Going With The 60min Flow!!!

[Saint]

I was thinking the other day what makes us anxious ... why do we get restless.
I belive that lack of Knowledge and Information seeds anxiety with in us.
Look back in time and we might have some answers.
Remember those old days when on traffic signals we did not have a digital timer which tells us its your turn after x seconds. You might see people waiting at red lights . out of anxiety making that zhoomzhoom noise from their vehicle .. shifting gears blowing horns unnecessarily, doing all this until the light turns green.Why wer they anxious because they didnt know when the lights will turn green. Now we have a gadget attached to red light which explicitly tells us when will your turn come. With that expressed information at hand it is much more easier to wait at traffic signals now .. isnt it.

This is applicable in all spheres of life .. in trading as well.
I see a pivot on chart , write a query on board room. I get anxious if my query is not answered with in the threshold time limit. Anxiety will increase if price start moving closer to that pivot. There is no way i can find out when will it be answered, whether it will be answered/acknowledged at all or not. There is definitely no timer which can tell that your query will be answered in X seconds.
but I have devised a solution to this ... Now I am making you anxious ..Oh she can find out when will the query answered ... is it really possible .... And my answer is Yes ..
And And .. Solution is simple but not easy to achieve ..woh kehte hai na manzil asaan hai par raasta mushkil.
And the solution is lets master the system and be SELF INFORMATIVE. lets master it to maximum possible extent .. then All the answers will lie with in us ..every thing will be clearly visible.
So guys .. we have new rules is place (slightly modified) .. let each one of us make an effort to master it .. let the DEVIL(anxiety) be thrown out and let the saint (Information) settle with in us !!!!!!!!

Thanks
KomaL

Great post,KomaL.......this trading by consensus,a few knowledgeables putting up entries and exits because they are sharing with each other,and that's a good thing........and the ignorants following blindly and then crying over spilt milk,and that's a bad thing.....won't take one far.

Master all there is to master.......be a force unto yourself......never have to need or depend on another for YOUR daily bread.......

Great going,KomaL........you were one of the very few who made the turn around day before yesterday.....keep it up!

And great post!

Saint

 

[SamFisher]

Is Stoploss still at 3112-15 = 3097

Yesterday there was a discussion on that point 1PM bar being PL.
But I have difficulty understanding why not 12PM bar is a valid PL.

Someone please explain.

 

[Saint]

Yesterday there was a discussion on that point 1PM bar being PL.
But I have difficulty understanding why not 12PM bar is a valid PL.

Someone please explain.

12pm is the valid pivot low.........1pm is not a pivot at all.....it is a point where stops were raised using the 2 bar method.

Saint

 

[Sec 5 (Pyr)]

12pm is the valid pivot low.........1pm is not a pivot at all.....it is a point where stops were raised using the 2 bar method.

Saint

Hence the -20, as Rakesh pointed out.

 

[SamFisher]

12pm is the valid pivot low.........1pm is not a pivot at all.....it is a point where stops were raised using the 2 bar method.

Saint

Thanks Saint for the clear answer...
But I was thinking we are going to use 2 bar only when we do not have valid pivots near by, But our PL is just couple points below, so just asking...
Is this change because of new set of rules now?

 

[man4urheart]

Current Position Of NIFTY in thread

Position Start Date: 16-OCT-2008
LONG Since : 3235
Stop Loss:3112 - 20 = 3092
Profit/Loss in Current Trade = 3235-3092= -143

We change our Position to SHORT if NIFTY Trades below :3092

 

[Saint]

Thanks Saint for the clear answer...
But I was thinking we are going to use 2 bar only when we do not have valid pivots near by, But our PL is just couple points below, so just asking...
Is this change because of new set of rules now?

No Sam....more because of the WRB on the hourly,3 of them,one after another kicks in the 2 bar method......of course,in this case,makes hardly a difference,so not wrong in keeping stops at pivot low either.But once you get newer highs,start raising stops.

Saint

 

[Saint]

Hence the -20, as Rakesh pointed out.

Yes Sec 5......and welcome to Traderji and to this thread!

Saint

 

[Sec 5 (Pyr)]

Thanks, Saint. Also apologies for the confusion coming up.

Regarding the 2 Bar method, is it 2 bars from the current bar or 2 bars from the bar that we broke the high/low of?

The reason I ask is that, in a situation like now, we could have 3+ hourly bars shooting upward activating the 2bar method, then some sideways stuff like now, and then finally a breakout above yesterday's HOD.

In such a case, if we followed the former method, we'd end up moving the the stops to current levels rather than leaving some genuine room for nifty to whipsaw around.

Or do we use the third option and start the 2 bar method afresh after stagnation, ie waiting for another 3 bar upward move from this point on?

 

[faith]

Saint in aban SAR is as per 2 bar rule can we consider todays 5 min bar too as it has opened with a gap