Queries From "Teach a Man to..." thread!!

[freespaceobject]

Respected Saint sir,
I an silent follower of your pivot system, I gone through Teach a man fish Thread, And read all the posts.

I am in USA, and investing in India market. I am using weekly as perspective and Daily for trading.

My query is..........

If we set our stop loss or Trailing stop loss, we should exit once it is hit, But are we suppose to consider close price ? what if intraday it hits
stop loss, Do we have to exit next day?

Thanks in Advance,
Pathik

[Saint]

Originally Posted by freespaceobject

Respected Saint sir,
I an silent follower of your pivot system, I gone through Teach a man fish Thread, And read all the posts.

I am in USA, and investing in India market. I am using weekly as perspective and Daily for trading.

My query is..........

If we set our stop loss or Trailing stop loss, we should exit once it is hit, But are we suppose to consider close price ? what if intraday it hits
stop loss, Do we have to exit next day?

Thanks in Advance,
Pathik

Hi Pathik,

Had answered this question many times over,my friend......do go through the thread.

Basically,we buy at point x and stops at point y..........If y is hit,we are out.Intraday or close is not the question.........if it is hit,you are out of the trade.Most times,this protects you from danger.......but the few times you are faked out by the market,look to get back in.

So,the answer to your question would be:Out if stops hit,even if intraday.And one more thing,if stops are hit intraday,why would you exit the following day?You are out that instant,my friend.

Saint

[lvgandhi]

Dear saint,
I have afew questions for you.
Earlier you have written as exceptions for day trade. One among them is gap trading.
EXCEPTION:We get a super move on the 60min charts and therefore a fantastic move on the 10,and then we get a monster gap up........I would be waiting for that first bar to form and if it moves down,would have no hesitation in shorting that gap up(although we are still in a 60min uptrend).
I think in Similar way, if there is a super move in down trend and hence a fantastic move in 10mn, there is big gap down opening, should we wait for first bar and if the price moves up, should we go long?
secondly if the price goes down after first bar in the later case of downtrend, what should we do in day trade?

[kapil123]

Originally Posted by lvgandhi

Dear saint,
I have afew questions for you.
Earlier you have written as exceptions for day trade. One among them is gap trading.
EXCEPTION:We get a super move on the 60min charts and therefore a fantastic move on the 10,and then we get a monster gap up........I would be waiting for that first bar to form and if it moves down,would have no hesitation in shorting that gap up(although we are still in a 60min uptrend).
I think in Similar way, if there is a super move in down trend and hence a fantastic move in 10mn, there is big gap down opening, should we wait for first bar and if the price moves up, should we go long?
secondly if the price goes down after first bar in the later case of downtrend, what should we do in day trade?

Let me try to answer this.
You are right if there is a super move in down trend and hence a fantastic move in 10 min, then a big gap down opening. We should go long if the after the first bar the price moves up.

If the price goes down after in the above case, I would rather wait for the pivot to crack on the downside to take a short position.

[ravalsb]

Hello Seniors,

I need some more help in understanding pivots. I have marked PH and PL on Nifty for past 6 months. It would be highly appreciated if some one can point out my mistakes.



Regards

[Saint]

Originally Posted by ravalsb

Hello Seniors,

I need some more help in understanding pivots. I have marked PH and PL on Nifty for past 6 months. It would be highly appreciated if some one can point out my mistakes.



Regards

Great going,Ravalsb.......

Saint

[farhad101]

I like the MACD with the RSI, so when RSI goes under 30 and rises above 30 with a MACD cross, although i havent tested this yet