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| Discuss TRiple Top and Bottom Intraday Srategy at the Trading on Technicals within the Traderji.com - Discussion forum for Stocks Commodities & Forex; hi guys and gals. iv been backtesting this method for a no of days. its ... |
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#1
4th September 2006, 04:06 PM
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TRiple Top and Bottom Intraday Srategy
hi guys and gals.
iv been backtesting this method for a no of days. its been inspired from Ronald's post http://www.traderji.com/equities/665...-goldmine.html The lines are "Never go long on a share that has the open, high and the previous close price as the same. For example if a stock has closed at 100 the previous day and the open for the day is 100 and the high is also 100, do not buy that share, untill it breaks 101 and trades for few mins above the levels. You can even short at 99.50 with a stoploss of 1 rupee. Previous close, High & Open price same or almost same, then it is called a Triple top formation.- Options: Go long only if the triple top is breached decisively or Go short with 1- % stoploss Never short sell a share that has the previous days close, todays open and low price as the same. For example if a stock has closed at 96 and the days open and low price is 96, do not short the sell, untill it breaks 95 and trades for few mins below 95. You can buy it at 96.50 with 1 rupee stoploss. Previous close, Open & low price same or almost same, then it is called Triple bottom Formation; Options: Go short only if the triple bottom is breached decisively or Go long with a 1 % stoploss." Iv Enclosed a modification of the Excel Sheet here. So pls check. The places where u find Blue its where the Stock has opened equal to Prev Close. Then U can see for urself whether Its a Triple Top or Triple Bottom. Its Good method. A problem im facing is How to exit? Any body throw lite. 
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#4
27th June 2007, 04:34 PM
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Re: TRiple Top and Bottom Intraday Srategy
yes swagat i agree with u. i learned this method of triple top , double top, triple bottom , double bottom in tis chat room from aryan.
but i feel that if u observe the charts carefully most of the times u get a entry chance in above mentioned situation quite earlier than at TT, DT,DB,TB. what i mean is if for example 807 is open high & yclose of a stock u may find 801 as resistance level in intraday chart & once it is crossed(e.g channel breakout pattern) there is no point in waiting for 807 to be crosssed for entry. a entry at 808 can be delayed or wrong entry in such case. so just giving importance to open high yclose data is not worth as far as my observation of this situation. i think one should look out for early breakout signals. there is no doubt that tt tb db dt work like any thing your views welcome vishal
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