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

djsinha · #**1671** 31st May 2008, 06:32 AM

Quote:

Originally Posted by nick721156

dear saint & other friends,

i have a little confusion about buy set up in Ranbaxy. in weekly chart, Ranbaxy is in uptrend. so, we should buy over the previous pivot high in daily chart. today(30/05/08), ranbaxy has made new high of 535 in daily chart. its previous pivot high was 517.90. in case, we want to buy on monday in the coming week, shall we buy over the previous pivot high i.e. 517.90 or over today's high of 535 or wait for a decline. if we wait for a decline in daily, when to take position? or shall we wait for a decline in weekly - which might not happen for some more time?

i am attaching both the charts.

regards,

nick

I think you shud wait for a decline in daily. The daily has shoot up too much today. Alteast you can be sure that it'll drop in the next 3-4 days. Just wait and see. When you find the first green candle after 3-4 red candles and if the green candle has higher high and higher low than the preceding candle, you can say that the decline has completed itself and you can buy.

Nothing will be wrong if you buy even on Monday. But, if you wait some more days, you can get the same at a somewhat lower price....making the fruit taste a little but more juicy.

[ Few words on the above......Had you wanted to put your buy order today itself on intraday basis...you cud have put those resting abv prev pivot high of 517.90. But since the price has zoomed past this level and has risen too much......it would be advisable to wait for it to fall a little.]

Cheers
D J Sinha

nick721156 · #**1672** 31st May 2008, 04:27 PM

Quote:

Originally Posted by djsinha

I think you shud wait for a decline in daily. The daily has shoot up too much today. Alteast you can be sure that it'll drop in the next 3-4 days. Just wait and see. When you find the first green candle after 3-4 red candles and if the green candle has higher high and higher low than the preceding candle, you can say that the decline has completed itself and you can buy.

Nothing will be wrong if you buy even on Monday. But, if you wait some more days, you can get the same at a somewhat lower price....making the fruit taste a little but more juicy.

[ Few words on the above......Had you wanted to put your buy order today itself on intraday basis...you cud have put those resting abv prev pivot high of 517.90. But since the price has zoomed past this level and has risen too much......it would be advisable to wait for it to fall a little.]

Cheers
D J Sinha

Dear friend sinha,

you are absolutely right that it will come down in 3-4 day's time.

for my knowledge, i want to get a couple of things clarified. as we know here that once weekly and daily are in uptrend, we should wait for daily to decline and then buy over the high of "previous pivot high" in daily chart. if we straightway go by this method/concept, then we will end up buying at least over 535, considering a gradual decline from next trading day and then upward movement with no other "pivot high" in between. Of course, if the stock moves upward from next trading day, it would be altogether a different story.

in the present scenario, i also feel that your suggestion is better suited sothat we get it at a lower price than 535!

please, correct me, all you friends, if i am missing something.

regards,

nick

djsinha · #**1673** 31st May 2008, 07:09 PM

Quote:

Originally Posted by nick721156

Dear friend sinha,

you are absolutely right that it will come down in 3-4 day's time.

for my knowledge, i want to get a couple of things clarified. as we know here that once weekly and daily are in uptrend, we should wait for daily to decline and then buy over the high of "previous pivot high" in daily chart. if we straightway go by this method/concept, then we will end up buying at least over 535, considering a gradual decline from next trading day and then upward movement with no other "pivot high" in between. Of course, if the stock moves upward from next trading day, it would be altogether a different story.

in the present scenario, i also feel that your suggestion is better suited sothat we get it at a lower price than 535!

please, correct me, all you friends, if i am missing something.

regards,

nick

Yep, what you have said is mostly correct. But Nick, I want to point out one thing. You're saying that 535 is the latest pivot high and you should buy above it (See the bold portions of the quoted text above). But, you see, we can't say for sure that the pivot high is at 535, 'coz on Monday it can form a new high.
[Remember one basic thing...to identify a pivot high you need to see the candles on both sides of the pivot candle.]

ruchir131986 · #**1674** 1st June 2008, 02:58 PM

hi i m new to TA... reading posts here regularly.... can anyone please guide me proper thread for learning of pivots.... also fibonacci retracements.....
thanx in advance.....

nick721156 · #**1675** 1st June 2008, 03:36 PM

Quote:

Originally Posted by djsinha

Yep, what you have said is mostly correct. But Nick, I want to point out one thing. You're saying that 535 is the latest pivot high and you should buy above it (See the bold portions of the quoted text above). But, you see, we can't say for sure that the pivot high is at 535, 'coz on Monday it can form a new high.
[Remember one basic thing...to identify a pivot high you need to see the candles on both sides of the pivot candle.]

dear friend sinha,

you are right when you said that on coming monday, it may go up instead of going down. the same thing was indicated by saying, "considering a gradual decline from next trading day and then upward movement with no other "pivot high" in between. Of course, if the stock moves upward from next trading day, it would be altogether a different story. "

whatever it is, your suggestion for entry is the best one for the present scenario.

thanks for help.

regards,

nick

djsinha · #**1676** 2nd June 2008, 01:00 AM

Quote:

Originally Posted by nick721156

whatever it is, your suggestion for entry is the best one for the present scenario.

thanks for help.

You are most welcome my friend Nick...but lets see what Saint has to comment. His advice will always be the perfect one.
Saint, please share your views.

Cheers
D J Sinha

nick721156 · #**1677** 4th June 2008, 03:39 PM

Quote:

Originally Posted by djsinha

You are most welcome my friend Nick...but lets see what Saint has to comment. His advice will always be the perfect one.
Saint, please share your views.

Cheers
D J Sinha

dear sinha,

can i post a private message to you?

regards,

Nick

maddy_invest · #**1678** 4th June 2008, 06:48 PM

Hi Saint,

Based on the current situation will this trend theory hold?

Maddy

Saint · #**1679** 4th June 2008, 11:50 PM

Quote:

Originally Posted by xman_in

saint or any senior member. as per saints strategy, can we enter bartronics as ,on weekly charts, it is in uptrend. keeping low of 12/5/2008 as stop loss. please correct me if i am wrong, as i am still in learning phase. so trying to learn trading on pivots.

Hi xman,

BARTRONICS is in an intermed uptrend over 252.......but there are better looking ones out there,my friend.

Saint

Saint · #**1680** 4th June 2008, 11:51 PM

Quote:

Originally Posted by djsinha

Hi XMan,
Though I'm not a senior member.....still let's try answering your querry. As far as Bartronics is concerned, we can't say for sure that weekly is in uptrend...because we have got a higher pivot high but not a higher pivot low. The pattern in the weekly can as well be a double top pattern and can come all the way down to the previous pivot low and down furthur.

Now that doesn't mean that you can't go long on Bartronics. You can buy the daily above the previous pivot high of 252.50 keeping SL at 205.25 as you rightly mentioned and moving the SL up as more pivot highs and pivot lows form.

Or, you can do one more thing. You can wait until weekly prints a higher pivot low. You can buy on the immediate next candle to the candle forming the most recent pivot low on the weekly.

HTH.
Cheers
D J Sinha

Great going,DJ......

Saint