Going With The 60min Flow!!!

[Satyen]

Dear Saint can we consider Reliance Industries for this flow method


Regards
Satya

 

[Saint]

Hello Saint,

Congratulations for having pyramided and managed position in ABAN so well .Very professional job done. In ABAN why did you not consider 3445 pivot formed early yesterday to reverse and go long when it was taken out in the last bar yesterday ? Yr answer will help clearing my doubts as it was a major pivot till we got todays fall and the today's the pivot for reversing the position was 3475 as rightly mentioned by you.

Best wishes

Hi SmartTrade,

Pivot formed on 10th June----->3460,therefore would have reversed long at 3475.

Pivot formed on 11th June ----->3445,therefore would have reversed long at 3458-3460.That happened in the last bar of the day,out at 3458.

Longs held today(12th June),gap down,rule:Only if it violates the 5min bar,+ a bit,and I usually give it Rs20......not hit,therefore still long,presently in profit territory.

All the best,
Saint

 

[Saint]

Dear Saint we take 1 as Pivot Low but not 2 please explain bit when ever you get time

Regards
Satya[/QUOTE]

Hi Satya,

Have a look at the way the 2 different patterns behaved.......it gives you a hint what was about to follow.Where 1 was a clear cut pivot low break with a lower pivot high,2 was a sideways move.

Chart attached.

Saint

 

[Saint]

If today 4525 is crossed, then will the SL be shifted to yesterday's low of 4454

If today we started from yesterday's close or thereabouts,then yes,the moment we take off to new highs,we then raise the pivot low to the low of that sideways consolidation---4454.

Instead,we had a visual gap down.....We first wait for a 5min bar break +a bit....usually 15-20Rs.That was not taken out......Still long.Then it took off to yesterday's levels.

Importantly,where now is the stop?We've had a vertical move so far in the 60today.Stop at the low of 2 bars/candles back,ie 4439 minus 15=4424

Saint

 

[Saint]

Thank you very much i was thinking yesterdays low as initial SL as it is moving sideways so thought low of that sideways movement would be new pivot low

Thanks for correcting


Regards
Satya

Yep,Satya......but trail stops are raised to previous pivot lows once new highs are accomplished.If new highs are attained,yes,raise stops to the low of that sideways consolidation.

Saint

 

[milkyblack]

Hi MB we can now update our stop to todays low we are still long


Regards
Satya

Hi Satya,
Yes our SL is upgraded and not to only the low but to 4439- I read Saint's post he mentions due to vertical move... and to give a room of 20 points...

Regards

 

[milkyblack]

If today we started from yesterday's close or thereabouts,then yes,the moment we take off to new highs,we then raise the pivot low to the low of that sideways consolidation---4454.

Instead,we had a visual gap down.....We first wait for a 5min bar break +a bit....usually 15-20Rs.That was not taken out......Still long.Then it took off to yesterday's levels.

Importantly,where now is the stop?We've had a vertical move so far in the 60today.Stop at the low of 2 bars/candles back,ie 4439 minus 20=4419

Saint

Hi Saint...

Thanks for the clarification again... 20points room to be given for V move? IS that the necessary condition from your expereince to be on the safer side...

Regards

 

[milkyblack]

Hello all,

NF for June 13th

We made new pivot low today... higher than the previous... but as Saint mentioned there is a V move on the 60... so the SL and reverse is 4439- (according to Saint 4424, after giving room)

So for the June Series so far...

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

4	Long	4499+	4424-	-75		+2

3	Short	4640-	4499+	Closed		+141

2	Long	4636+	4640-	Closed		+4

1	Short	4826-	4727+	Closed		190

Total booked P/L = +335pts

Regards

 

[lvgandhi]

Dear Saint,
after searching this thread I am posting for clarification. What are the definitions of minor and major pivots. What are their roles in the 60 min flow. If you can explain with a chart, it will be helpful .
Thanks.

 

[Satyen]

Dear Saint we take 1 as Pivot Low but not 2 please explain bit when ever you get time

Regards
Satya

Hi Satya,

Have a look at the way the 2 different patterns behaved.......it gives you a hint what was about to follow.Where 1 was a clear cut pivot low break with a lower pivot high,2 was a sideways move.

Chart attached.

Saint

[/QUOTE]




Thank you Now cleared

Regards
Satya