Going With The 60min Flow!!!

[Saint]

Latest stop loss in SESA is 3575,below which we are back to short again.

Saint

 

[milkyblack]

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

Dear RK Sir,

Thanks a lot to share your ideas... you have rightly pointed out that this price has been defended for sometime... hence it should be a pivot!
Also Saint has approved your view should be happy now !!!

I will change my post now on NF 60min...
Thanks once again!

Regards

 

[milkyblack]

Was toying with the idea about showing how the trades in Aban and Sesa would have gone over the last year........but it's not as simple as "Made 115 points in short trades,lost 200 pts long"......The 115 pts in the green would have seen addition of positions that make it equal to 600 points.The 200 points loss from initial stops is just that........

Unable to dedicate that much of time or mind to the past.......but do feel free to backtest if that makes you feel better.Meanwhile,to the others who have been great followers of the "Teach a Man..." and this thread,trade light till you are comfortable.Feel free to throw it aside if uncomfortable.If comfortable,let us instead focus our energies to putting in that perfect trade,again and again.

This thread was and is meant as an attempt to share what has worked for me.

Saint

Thanks Saint,
Even I noticed this thing... and really learnt the advantage of taking small postitions initially and then add if the trade goes on our way!
As you have mentioned it earlier in your posts... that 60min is simple to trade but not easy!
As it has more to do with Money Mgmt... which is not as easy or simple as it really sounds to.... atleast for me MM is really a tough job!
Entry exit are easier
Saint I again thank you a lot to post your trades over here! It has really hepled me learn a lot how to trade using MM....

Regards

 

[milkyblack]

Dear Saint,

Thanks a lot to provide the chart with explanations!
Really helped !

Regards

 

[Saint]

We are short 10 ABAN,long 6 SESA and 2 JP..........If we get a visual gap down in any or all the three,let it play the first 5 min candle.

ABAN gap down,wait 5min candle to form,if it takes out the high of that candle .......exit all shorts and get long in ABAN.If it takes out the low,hold all shorts.

SESA :If visual gap down,5min candle formed,did not take out the lows of the candle,hold on to longs.If takes out the low of the candle,revert to shorts below that candle.

JPA:Same advice as SESA

Saint

 

[milkyblack]

We are short 10 ABAN,long 6 SESA and 2 JP..........If we get a visual gap down in any or all the three,let it play the first 5 min candle.

ABAN gap down,wait 5min candle to form,if it takes out the high of that candle .......exit all shorts and get long in ABAN.If it takes out the low,hold all shorts.

SESA :If visual gap down,5min candle formed,did not take out the lows of the candle,hold on to longs.If takes out the low of the candle,revert to shorts below that candle.

JPA:Same advice as SESA

Saint

Learning Saint lots from you

Thanks

Regards

 

[myvineet]

I certainly don't know the words with which we can thanx the saint for his teachings......more important is the pain which he takes to clear things in our minds .....what we can just say is that we are blessed we Get teacher like SAINT...

regards

vineet

 

[Satyen]

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"

Dear Smart trade before back testing this method please define action required on different situations

Like GAPs and how to define a major and minor pivots
during gaps what should be done ??

Like if we break out with a gap then 5 min low broken and we fill the gap but we close above the pivot then should we take the trade

Or If we break out with gap and we go long once the first 5 min bar's high taken out then should the stop loss be low of the bar or pivotal low

if low of the bar considered as SL then are we trading intraday basis ?? what if we hit stop loss ( 5 min bar ) should we exit 60 min trade or once 5 min high taken out then SL would be pivotal low and we will not care what is going on intraday basis

Waiting yours ,Saint and others veiw othis

Regards
Satya

 

[kenneth]

Thanks Saint. Gap down opening in all stocks
Regards
Ken

 

[Saint]

ABAN 10 Shorts continuing its dntrend,all holds.

JP Assoc 2 longs out at 189 and reverted........-14pts
Now holding 2 shorts from 189

SESA:holding 2 longs(sorry for the typo above!),exitted at 3534.....-96pts
Now holding 2 shorts from 3534.

Saint