Going With The 60min Flow!!!

Which Futures do u all trade with real Money?

  • MiniNifty

    Votes: 28 40.6%
  • Nifty

    Votes: 50 72.5%
  • Aban

    Votes: 16 23.2%
  • L&T

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  • Hdil

    Votes: 6 8.7%
  • JP asso

    Votes: 6 8.7%
  • RIL

    Votes: 5 7.2%
  • Relcap

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  • Suzlon

    Votes: 6 8.7%
  • Educomp

    Votes: 8 11.6%

  • Total voters
    69
  • Poll closed .
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#1
As is obvious,this thread is for the trader trading the 60min charts.For any intraday postings,I usually post on Asish's thread "Time to stick my neck out".......For swing/position moves,I post in the "New Intermed Uptrend".But for the 60min trades,have been at a loss where exactly to post them.......Therefore this thread!

Before starting,I wish to clarify a few things...........slight modifications as per the time frame.

Primary Trend Trade:I look at the monthly,enter once the monthly triggers an uptrend,latching on to an intermed uptrend on the weekly charts.I am therefore trying to capitalise on the primary uptrend,but am not interested in participating in the intermed downtrends within that primary uptrend.Therefore the time frame traded is the Weekly,Pespective chart is the Monthly.When the Weekly pivot low gets cracked ,I am out,waiting to reenter on the weekly making an uptrend again.For reentry, I am not looking to enter only above previous pivot highs..........even if the weekly bars made ten higher highs and higher lows each week,now started a pullback,each week making lower high and lower lows to the previous,the first bar that halts this pattern and beats the previous week's high,I am in that trade.Stop loss at recent pivot lows as always.But in a pattern where the weekly charts are making lower pivot highs and lows,then we have no chance but to wait for a previous pivot high to get taken out.

To reiterate again.......
SCENARIO 1:
Monthly uptrend,weekly making few bars/candles down,buy the first week where the bar takes out the previous week's high.

SCENARIO2:
Monthly uptrend,weekly breaking previous pivot lows,proceeding to make lower pivot highs and lows,buy only when the weekly charts show a previous pivot high being taken out.

What's the difference between lower highs and lows and lower pivot highs and lows?Sorry,but please go to the "Teach a Man to....." thread where it's been discussed.

As far as exit points are concerned,same thing.......out on a break of previous pivot lows.


What's all this got to do with the 60min trade?Ah,clearing the cobwebs first before proceeding to create more later.

All the best!
Saint
 
#2
Re: Going with the 60min Flow!!

Intermediate Trend trade:Next is the trade off the daily charts,using the Weekly as Perspective........This one's clear cut.First look at the Weekly,trade the Daily......Buy the daily once a new uptrend starts by taking out previous pivot highs,provided the Weekly is in an uptrend.

Exit points:Exit when stop loss is triggerred......exit when previous pivot lows on the daily are taken out.......trail stop to 2 bars back on the daily once the gradient starts getting steep,exit when trail stops are hit.

Position Sizing:As discussed in the "Teach a Man...." thread

Another scenario:Weekly making higher pivot lows,no real confirmation as to change in trend,daily starts making higher pivot lows and highs,trade the daily,with the foot on high alert to slam the brakes if required........If you prefer to get confirmation on the weekly,then stay out of these.

Basically we are trying to capture the intermed trend but not too interested if the daily gets into a downtrend......we'd rather sit it out and reenter once the daily gets back into an uptrend.

Here unlike the previous trade.........I want PIVOT HIGHS to get taken out before an entry.

All the best!
Saint
 
U

uasish

Guest
#3
Re: Going with the 60min Flow!!

Thanks for starting this thread which will cater to all our Hrly time frame needs.
Hope to participate after 31st.
 
#6
Re: Going with the 60min Flow!!

So far we have focussed on keeping ourselves on the right side of the trend.........we have got in and out of daily charts using the Weekly as Perspective.We have traded the Weekly with the monthly as perspective....and many trade the intradays with the 60 as perspective.

The 60min chart is always the referral chart,intraday traders use them as perspective.Daily chart traders use them to fine tune an entry........And then there are some of us who enjoy trading the 60min chart.Very simple stuff,not easy,but simple...........If you have the mindset to need to catch tops and bottoms so that you can sleep better at nights,or boast to your golfing buddies,then this ain't for you,my friend......the 60min trader cares two hoots in finding tops and bottoms.If you are the type that looks at P/L and gets fidgety as profits rise and have this urgent need to book them all,then this thread ain't gonna help you as well.If you have a mind that is rational,logical,analytical.........probably this thread would be of yawn stuff.........This thread is for the simpleton who goes long in an uptrend in the 60 and goes short in a dntrend on the 60......no great reasoning,no scientific theories,nothing to boast to your neighbour about.

This thread is for that simple minded person who can trade the Now,and keep the "I" out of the trade.

The 60min Trend Trade::Very simple........we trade the 60min chart only.No perspective charts here.No looking at trends on higher time frames.We buy previous pivot highs on the 60,we hold,and we exit once previous pivot lows are broken,and we go short,We hold,and then cover and go long once previous pivot highs are taken out.It's an always-in-the-trade type of trade.............There is no analysis here,no thinking,just going with the flow up and down.......the only work done is position sizing,maybe adding to positions,one keeps one's mind away from opinionating about the larger time frames........One just doesn't care anymore.A larger time frame crash will involve you into it,a euphoric rise up will have you in it,the frustrating sideways will probably get you in and out a few times but would be reduced if stops are placed in the right zones.........

As said before,one therefore just goes with the Flow...........things are kept very simple.I go long because the previous 60min pivot high is taken out,I exit and go short because the previous pivot lows are taken out,and vice versa.

Trade Smaller and Longer is the way out here.........I have a stop at previous pivot lows and stop is Rs60 away......I do my Position Sizing,and Rs12k is the risk I am prepared to take,therefore I buy 200,or 4NF lots.However juicy and yummy that pattern may be,I am getting in with 4 lots because my Trading Plan says so.

Add's as always at newer pivot highs with stops raised to latest pivot lows.....think it's a bit boring to repeat all of this......

To reiterate once more:

TIME FRAME:60MIN

PERSPECTIVE CHART:None

ENTRY:When the latest pivot high is taken out,enter long.When the latest pivot low is taken out,enter short.

EXIT:If initial stop is taken out.........If previous pivot lows in an uptrend are taken out,exit longs and go short.If previous pivot highs are taken out in a dntrend,exit shorts and go long.

When charts get vertical,steep-ish gradient,put stops at previous 2 bar low,exit long and go short if triggerred..........No steep gradient,no using this method,then it's pivots all the way.

ADD:Add to longs only if newer pivot highs are made in an uptrend.....Add to shorts only when newer pivot lows are made in a downtrend.Every down/up bar is also an opportunity to add.This depends on the chart and the way it makes its moves.

PROFIT TAKING:NONE......no profit taking as far as I am concerned.But do take profits off the table if you can't sleep nights and picking on your wife..........Profits therefore only for preservation of sanity.

POSITION SIZING:Very simplistic and rudimentary form,but it still has kept me out of harm's way..........already discussed in the "Teach a Man to...."thread.Entry is at point x........Stops are 60 points off.I take my capital,and risk only 0.5% of it ,say it's 12k.........divide 12k by 60 NF pts,you get 200 shares,or 4 nf lots.Therefore whatever happens,go long with 4 lots only.

One more add:Say we entered with 4 NF lots long,and added another 6 along the way,all the while raising stops,we hold all 10,we get pivots taken out or 2 bar rule in a vertical move violated,then calculate from that pivot high to entry point(for ease of calculations,presuming it's 60pts away,therefore you need to short 4 lots).........so we sell 14 lots,therefore exitting all 10 longs and entering 4 shorts......Apologies for multiple reiterations.

MINDSET:A mind that is simple........devoid of too many if's and but's and why's and why not's......a mind that refuses to get swayed by larger time frames,CNBC,other traders,gossip,rumours,etc............a mind that dares to stick to strategy and plan and in doing so stays in the present and is not swayed by a euphoric rise or a precipitous fall,thereby leaping over the Fear-Greed Barrier..........A mind that stays in the Now,removing the "I" from the trade........A mind that goes with the Flow......in this case the 60min Flow.

Shall add more later!

All the best!
Saint
 
Last edited:

lalpar

Active Member
#7
Re: Going with the 60min Flow!!

Hi Saint Sir,

I will fit in to this thread...I will keep posting here..KEEP SIMPLE will be my startegy...
 
#8
Re: Going with the 60min Flow!!

One more Great initiative from your side..
------------
A mind that stays in the Now,removing the "I" from the trade........A mind that goes with the Flow......


One of the best lines i have ever come across, if i can incorporate this in my trading style, would surely have it engraved as my epitaph...

Ciao
 
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