Going With The 60min Flow!!!

[faith]

I think LIQUIDITY comes into picture.Nifty Future's liquidity is much better than any commodity,rather than many times.

look with in 6 min our seniors are here to guide us
thanks columbus

 

[rishig38]

Rishi,

What all tools do you use for trading Gold ? Do you use intra-day charts or you just go my the previous day's quotes and find out the PH/PL ? I see that you have been using different filters on different days (as per your message to Saint). How many lots do you trade on an average ? If possible can you post your trades here. (if it is off-topic you may consider posting it as a separate thread)

Sorry too many questions, just wanted to understand. Are you trading using ICICIDIRECT ?

Thanks in advance.

I trade in GOLD, CRUDE, Copper and some other commodities but until recently I was just gambling rather than trading with a proper technique...Just for the past few days, I've started using pivots to trade GOLD and so far the results have been really good..I am not sure if it was plain luck or maybe the method really works for commodities as well...but I would assume it would work as traders trading in anything would use pivots to determine a price decision....

Anyways, as far as gold is concerned, 1 lot = 1kg....you gain/lose Rs 100 on every 1 point gain/loss....Usually I trade with 1/2 lots...so if I buy 1 lot and it went up 100 rs, then I would gain Rs 1000 off course less commission...

 

[orderflow13]

if some one start new thread just post the link

 

[ramling]

Re: Going with the 60min Flow!!

So far we have focussed on keeping ourselves on the right side of the trend.........we have got in and out of daily charts using the Weekly as Perspective.We have traded the Weekly with the monthly as perspective....and many trade the intradays with the 60 as perspective.

The 60min chart is always the referral chart,intraday traders use them as perspective.Daily chart traders use them to fine tune an entry........And then there are some of us who enjoy trading the 60min chart.Very simple stuff,not easy,but simple...........If you have the mindset to need to catch tops and bottoms so that you can sleep better at nights,or boast to your golfing buddies,then this ain't for you,my friend......the 60min trader cares two hoots in finding tops and bottoms.If you are the type that looks at P/L and gets fidgety as profits rise and have this urgent need to book them all,then this thread ain't gonna help you as well.If you have a mind that is rational,logical,analytical.........probably this thread would be of yawn stuff.........This thread is for the simpleton who goes long in an uptrend in the 60 and goes short in a dntrend on the 60......no great reasoning,no scientific theories,nothing to boast to your neighbour about.

This thread is for that simple minded person who can trade the Now,and keep the "I" out of the trade.

The 60min Trend Trade::Very simple........we trade the 60min chart only.No perspective charts here.No looking at trends on higher time frames.We buy previous pivot highs on the 60,we hold,and we exit once previous pivot lows are broken,and we go short,We hold,and then cover and go long once previous pivot highs are taken out.It's an always-in-the-trade type of trade.............There is no analysis here,no thinking,just going with the flow up and down.......the only work done is position sizing,maybe adding to positions,one keeps one's mind away from opinionating about the larger time frames........One just doesn't care anymore.A larger time frame crash will involve you into it,a euphoric rise up will have you in it,the frustrating sideways will probably get you in and out a few times but would be reduced if stops are placed in the right zones.........

As said before,one therefore just goes with the Flow...........things are kept very simple.I go long because the previous 60min pivot high is taken out,I exit and go short because the previous pivot lows are taken out,and vice versa.

Trade Smaller and Longer is the way out here.........I have a stop at previous pivot lows and stop is Rs60 away......I do my Position Sizing,and Rs12k is the risk I am prepared to take,therefore I buy 200,or 4NF lots.However juicy and yummy that pattern may be,I am getting in with 4 lots because my Trading Plan says so.

Add's as always at newer pivot highs with stops raised to latest pivot lows.....think it's a bit boring to repeat all of this......

To reiterate once more:

TIME FRAME:60MIN

PERSPECTIVE CHART:None

ENTRY:When the latest pivot high is taken out,enter long.When the latest pivot low is taken out,enter short.

EXIT:If initial stop is taken out.........If previous pivot lows in an uptrend are taken out,exit longs and go short.If previous pivot highs are taken out in a dntrend,exit shorts and go long.

When charts get vertical,steep-ish gradient,put stops at previous 2 bar low,exit long and go short if triggerred..........No steep gradient,no using this method,then it's pivots all the way.

ADD:Add to longs only if newer pivot highs are made in an uptrend.....Add to shorts only when newer pivot lows are made in a downtrend.Every down/up bar is also an opportunity to add.This depends on the chart and the way it makes its moves.

PROFIT TAKING:NONE......no profit taking as far as I am concerned.But do take profits off the table if you can't sleep nights and picking on your wife..........Profits therefore only for preservation of sanity.

POSITION SIZING:Very simplistic and rudimentary form,but it still has kept me out of harm's way..........already discussed in the "Teach a Man to...."thread.Entry is at point x........Stops are 60 points off.I take my capital,and risk only 0.5% of it ,say it's 12k.........divide 12k by 60 NF pts,you get 200 shares,or 4 nf lots.Therefore whatever happens,go long with 4 lots only.

One more add:Say we entered with 4 NF lots long,and added another 6 along the way,all the while raising stops,we hold all 10,we get pivots taken out or 2 bar rule in a vertical move violated,then calculate from that pivot high to entry point(for ease of calculations,presuming it's 60pts away,therefore you need to short 4 lots).........so we sell 14 lots,therefore exitting all 10 longs and entering 4 shorts......Apologies for multiple reiterations.

MINDSET:A mind that is simple........devoid of too many if's and but's and why's and why not's......a mind that refuses to get swayed by larger time frames,CNBC,other traders,gossip,rumours,etc............a mind that dares to stick to strategy and plan and in doing so stays in the present and is not swayed by a euphoric rise or a precipitous fall,thereby leaping over the Fear-Greed Barrier..........A mind that stays in the Now,removing the "I" from the trade........A mind that goes with the Flow......in this case the 60min Flow.

Shall add more later!

All the best!
Saint

Dear Sir,
Would you please send your previous trading articles?
Thanking you.
Yours friendly,
S.Ramalingam.

 

[SamFisher]

Re: Going with the 60min Flow!!

Dear Sir,
Would you please send your previous trading articles?
Thanking you.
Yours friendly,
S.Ramalingam.

Dear Ramalingam,
I do not think Saint or anyone for that matter would SEND you any article. This is the public forum and people need to participate and find the information they are looking for. If you are interested in the trading using the 'Saints 60 minutes flow', this is the thread you want to keep as your bible. Go thru as much as documentation in this thread to understand the system.
But, you must go thru atleast last one month of postings because the new rules have been updated somewhere in past one month.

Hope you understand and welcome to TraderJI and good luck

 

[rakeshluthra430]

Add No 2 in Nifty triggered..at 2890+7

 

[KomaL2099]

Saint sir ABAN still short .. SAR now at 800 + 20

 

[nagakiran]

Saint sir ABAN still short .. SAR now at 800 + 20

It should be 800 + 25 [filter to be used in gap scenarios] = 825.

 

[Pattel]

share khan has a wierd problem couldn't place SL order for ABAN and could place a buy order. Anyone with sharekhan has a solution?

 

[SamFisher]

share khan has a wierd problem couldn't place SL order for ABAN and could place a buy order. Anyone with sharekhan has a solution?

Yep, called sharekhan... Still wating for the confirmation.

Any one has NF SAR??