SH's Intraday Strategy - ELH5

[Tradewithhunter]

Dear TWH,
I had doubt...when our 1st trade is long & hit target...that time (hit target)closed 2 bars above ema..then can we again enter long when retrace happen?
Ex:look todays trades our target hit on 11.20 bar...and it closed abv ema...next bars also closed above ema so you not took another long when retrace came 11.35 bar......

So we taking 1 long & 1 short then next long...short...never take long trade after 1long trade hit target...Is it right?

Hi Vijay - the bar which hit the target was 10.50 AM bar .... that bar closed did not close above 5 EMA high however the previous bar did close above 5 EMAH. We need two consecutive candle closes above 5 EMAH for a valid buy trigger... Hence this wasnt a valid trigger therefore no longs at retrace 11.35 bar.

There is no rule of long, short, long .... we take all signals ... on a trending day we might get all long signals only.

Hope this explains.

Cheers
SH

 

[VJAY]

One can use following afl for amibroker for trigger only if he is having live data..

/////SH Intraday Statregy - ELH5/////////////////
_SECTION_BEGIN("Price");
SetChartOptions(0,chartShowArrows|chartShowDates);
_N(Title = StrFormat("{{NAME}} - {{INTERVAL}} {{DATE}} Open %g, Hi %g, Lo %g, Close %g (%.1f%%) Vol " +WriteVal( V, 1.0 ) +" {{VALUES}}", O, H, L, C, SelectedValue( ROC( C, 1 )) ));
Plot( C, "Close", ParamColor("Color", colorBlack ), styleNoTitle | ParamStyle("Style") | GetPriceStyle() );
if( ParamToggle("Tooltip shows", "All Values|Only Prices" ) )
{
ToolTip=StrFormat("Open: %g\nHigh: %g\nLow: %g\nClose: %g (%.1f%%)\nVolume: "+NumToStr( V, 1 ), O, H, L, C, SelectedValue( ROC( C, 1 )));
}

Plot(a=EMA(H,5),"H5",1,1);
Plot(b=EMA(L,5),"L5",1,1);

Buytrigger = C>a AND Ref(C,-1) > Ref(a, -1);
selltrigger = C<b AND Ref(C,-1) < Ref(b, -1);

shape=Buytrigger*shapeUpArrow + selltrigger*shapeDownArrow;
PlotShapes(shape,IIf(Buytrigger,colorBlack,colorBlack));

//////////////end of code///////////

Dear daitya,
Thanks for quick afl which you shared with us.....
can you able to edit it as trigger come only when touch other ema after 2 bar close over/blow ema?I not know is it possible or not...
Also please change color of ema lines from black to red and green.......

 

[VJAY]

Dear SH ,
Gap days any changes in method?like today...

 

[Tradewithhunter]

Dear SH ,
Gap days any changes in method?like today...

Yes , gap up would mean some candle closes above EMAH5 ... please dont take it as a trigger.. we need to wait for Nifty to come back in the channel once and then wait for the trigger.

Cheers
SH

 

[amitava82]

What if We enter long on candle closing 5EMAL and then next 2 Candles close 5EMAL. Do we exit long immediately and wait for short entry on 5EMAH touch down?

 

[Tradewithhunter]

What if We enter long on candle closing 5EMAL and then next 2 Candles close 5EMAL. Do we exit long immediately and wait for short entry on 5EMAH touch down?

Yes correct - yesterday we actually had a short trade which were exited when the next 2 candles closed above EMAH5 ...there was a small loss to 6-7 points.

Thats the beauty of shorting at EMAH5 , the risk is very small.

Cheers
SH

 

[jayan12]

dear jayan in google u cant plot ema high,low or close.... u can subscribe to icharts.com they have these functions

Should we subscribe for jcharts(basic) or jcharts(plus basic) or jcharts (premium) ?

Thanks.

 

[Tradewithhunter]

Should we subscribe for jcharts(basic) or jcharts(plus basic) or jcharts (premium) ?

Thanks.

Charts premium.... thats for all cash and future charts. it provides access to Jcharts premium and Live charts premium both. Its the live charts premim where you will be able to plot EMA on highs and lows. I think they charge 700 per month and have discounted prices for 6 monthly/yearly packages.

Cheers
SH

 

[san77s]

10.30,10.35 Candle closed above 5emah. 10.55 candle hit low ema,
Is this right entry?

 

[biyasc]

10.30,10.35 Candle closed above 5emah. 10.55 candle hit low ema,
Is this right entry?

yes............