Going With The 60min Flow!!!

[milkyblack]

Hello All,

NF for 9th June based on 60min

Today lower pivot was formed at 4640... will it be taken into consideration? As mentioned by Saint... we take only major pivot into consideration.
If 4640 taken into consideration then we should be short now with SL of 4705+
After the clarification from Saint made to rkk Sir, the new postion is short from 4640 with SL of 4705+

So for the June Series so far...

Number	Trade	Level	SL	Initial Risk	P/L(Close)

3	Short	4640-	4705+	-65		+20

2	Long	4636+	4640-	Closed		+4

1	Short	4826-	4727+	Closed		+190

Total booked P/L = +194pts

Regards

 

[Satyen]

Thank you , Thank you ,Thank you for continueing and sorry for not regular

Todays i think we formed a pivot others veiws are awaited plz members do give comments about pivot point detection

Chart for pivots


Reagards
satya

 

[rkpahwa]

Thak you T hank you Thank you for continueing and sorry for not regular

Todays i think we formed a pivot others veiws are awaited plz members do give comments about pivot point detection

Chart for pivots


Reagards
satya

I am going with MB. I think its not a major Pivot....

 

[Satyen]

Thank you Traderji

 

[lahaha]

hello everyone

 

[milkyblack]

Thank you , Thank you ,Thank you for continueing and sorry for not regular

Todays i think we formed a pivot others veiws are awaited plz members do give comments about pivot point detection

Chart for pivots


Reagards
satya

Satya,
You do not have to thank me at all so much... doing this even I am learning... now as you can see... I am unable to understand whether 4640 should be taken as a pivot or not... I thought of posting during the mkt hrs tht atleast to exit postions at 4640.... if anyone is trading live using 60min.... but then again Saint had mentioned that we should only look for major pivots... so in a confusion... lets see what teacher tells... this would be a good leason and will help us to identify piovots... based on 60min....

Regards

 

[milkyblack]

hello everyone

Hello and welcome...

Regards

 

[Satyen]

Hello, Satya and Milky,
I hv never studied the pivots deeply, and with my limited knowledge of the subject the comment I am going to make may be totally wrong :

The Lower Pivot of 4650 , according to me should be considered as a Major Pivot. My reason for saying so is that as per chart posted, this level was tried to overcome for almost 6+ hours (8 Hourly bars have closed above this level) without able to cross the previous Pivot High!!! So when such a level breaks, it should be considered a strong support giving way, so I call it a major Pivot!!! My thinking is (for what it is worth) that as in trendline, the more the bars take support on the trendline more strong it is considered, accrdingly my view for a Pivot!!!!
Would be happy to be termed correct by Saint, and frankly as happy to be proved wrong so that I can rectify my viewsa nd thinking!!!
Best regards!!!
-R K Karnani

Thank you very much

Regards
Satya

 

[SGM]

Re: Do we need Belief n Faith ??

Hi Sanjay, Maybe the words I used did not convey what I wanted to say!!!! My view is that I shall follow a system that I have "faith" on to give consistant results, maybe the faith is due by backtesting or whatever reason and when I who is already confident of +ve results backtest the historical data for someone who is skepitical about it , I tend to overlook minor hiccups in the system as the right side of the chart is there for me to see !!! (I talk about tick by tick analysis) Accordingly a person who is skeptical about the system would tend to find out the maximum drawbacks in the system as he is already biased against it!!!!
Maybe an analysis by both would give us a better perspective of the system!!!
Thanks and regards
-R K Karnani

Hello RK

I am totally in sync with your views. Think, I understood the original post. My post was in a lighter vien.

As a trader we need both ....

Belief in Yourself & Belief in the Method You Use

Regards
Sanjay

 

[Smart_trade]

Yes Sir, I most certainly plan to backtest the "Going with 60 min------" system on NFatleast for 3 months and post the results.Regarding the test period do you have any particular favorite period to suggest ? I am absolutely sure that the seniors who are writing inthis thread would have backtested the system before putting it on Traderji and I wanted to know the test results from them. And Dear Sir,faith has nothing to do with backtesting results if the backtest is done with eagerness to find the truth.And having faith also has nothing to do with the fact whether the system is a profitable system or not as it is a function of the system expectancy.If one has faith on an incompetent system and trade it one will loose "Systematically."

I am sure Traderji is read by expert traders and novices. So the backtest is a MUST.Have you ever read a new drug or a surgical precedure released for use without stringent testing ? This is a forum based on scientific principles and hard evidence and I am sure testing should not hurt anyone's ego but it will definately give lot of confidence to new traders and save them from avoidable and sure trading losses. BTW this post is not to doubt or challenge anyone as we all have a common challenge" THE MARKET"