Teach A Man To Fish And.........

[nick721156]

Nope,DJ.......No need for that......this whole game is about probability,assessing risks and taking rewards....Even though we are trading the intermediate uptrend,we are still trying to fine tune our entry as per the daily charts.

Weekly Charts:Higher pivot lows signifying uptrend,took out previous week's high.......right,that's it.Nice....but an entry fine tune as per daily charts.

Daily Charts:Nice rally....If this takes out 588.90,in above that previous pivot high.Else,once a pivot is formed,enter above the high of that pivot formed(in this case tomorrow if that happens).......

You want the daily pivot low to confirm ....and therefore we wait for that pivot to get taken out.......But weekly,so long as an uptrend persists,you are buying declines,and the moment you get an inkling from the daily,you are in....Waiting for the uptrend to confirm is too high risk.....Hope you understand,do get back to me if doubts persist.



Nothing wrong with all this.......except entry not at 652,and stop loss not at 455


All the best,DJ

Saint

dear saint,

in case of weekly chart, a higher pivot low indicates an uptrend, took out previous week's high.
1.0 i want to know if we wait for the week to close before considering "higher" than the previous week's high; or, in the middle of the week, if the candle takes out the "high" of previous week, still it is a valid set up. Because, at the closure of the week, closing price may be lower than the "high" of last week. Secondly, whether in the middle or at the end of a week, shall we consider the closing price as "high" or top of the shadow as "high" ?

2.0 once we enter using the daily chart, which chart shall we follow for exit-daily chart or weekly chart?

hope won't mind clearing my doubts!

regards,

nick

 

[techdump]

Dear Saint,

As a novice, have gone through your "Fishing lessions" and was amazed to realize that i've learned a little bit of fishing... just stepped in on the first pace of trading/investing with the help of your lessions...

Thank you very much and wish this will help a lot of beginners like me to learn the basics of TA and stock market...

May god bless you...

Logan.

 

[Ecko]

Guyz I never knew that compilation torrent gonna be so popular
I just searched & WW
Also I got reputation message
That Great
But all credit goes to Mr. Saint
He's a genius....!!!

Please if Mr. Saint can use some screen capture software to make a video of that
Cause its better to understand then

Please you can mail me at my E-Mail Id if you don't know how to create a tutorial using screen capture

 

[Saint]

Dear Saint,

As a novice, have gone through your "Fishing lessions" and was amazed to realize that i've learned a little bit of fishing... just stepped in on the first pace of trading/investing with the help of your lessions...

Thank you very much and wish this will help a lot of beginners like me to learn the basics of TA and stock market...

May god bless you...

Logan.

Hi Logan,

Good to know you have picked up some "Fishing"......wishing you all the best!

Saint

 

[Saint]

dear saint,

in case of weekly chart, a higher pivot low indicates an uptrend, took out previous week's high.
1.0 i want to know if we wait for the week to close before considering "higher" than the previous week's high; or, in the middle of the week, if the candle takes out the "high" of previous week, still it is a valid set up. Because, at the closure of the week, closing price may be lower than the "high" of last week. Secondly, whether in the middle or at the end of a week, shall we consider the closing price as "high" or top of the shadow as "high" ?

Yep,weekly putting up higher pivot lows and highs.......the weekly is in an uptrend.

Nope.......once you are clear that the weekly is very much in an uptrend,then drop down to the daily charts......once the daily puts in a higher pivot low and high,you are in.

Also,I buy the breakout,and then on it's all adds .......no waiting till the weekly close confirms the breakout.What happens if it was a fake out......dragged you in to the trade and then dumped?Happens,my friend......take your stops,wait and watch,and stalk,......and pounce back in at the next opportunity.

2.0 once we enter using the daily chart, which chart shall we follow for exit-daily chart or weekly chart?

hope won't mind clearing my doubts!

regards,

nick

The daily charts......

Saint

ps:Will pump in a few charts today .....hope it helps!

 

[Saint]

Just going through some basics again.......getting a lot of mails asking similar doubts.

Saint

 

[Saint]

Have a look at the chart below of Reliance Inds......

There was an ascending triangle put up in the 2004-2005 area.......we then get a breakout.We have no idea as to whether this breakout is going to hold.We then have a pullback at the first blue arrow .......the weekly just signalled a higher pivot low.Once that pivot high is taken out,we are long either way,whether this trend holds up or not........simply because that's what we do.We are traders,we look to make profits,we get our signal,we go long,put our stops and wait.

Every blue arrow shows that higher pivot lows are being formed.......first break of the pivots is at the red arrow.

Above every pivot low once it takes out the previous pivot high is your add point.

Once a previous pivot low is cracked,this trend is over......means it's not removing the profits time,it's getting out in toto time.

This trade is for the traders who trade the longer term charts........bigger risks,more left on the table,more profits......traders nevertheless because we don't care to hold it another minute once the trade goes against the rules that we have set for it.

Saint

 

[Saint]

Simplistically put.....


UPTREND is made up of a series of higher pivot highs and lows.

DOWNTREND is made up of a series of lower pivot highs and lows.

What your eyes are looking at in an uptrend is the pivot lows,.......decisions are based in an uptrend as per the pivot lows.

What your eyes are looking at in a downtrend is the pivot highs....decisons are based in a dntrend as per the pivot highs.

The first crack of a previous pivot low is the end of that uptrend.

The first crack of the previous pivot high is the end of that downtrend.

Saint

 

[Saint]

We have a trend,presume it's a downtrend,and then we get a move up.......that move up is a rally within a downtrend.

Every 2-3 bar move up is not called an uptrend.

Proper perspective as to where we stand is vital........A rally in a dntrend is a rally in a dntrend.

Can we profit from it?Sure,in a lower time frame.........A rally in a weekly downtrend would show up as an uptrend on the 60min or daily charts.

But then that trade is as per that particular time frame.

Saint

 

[Saint]

As said in the previous post,a rally within a downtrend is not yet an uptrend........A decline within an uptrend is not a downtrend.


Examples of Rally within a Dntrend and a Decline within an Uptrend in charts below.

Saint