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Manoj's Trading Diary

Discuss Manoj's Trading Diary at the Trading Diary within the Traderji.com; Originally Posted by niftytraps Manojbhai, RSI Also dropeed below 50 in 13.03 candle of which ...


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  #11  
Old 9th December 2016, 10:38 AM
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Default Re: Manoj's Trading Diary

Quote:
Originally Posted by niftytraps View Post
Manojbhai,

RSI Also dropeed below 50 in 13.03 candle of which high broken in to 13.09 candle ,similar entries above 14.27 and 14.48.. why and how we would avoid those entries. expecting trend continuation ?
1303 candle adx is trading above 35 meaning trending and I look for entries when adx indicates range that is below 35. I use 35 level on ADX instead of 25.
1427 candle RSI is above 50


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  #12  
Old 9th December 2016, 01:29 PM
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  #13  
Old 9th December 2016, 03:13 PM
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Default Re: Manoj's Trading Diary

Quote:
Originally Posted by manojborle View Post
Date: 8 Dec 2016
1. Rsi trading near 75 zone, indicates up trend
with trend entry will be in 40-50 support zone
rsi falls below 50 @ 1130 candle, long above this candle @ 8241 with sl 8235
1224 candle goes above previous high & rsi fails to make new high & trade is exited @ 8260.

2. Rsi falls below 50 @1300 & long is above 1312 candle @ 8248 & sl 8239.
This is rsi positive reversal also for which target comes @ 8266.9
which is achieved @ 1418 candle.

Total trades : 2
total win : 2
total loss : 0
total profit/loss = 19 + 18.9 = 37.9 points

note: There are 2 counter trend trades also which are rsi divergences which i will skip until i master with trend trades.
Short @ 1254 @ 8262 and exit @ 8247 @ 1315
short @ 1418 @ 8263.95 & exit @ 825 @ 1451

are u using rsi from the same TF to decide? in this case longs?
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Old 9th December 2016, 05:42 PM
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Default Re: Manoj's Trading Diary

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Originally Posted by southpaw View Post
are u using rsi from the same TF to decide? in this case longs?
I consider RSI from daily chart to decide long/short. Intraday RSI is for timing the entry/exit.
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  #15  
Old 10th December 2016, 09:23 AM
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Default Re: Manoj's Trading Diary

Hi manoj
if time permit please explain target calculation for possitive reversal

Regards

Mukesh

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Old 11th December 2016, 10:49 PM
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Originally Posted by chavanms View Post
Hi manoj
if time permit please explain target calculation for possitive reversal

Regards

Mukesh

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Author and trader, Andrew Cardwell discovered two other types of divergences which he called positive and negative. These divergences are found in every phase of a stock's movement... whether it's trending or range bound.

The beauty of positive and negative divergences is their ability to forecast price movement.

First, locate positive and negative reversal patterns in the RSI and label the troughs and peeks like this...



Using the corresponding closing prices, plug them into the following formula to get the new up-side price target...


( X - W ) + Y = price target


A down-side price target can be calculated using the negative reversal pattern. Label the peeks and trough on the RSI. Then, using the closing price, calculate the price objective with this formula...


Y - ( W - X ) = price target

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  #17  
Old 12th December 2016, 12:47 AM
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Default Re: Manoj's Trading Diary

Quote:
Originally Posted by manojborle View Post
Author and trader, Andrew Cardwell discovered two other types of divergences which he called positive and negative. These divergences are found in every phase of a stock's movement... whether it's trending or range bound.

The beauty of positive and negative divergences is their ability to forecast price movement.

First, locate positive and negative reversal patterns in the RSI and label the troughs and peeks like this...



Using the corresponding closing prices, plug them into the following formula to get the new up-side price target...


( X - W ) + Y = price target


A down-side price target can be calculated using the negative reversal pattern. Label the peeks and trough on the RSI. Then, using the closing price, calculate the price objective with this formula...


Y - ( W - X ) = price target

Thanks
Thanks

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  #18  
Old 12th December 2016, 05:40 PM
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  #19  
Old 13th December 2016, 06:46 AM
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Default Re: Manoj's Trading Diary

Trade plan for 13th Dec

RSI on daily is falling from 50 level indicates extremely bearish view.
Falling ADX means weakening trend or possible range formation.
So short trades only in nifty future.

AS ADX indicates range, on trading time frame resistance zone is 55-65 RSI level and plan will be to short in that level.

Resistance : 8187,8206, 8215, 8240, 8252, 8278
Support : 8156, 8130, 8101, 8079

Demark Trendlines
If spot nifty opens below 8143 then its a valid breakdown with target of 7918.
Any situation other than this will be breakdown failure below 8143

Last edited by manojborle; 13th December 2016 at 06:53 AM. Reason: Content added
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  #20  
Old 13th December 2016, 11:05 AM
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Default Re: Manoj's Trading Diary

Update: Spot nifty has opened at 8196 so break below 8143 will be breakdown failure

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