Going With The 60min Flow!!!

[niftychance]

Hello Friends

I just made a banner from the SAINT's above post for the soft board, just sharing it, if it can be useful for others...

And the trading rules this I have also posted before...

Thanks

 

[rkripal]

Hello friends,

had some doubts about yesterday's first five min bar. so posting here.
Low of the first 5min bar was 4343.7 so we move our stop at 4343.7 - 15 = 4328. Now 1pm bar made low of 4326.25 and still no one got stopped out except me

If i hv understood 5min rule wrongly then please guide me.

As a result of this, i changed my position twice yesterday.

kripal

 

[segul]

Aditya,

I have,I thought,explained all this once before.Now yet again,thought I answered it in the evening..........not sure I can get a point across if the motive is to cross examine and not to understand.

Right,here goes......OCT 2007,masive gap down,firs bar low not hit,we hold our longs and add if possible.........but vertical move up,2 bar method comes into play and we are out once the 2 bar back stop hits and we reverse short.

And that NOV 2007 chart,is a gap below pivot and a few strong bars up,and then a doji and a fall.Low of 2nd bar of that day=5834,next bar at 5860,next bar at 5912.........And compared to today,where the next bar hardly moved---abt Rs5,low of first bar was 4341,2nd bar at 4346........please please do see what I am trying to communicate.

You can post all the charts you want and I can answer them for you and explain them to you.I might have made a few mistakes for which I would apologise.The rest I can explain .........because I do this every day and we are not talking 1-2 lots,or paper trades.And not just in one stock as well.As I have said countless times over,this is art,not science.......do try to understand what is being pointed at,and not get caught by the words,definitions,etc.



Saint

hi Saint,

Sorry if u felt that i was only cross examining and not understanding, and sorry for asking those same questions again and again.
Those 2 examples which i had posted was always lingering in my mind and when such type of situation came i got confused when to keep 5 min low stop and when to trail it like in nov 2007,and hence came to you,thats all and nothing else was on my mind. Have understood it now.That was one of my last doubts i had in this system.Thank u for answering it patiently though i repeated some questions again and again.

regards.

 

[segul]

Hello friends,

had some doubts about yesterday's first five min bar. so posting here.
Low of the first 5min bar was 4343.7 so we move our stop at 4343.7 - 15 = 4328. Now 1pm bar made low of 4326.25 and still no one got stopped out except me

If i hv understood 5min rule wrongly then please guide me.

As a result of this, i changed my position twice yesterday.

kripal

hi kripal,

if u are using pib data extract,it some times skips some datas inbetween. sometimes, have faced same problem too. it is better to look at the hi and lo on ticker screen rather than the chart after 1st 5 minutes.

regards.

 

[musicjunkie]

I Dont understand the problem.
Firday- Gap down, we put SL 15 points below 5min bar. Price comes 10 paisa short of the SL, hence we are still long.
Like Saint said, lets see if the 10 paise makes or breaks us monday.
MJ-

 

[pakatil]

Another gap down like this and we will really realise the difference 10 paisa could make.

That 10 paisa will have us if there's a gap up on Monday

Saint

OMG power of 10 paise!!!

With Nuclear Deal clinched today, we may have Gap Up on Monday

Cheers

 

[sikandar]

10 paise going to make history in our trading,wether it will be up or down.
sikandar

 

[rkpahwa]

10 paise going to make history in our trading,wether it will be up or down.
sikandar

really... going to make history...wether it will be up or down...

Gap up opening ..... will say "The Power of ten paisa"
Gap down opening... "bewafaa, Harzaai nahi koi tere jaisa"

 

[Smart_trade]

really... going to make history...wether it will be up or down...

Gap up opening ..... will say "The Power of ten paisa"
Gap down opening... "bewafaa, Harzaai nahi koi tere jaisa"

Yes we get pleasant or unpleasant surprises due to the news events.But if you follow the system long enough,then pleasant surprises outnumber the unpleasant ones and the trend asserts itself and you come out as a winner .

While on this subject I remember an interview from Market Wizards in which a Market Wizard trader is asked as to how much of his trading success is luck and how much is science. His reply was as under :

"I have a thoroughly backtested competent system which I trade and whether a trade I am doing at this moment is going to be a winner or a looser is a matter of TOTAL LUCK as I am going to have my share of loosers. But after taking all the trades on the system for reasonably long time I am going to make plenty of money is a TOTAL SCIENCE.

The reply has lot of wisdom and a mindset of a winning trader in it !!!

Just thought of sharing the same !!!

Smart_trade

 

[milkyblack]

The words used,however vague,in this thread are not accidental.......they are not a sudden urge to use a particular word....They are deliberate....Words like "Visually obvious pivot".Right,Saint,what does that mean........define it,add boundaries to it,2 bars to the left and right?,or is it one bar left and right,minor pivot,major pivot........nothing of the sort.Will not go there.......Visually obvious pivot is all that I am staying on....

'Go with the Eye","Visual Gap","Go with the Flow",.........sounds illogical?Exactly.No clear cut definitions?Exactly.Abstract?Definitely.Oh well,Saint,then it's subjective..........ah,not exactly.

Why then would I not logicalise it all,give clear cut definitions,make a "system" out of it.........why not couple the good trades with some seeming logic at least.Why not at least come across as intelligent?

The answer is simple actually.......the secret of great success at least with this method is to see the Whole,not the parts that make the Whole.If I were to use the power of Logic,you see the parts,you never see the whole.A rational,logical,analytical mind divides and subdivides and sees all the parts that make up the Whole,and write theses after theses about the parts........but they never,ever can see the Whole.To trade and go with the Flow,you have to be in the Flow and rooted in the present,and therefore need to see the Big Picture,the Whole.

Therefore,had said once that this is more Dance with the Flow,more art than science.

Use you argumentative,rational mind and you would win the argument against anyone here..........but you would not get the Big Picture.And even if you do see it,you just would not be able to capitalise on it,as your brain is conditioned to think in parts.

The deliberate usage of all vague terminologies will continue unabated though........as the attempt is to reach out to that particular mindset.And for the more rational of my friends,all I can tell you helplessly is: Do try to SEE,and if not do at least try to understand........"

All the best!
Saint

ps:This thread is not aimed at anyone in particular,......

Saint,

Wow, very nice to read this post from you Saint... that there can not be any system as such... to trade with... I was thinking the same even though there are some rules to trade the 60 min... but these rules keep on developing... according to new situations... which traders have not faced before... so again a new rule comes up! But how does it comes up? It can come up only if one keeps his/her open and mind also... which should accept new ideas... the ideas that is generated NOW... the present! If one is reluctant to do so... or gets into an argument... just because the rule was not there before... the trader is more likely to follow the idea later... when the trade is over...

So how will one come up with "tweaks" ? Only by experience... somewhere earlier you have written that... the good thing is that... the different situations are FINITE... though many....

I am sure with experience... one will understand the situation....

I remember once.... we were about to change positions... just on the breach of the last 60 min candle!!!! Why was that ? It was no where in the rule!!!! No one questioned that... as maybe no one was trading that scrip then... otherwise I am sure questions would have been there....

But that was the rule... maybe has been setup at that moment... or maybe formulated earlier... and was forgotten to mention it... but what ever...

Let me add to this.... I have been back testing this CRUDE form of 60 min... with ONLY major pivot... WITHOUT any tweaks... then also the result is POSITIVE.... for many scrips... and for many scrips even with tweaks the result is negative....

When a positive result giving scrip can become negative result giving scrip... No one knows... so we tweak it... but there is no FINITE number of tweaks... or so called pre defined set of tweaks.....

I am really thankful to Saint for posting this valuable information... I was till now wondering... between subjective trading and objective trading.... I really got my answer!



Thanks Saint as always

Regards