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

Saint · #**1431** 8th April 2008, 12:29 PM

Quote:

Originally Posted by djsinha

REIAGRO may be a good pick nowadayz. The weekly is in an uptrend. The daily is also in uptrend. Posting the charts for both weekly and daily.

Bearish Divergence in RSI in the daily is an area of concern, however.

Cheers
djsinha

I would stay away from it,DJ......looking more and more like a Rising Wedge to me.....which is bearish.

Of course,bearish divs on many indicators,if you do look at them....

Entry was in Dec last week.......this looks like a rally that is now huffing and puffing and seemingly running out of steam.

Saint

Saint · #**1432** 8th April 2008, 12:33 PM

Quote:

Originally Posted by nick721156

dear djsinha,

you are right. both daily & weekly are in uptrend. yet, going by the teaching of saint's, i personally feel that position traders should take wait & watch policy for the time being as daily charts of both the broader indices are in downtrend (although weekly charts are, so far, in uptrend).

i may be wrong, please correct me.

regards,

nick

I don't usually look at broader indices to trade a particular stock.....and if I were trading REI AGRO,I would still have bought breakouts in Jan and Feb when mkts were tanking.............but now looking toppy.

I am looking at the gradient,the patterns......I personally would stay away from it.

All the best!
Saint

Saint · #**1433** 8th April 2008, 12:41 PM

Quote:

Originally Posted by Tapaswi.S

Dear djsinha,
correct me if I am wrong, for drawing an uptrend line,(in your daily chart,) do we have to connect pivot lows are pivot highs. I think we should connect pivot lows.
anyway, REIAGRO must be a good pick I am adding to my watch list, thanks

regards,
Tapaswi.S

Yep,Tapaswi........connect pivot lows.Some connect the low points,some the bodies of the candles........but in an uptrend,only connect pivot lows.In a dntrend,only connect pivot highs.

Unless you are drawing a channel or pattern,etc...

Saint

Saint · #**1434** 8th April 2008, 12:43 PM

Quote:

Originally Posted by djsinha

Well Tapaswi, I'm not too sure about this. After you pointed this, I also am feeling little unsure. (I'm of the opinion that u can join both peaks and troughs.....but not too sure)
Saint, Asish, Ashish can say on this. Seniors pls do guide us.

I looked into the chart in some detail. I found that if you connect the troughs also, a bearish divergence is there. Attaching the modified chart.

Cheers
djsinha

Yep,DJ......Uptrend,connect Troughs..

Saint

Saint · #**1435** 8th April 2008, 12:46 PM

Quote:

Originally Posted by Tapaswi.S

Dear djsinha,
regarding drawing trend lines. to draw an uptrend line we connect pivot lows, and to draw a down trend line we connect pivot highs.

as pointed out by you there is a clear divergence between RSI and price chart. may be saint or some senior may help us interpreting this

regards,
Tapaswi.S

Right-on Tapaswi......and yes clear divergences.....and a host of other factors to be considered as explained earlier.......may chug on a bit more,or maybe not.....But personally,I would pass on this one.

Saint

Saint · #**1436** 8th April 2008, 12:59 PM

Quote:

Originally Posted by shrineha

Hello Saint,

Apologies for this stupid question. I am little bit confused about pivot. For calculating pivot should we consider main body of the candle or higher / lower points of the candle?

Because we alwayws say that close is very important as thats the point where traders agreed to carry their position and hence thought body is important but when i see charts trend line many time touches lower points of the candle.

Pls clarify

Kind regards,
Shripad

Hi Shripad,

I take the high point of the pivot high,and the low point of the pivot low......

Saint

Saint · #**1437** 8th April 2008, 01:01 PM

Quote:

Originally Posted by djsinha

dear shripad.....it's the low of the candle that accounts in pivot strategy....nothing like mass trader psycology or trader sentiments etc etc matter here. It's just a strategy that we, the turtle traders follow......Who like to move with the trend and profit from it.

Cheers
djsinha

Yep to the above....Thanx DJ!

Saint

Saint · #**1438** 8th April 2008, 01:10 PM

Quote:

Originally Posted by jamit_05

Hi shrineha,

Recently I had the good fortune to learn from Saint in person. (Thank you Kol members for providing such an oppurtunity; forever indebted. I now have a new found respect for Ashishda's sincerity and intellect.)

Saint started off saying that:
1. Higher highs and Higher lows of consecutive bars is a rally
2. Lower highs and lower lows of consecutive bars is a decline. (There is no trend yet!)
3. The top of the area in between the two, i.e Rally and decline, is the pivot.

Consider the above as a guideline not a definition.

Amit.

PS: Thanks to my roomate SGM, who told me to look at a 1000 charts before asking any further questions (and now I think my eyes are sore). Tks for putting things into perspective SGM. Indeed, it was a pilgrimage of faith!

It was indeed a great pleasure to have met up with you.....and totally agree with SGM,a 1000 charts,maybe more....and everything just springs out of the charts.....yep,occupational hazard is sore eyes

,but worth it!!

Just to clarify that one point........what does the word"guideline" or "definition" mean?

Either way,what I mean is :Pivot high is at 100,meaning my entry IS at 101 as per my filter given.

It's rigid,it has to be like that every time,again and again.......there is no compromise,the entry is there always,stop loss always below the previous pivot lows........Everything is a hard and fast rule,will not budge from it!...

All the best!
Saint

Bitz · #**1439** 8th April 2008, 01:10 PM

Hi..
this is Nifty today(8/4) till arnd 1 pm
Is this a falling wedge formation...
will this mean nifty will break this to rise?

shrineha · #**1440** 8th April 2008, 01:11 PM

Thanks dj, jameet and saint for your replies.

Kind regards,
Shripad