MCX-Silver Real Time Trading Log - 20 % ROI

[preson]

i took the order and sl hit, but sl happens, we cannot trade without any sl at all, bad luck this time, better luck next time,,... but still that 51950 proved to be a great level, waiting for ur other entries marimuthu,,:cheers:

 

[marimuthu13]

Sir
This is what i want to learn ...how to calculate?

Hi,
I have MT4 indicator that will calculate pivot levels automatically ..if you have MT4 charting, then I can provide you same indicator.

If not, please visit the below link and update yesterday Open, High, Low and Close then it will show pivot levels for the day..

http://www.pivotpointcalculator.com/

again, don't just follow pivot levels alone, life is not that much easy..

Google it, "trading with pivot levels", you will come know to several methods..

i will also try to post charts whenever i get time..

 

[marimuthu13]

i took the order and sl hit, but sl happens, we cannot trade without any sl at all, bad luck this time, better luck next time,,... but still that 51950 proved to be a great level, waiting for ur other entries marimuthu,,:cheers:

hi,
I am sorry for your losses.. I would explain something about S/R trading with charts so that you will get better understanding before get into some trades..

 

[sushilgirdher]

hi,
I am sorry for your losses.. I would explain something about S/R trading with charts so that you will get better understanding before get into some trades..

We are waiting for ur coaching

 

[sushilgirdher]

Hi,
I have MT4 indicator that will calculate pivot levels automatically ..if you have MT4 charting, then I can provide you same indicator.

If not, please visit the below link and update yesterday Open, High, Low and Close then it will show pivot levels for the day..

http://www.pivotpointcalculator.com/

again, don't just follow pivot levels alone, life is not that much easy..

Google it, "trading with pivot levels", you will come know to several methods..

i will also try to post charts whenever i get time..

When yesterday Open, High, Low and Close are same ...then why different sites are showing different pivot point?

 

[marimuthu13]

When yesterday Open, High, Low and Close are same ...then why different sites are showing different pivot point?

Dear,
there are so many was of pivot calculation..

i used classic (common ) pivot points..
some use cameriala pivot points
some use Fib pivot points

so pivot points will vary accordingly
..
i request you to google it for more information as everything cannot be explained written here..

 

[marimuthu13]

hello all,

http://www.mql5.com/en/charts/154202/msil-m5-first-charting

refer today chart .. (trade only after 5 pm)

as you can see, immediate resistance is 51734 (weekly pivot)

and immediate support is 51374..(daily support 1)

now what we can do is wait for price to reach either of these levels..

case 1. assume price coming down to 51374 levels, it touched 51374, went below also but closed above 51374 in same 5 min candle,..it means it took support at or around 51374.. now wait for confirmation, meaning is that next candle should close green.(bullish), then one can look for buying at this levels..

target is next resistance line..

sl is half of target ( but not exceeding 200 points).

case 2: price is coming down at 51374, it touched, went below and closed below 51374..it means support broken, then wait for next bearish candle to close, then go for short with next support line as target..

 

[sushilgirdher]

hello all,

http://www.mql5.com/en/charts/154202/msil-m5-first-charting

refer today chart .. (trade only after 5 pm)

as you can see, immediate resistance is 51734 (weekly pivot)

and immediate support is 51374..(daily support 1)

now what we can do is wait for price to reach either of these levels..

case 1. assume price coming down to 51374 levels, it touched 51374, went below also but closed above 51374 in same 5 min candle,..it means it took support at or around 51374.. now wait for confirmation, meaning is that next candle should close green.(bullish), then one can look for buying at this levels..

target is next resistance line..

sl is half of target ( but not exceeding 200 points).

case 2: price is coming down at 51374, it touched, went below and closed below 51374..it means support broken, then wait for next bearish candle to close, then go for short with next support line as target..

Very good explanation sir...Thanks a Lot for such a great thing...This is first time that u posted chart and with this the picture is quite clear.

Now Pls reply queries- 1. Why U specifically said that trade afetr 5 pm....Any Specific reason?
2. Secondly, if price does never come down to 51374 , then is it means NO TRADE on that particular day?

3.What if price crosses immediate resistance 51734...then what to do?

pls explain so that we can have more better understanding

Thanks again

 

[marimuthu13]

Very good explanation sir...Thanks a Lot for such a great thing...This is first time that u posted chart and with this the picture is quite clear.

Now Pls reply queries- 1. Why U specifically said that trade afetr 5 pm....Any Specific reason?
2. Secondly, if price does never come down to 51374 , then is it means NO TRADE on that particular day?

3.What if price crosses immediate resistance 51734...then what to do?

pls explain so that we can have more better understanding

Thanks again

1. Trading after 5 pm will have very good movement because of US market open, but nowadays day time also seems good movement because of some news about Korea war..etc etc..

2. If prices trading in between pivot points, then no trade.. either it has to come near pivot, or Support or Resistance...

3. same principle is applied in resistance also..(like when price comes near 51374)..

If price touches 51734, went above but closed below, next candle also bearish then short..

if price touches 51734, went above and closed above, next candle bullish then Long..

 

[sushilgirdher]

1. Trading after 5 pm will have very good movement because of US market open, but nowadays day time also seems good movement because of some news about Korea war..etc etc..

2. If prices trading in between pivot points, then no trade.. either it has to come near pivot, or Support or Resistance...

3. same principle is applied in resistance also..(like when price comes near 51374)..

If price touches 51734, went above but closed below, next candle also bearish then short..

if price touches 51734, went above and closed above, next candle bullish then Long..

In the given chart 10 apr at 19.05 price is above weekly pivot but still it falls in next few candles

again 10 Apr at 20.45 price is above 51734 but still it falls in next few candles


So how to confirm?

Secondly Can u pls share program ( AFL or MT) for claculating these pivots on Charts?

I will modify the program as per need....

I think we both together can develop is strategy for profit......I also trade ( in fact paper trading from last few days) after 5 Pm . In the day time i m in office