,and a high over this pivot signifies that it just went into an uptrend.

Saint

Thank you verymuch Saint

Regards
Satya

prabhjeetrana · #**1352** 27th March 2008, 11:32 AM

Quote:

Originally Posted by Saint

Hi Prabhjeet,

So far on ONMOBILE,we have a rally the last few days,we have a weekly set up taking out the previous week's high.

Previous Pivot high on the daily=588.90

Now,do NOT wait for previous highs of the weekly to get taken out.......you have the first criteria already,weekly taking out previous high in an uptrend,now wait for the pivot to form on the daily.....you got that pivot as of yesterday and today.

The buy would be the high of today's bar,with the stop a bit below today's bar.

Saint

Thanks a million Saint, you have cleared all my doubts very well. It seems that you agree that taking out last week's high was a signal enough that the uptrend on weekly is present. So we can take an entry on the basis of Daily charts, that allows us to have a entry before masses will agree with the trend and will have to pay high premium for late entry. It is ok with me to anticipate a move and if that does not develop then i am ready to be stopped at 455 stoploss.

I think Saint has made it very clear that we can anticiapte the trade and positions should be taken accordingly.

BTW, i am sorry that I didnt make it clear which time frame i am trading. Well, I am looking to trade daily charts based on weekly charts.

Regards

Saint · #**1353** 27th March 2008, 11:47 AM

Quote:

Originally Posted by prabhjeetrana

Thanks a million Saint, you have cleared all my doubts very well. It seems that you agree that taking out last week's high was a signal enough that the uptrend on weekly is present. So we can take an entry on the basis of Daily charts, that allows us to have a entry before masses will agree with the trend and will have to pay high premium for late entry. It is ok with me to anticipate a move and if that does not develop then i am ready to be stopped at 455 stoploss.

I think Saint has made it very clear that we can anticiapte the trade and positions should be taken accordingly.

BTW, i am sorry that I didnt make it clear which time frame i am trading. Well, I am looking to trade daily charts based on weekly charts.

Regards

You are not anticipating a move...........you are letting it happen before you slide in.Anticipating is when you have a weekly downtrend,a daily downtrend and you think "Yep,we have had this one up day,this is the bottom,the numbers say so,my broker and my astrologer concur on that one...."

In this case,you have a criteria for an entry.......you will enter only in an uptrend,and therefore once pivots are in line,you are in.You are buying over a pivot high with the stop in a previous pivot low on the daily charts.....you are therefore staying clear of thegreat evil of anticipation,and trying to go with the flow.

In this case,the weekly may go on to new highs,may be not,is this an uptrend or a dntrend,once again,not enough data.......what you are doing is you are trading this off the daily charts and getting out if pivots break,or if initial stops are taken out.

And as traders,we play probabilities.......So,we buy the high of yesterday,stop below the low of yesterday,and if stopped out,well,all part of trading,we move on........Just like the tiger that stalked and stalked and pounced at an opportune moment,and yet the deer managed to escape......well,he comes back,and gets ready to pounce on another one.

If we had enough data,and the weekly was in a dntrend,would we have taken this trade?Yes,but not as a position trade...

Saint

nick721156 · #**1354** 28th March 2008, 02:46 PM

Quote:

Originally Posted by Saint

Nope,DJ.......No need for that......this whole game is about probability,assessing risks and taking rewards....Even though we are trading the intermediate uptrend,we are still trying to fine tune our entry as per the daily charts.

Weekly Charts:Higher pivot lows signifying uptrend,took out previous week's high.......right,that's it.Nice....but an entry fine tune as per daily charts.

Daily Charts:Nice rally....If this takes out 588.90,in above that previous pivot high.Else,once a pivot is formed,enter above the high of that pivot formed(in this case tomorrow if that happens).......

You want the daily pivot low to confirm ....and therefore we wait for that pivot to get taken out.......But weekly,so long as an uptrend persists,you are buying declines,and the moment you get an inkling from the daily,you are in....Waiting for the uptrend to confirm is too high risk.....Hope you understand,do get back to me if doubts persist.

Nothing wrong with all this.......except entry not at 652,and stop loss not at 455

All the best,DJ

Saint

dear saint,

in case of weekly chart, a higher pivot low indicates an uptrend, took out previous week's high.
1.0 i want to know if we wait for the week to close before considering "higher" than the previous week's high; or, in the middle of the week, if the candle takes out the "high" of previous week, still it is a valid set up. Because, at the closure of the week, closing price may be lower than the "high" of last week. Secondly, whether in the middle or at the end of a week, shall we consider the closing price as "high" or top of the shadow as "high" ?

2.0 once we enter using the daily chart, which chart shall we follow for exit-daily chart or weekly chart?

hope won't mind clearing my doubts!

regards,

nick

techdump · #**1355** 28th March 2008, 04:57 PM

Dear Saint,

As a novice, have gone through your "Fishing lessions" and was amazed to realize that i've learned a little bit of fishing... just stepped in on the first pace of trading/investing with the help of your lessions...

Thank you very much and wish this will help a lot of beginners like me to learn the basics of TA and stock market...

May god bless you...

Logan.

Ecko · #**1356** 28th March 2008, 10:19 PM

Guyz I never knew that compilation torrent gonna be so popular
I just searched & W

W
Also I got reputation message
That Great
But all credit goes to Mr. Saint
He's a genius....!!!

Please if Mr. Saint can use some screen capture software to make a video of that
Cause its better to understand then

Please you can mail me at my E-Mail Id if you don't know how to create a tutorial using screen capture

Saint · #**1357** 29th March 2008, 06:46 PM

Quote:

Originally Posted by techdump

Dear Saint,

As a novice, have gone through your "Fishing lessions" and was amazed to realize that i've learned a little bit of fishing... just stepped in on the first pace of trading/investing with the help of your lessions...

Thank you very much and wish this will help a lot of beginners like me to learn the basics of TA and stock market...

May god bless you...

Logan.

Hi Logan,

Good to know you have picked up some "Fishing"......wishing you all the best!

Saint

Saint · #**1358** 29th March 2008, 07:05 PM

Quote:

Originally Posted by nick721156

dear saint,

in case of weekly chart, a higher pivot low indicates an uptrend, took out previous week's high.
1.0 i want to know if we wait for the week to close before considering "higher" than the previous week's high; or, in the middle of the week, if the candle takes out the "high" of previous week, still it is a valid set up. Because, at the closure of the week, closing price may be lower than the "high" of last week. Secondly, whether in the middle or at the end of a week, shall we consider the closing price as "high" or top of the shadow as "high" ?

Yep,weekly putting up higher pivot lows and highs.......the weekly is in an uptrend.

Nope.......once you are clear that the weekly is very much in an uptrend,then drop down to the daily charts......once the daily puts in a higher pivot low and high,you are in.

Also,I buy the breakout,and then on it's all adds .......no waiting till the weekly close confirms the breakout.What happens if it was a fake out......dragged you in to the trade and then dumped?Happens,my friend......take your stops,wait and watch,and stalk,......and pounce back in at the next opportunity.

Quote:

2.0 once we enter using the daily chart, which chart shall we follow for exit-daily chart or weekly chart?

hope won't mind clearing my doubts!

regards,

nick

The daily charts......

Saint

ps:Will pump in a few charts today .....hope it helps!

Saint · #**1359** 29th March 2008, 07:58 PM

Just going through some basics again.......getting a lot of mails asking similar doubts.

Saint

Saint · #**1360** 29th March 2008, 08:12 PM

Have a look at the chart below of Reliance Inds......

There was an ascending triangle put up in the 2004-2005 area.......we then get a breakout.We have no idea as to whether this breakout is going to hold.We then have a pullback at the first blue arrow .......the weekly just signalled a higher pivot low.Once that pivot high is taken out,we are long either way,whether this trend holds up or not........simply because that's what we do.We are traders,we look to make profits,we get our signal,we go long,put our stops and wait.

Every blue arrow shows that higher pivot lows are being formed.......first break of the pivots is at the red arrow.

Above every pivot low once it takes out the previous pivot high is your add point.

Once a previous pivot low is cracked,this trend is over......means it's not removing the profits time,it's getting out in toto time.

This trade is for the traders who trade the longer term charts........bigger risks,more left on the table,more profits......traders nevertheless because we don't care to hold it another minute once the trade goes against the rules that we have set for it.

Saint