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

rkgoyal_98 · #**941** 3rd November 2007, 09:08 AM

Dear Saint,

Sorry to read between the lines
In the scenario you have mentioned on the the chart you have Mentioned WORD ___ OPPS ____ for No. 3 and 6. Does this have some scecial significance -- or you have just used it.
Thanks
Rajeev

tawakley · #**942** 3rd November 2007, 09:39 AM

Hi
I want to get elliott waves in metastock 10.1v, can someone guide me ,,,,, thanks.
Regards
Rajiv

Saint · #**943** 5th November 2007, 03:50 PM

Quote:

Originally Posted by rkgoyal_98

Dear Saint,

Sorry to read between the lines
In the scenario you have mentioned on the the chart you have Mentioned WORD ___ OPPS ____ for No. 3 and 6. Does this have some scecial significance -- or you have just used it.
Thanks
Rajeev

sorry about that,my mistake.......opps=opportunities..

Saint

amitpethkar · #**944** 5th November 2007, 04:44 PM

Hi Saint,

Could you please explain those stop trailing mechanisms?

GAP Primer is really helpful. Request you to keep posting those charts whenever you find time with entries, exits and stops.

Thanks a ton for this wonderful thread!!!

Thanks,
Amit

newbee · #**945** 5th November 2007, 04:56 PM

Quote:

Originally Posted by amitpethkar

Hi Saint,

Could you please explain those stop trailing mechanisms?

GAP Primer is really helpful. Request you to keep posting those charts whenever you find time with entries, exits and stops.

Thanks a ton for this wonderful thread!!!

Thanks,
Amit

Hello Amit

The trailing of stops, when we are long the stop would be the last pivot Low and when we are short it is the last pivot high.

You can checkout the diagram I have put in the above post 905.

As for your request to SAINT, I second that.
Thanks
nb

amitpethkar · #**946** 5th November 2007, 06:16 PM

Thanks NB for that.

Saint has used two bar low/high stops also and thats why I wanted to know if he uses them based on particular scenario.
e.g. If trend is accelerating fast and there are very little and shallow pullbacks then follow 2 bar low/high stops, else if trend is smooth and decent pullbacks are there then go for pivot high/low stops.

Also for shorts he trailed stop at previous bar high once new low is made, I guess its because when price declines it does that quite fast. Moreover we are in intermediate uptrend and anytime uptrend can resume.

Let me know what you think.

Thanks,
Amit

newbee · #**947** 5th November 2007, 08:39 PM

Quote:

Originally Posted by amitpethkar

Thanks NB for that.

Saint has used two bar low/high stops also and thats why I wanted to know if he uses them based on particular scenario.
e.g. If trend is accelerating fast and there are very little and shallow pullbacks then follow 2 bar low/high stops, else if trend is smooth and decent pullbacks are there then go for pivot high/low stops.

Also for shorts he trailed stop at previous bar high once new low is made, I guess its because when price declines it does that quite fast. Moreover we are in intermediate uptrend and anytime uptrend can resume.

Let me know what you think.

Thanks,
Amit

Hello Amit

What you are saying is right, at times we get a very rapid price action and if it is moving in favor of our position, I think SAINT has advised to use aggressive stops as you suggest.

My query to SAINT was something similar, I was using the previous pivot low as a stop, where as SAINT pointed out my mistake and asked to use the last Pivot Low. On a smaller time frame of 5 minutes for intraday trades he also asked to look into possibility reversing the position with the stops.

At times we get sideways action and can get multiple Higher Highs or Lower Lows in a very small range, the question comes to mind do we consider them all as Pivots Points or what should be the minimum range between 2 pivots for a timeframe etc. many such confusing questions.

To all these kind of queries SAINT has always advised to try to keep it simple. There is another interesting phrase, used somewhere in this context, "What the eye can see". Come to think of it, the simpler we keep the rules, the easier decision making becomes, and consistency of implementation can improve.

It may sound funny, when I feel confused I just lean back and try to see the chart from some distance, the zig - zag is clearer and the eye can catch distinct pivots and the trend.

The final solution for me is always to go back and read the thread/compilation specially all the charts SAINT has posted.

Thanks
nb

amitpethkar · #**948** 5th November 2007, 08:58 PM

Quote:

Originally Posted by newbee

Hello Amit

What you are saying is right, at times we get a very rapid price action and if it is moving in favor of our position, I think SAINT has advised to use aggressive stops as you suggest.

My query to SAINT was something similar, I was using the previous pivot low as a stop, where as SAINT pointed out my mistake and asked to use the last Pivot Low. On a smaller time frame of 5 minutes for intraday trades he also asked to look into possibility reversing the position with the stops.

At times we get sideways action and can get multiple Higher Highs or Lower Lows in a very small range, the question comes to mind do we consider them all as Pivots Points or what should be the minimum range between 2 pivots for a timeframe etc. many such confusing questions.

To all these kind of queries SAINT has always advised to try to keep it simple. There is another interesting phrase, used somewhere in this context, "What the eye can see". Come to think of it, the simpler we keep the rules, the easier decision making becomes, and consistency of implementation can improve.

It may sound funny, when I feel confused I just lean back and try to see the chart from some distance, the zig - zag is clearer and the eye can catch distinct pivots and the trend.

The final solution for me is always to go back and read the thread/compilation specially all the charts SAINT has posted.

Thanks
nb

Thanks for all that nice explanation. I completely agree with keeping it SIMPLE. I personally focus on price, volume and MAs only. NO INDICATORS.

Regarding reversing position in case of stop hit, we can do it if that stop point was critical and its breach means trend could be changing. But as SAINT has mentioned several times that we should not anticipate and let the price action lead us. Most we can do is get ready. Also all these decisions need to part of PLAN, then only we wont hesitate to execute them. Of course its easier said than done and I am learning it and really enjoy this process.

Lets see what SAINT has to add to this.

Thanks,
Amit

Saint · #**949** 7th November 2007, 02:04 AM

Chart with last few days of activity.......

Saint

Saint · #**950** 7th November 2007, 04:08 AM

A few candlestick patterns...

Saint