Going With The 60min Flow!!!
- Thread starter Saint
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Thats the problem Komal......size of monster gap is different for everyone. At least I didnt consider this 2-3% gap up to be a moster gap..neither did i consider the upmove of last 2 days as a smooth upmove. But yes, if we consider 3200 odd level to be an area of preivous resistance, as NC puts out, then yes..the logic holds.
Maybe erring somewhere..so will be back to testing the data to fix the size of gaps for myself.
A likely solution (just contemplating..havent analysed yet) would be to book profits with the Gap rules and take the fresh position only when pivots confirm later....we may have best of both worlds that ways (or should I say chickening out in uncertain situation.
)
Maybe Saint throws a light on this issue during the weekend....
Thanks a lot,
Rakesh
Maybe erring somewhere..so will be back to testing the data to fix the size of gaps for myself.
A likely solution (just contemplating..havent analysed yet) would be to book profits with the Gap rules and take the fresh position only when pivots confirm later....we may have best of both worlds that ways (or should I say chickening out in uncertain situation.
)Maybe Saint throws a light on this issue during the weekend....
Thanks a lot,
Rakesh
Let us define the monster gap then ... once defined lets follow it. Once defined there will be no more confusion .. as if I do not consider or you do not agree .. if system agrees we all must agree.
Uptrend. On it I would say its not last two days trend. Trend started above 2477 on 27th october. However a short was triggerred in between but that trend does not sustain ..not even for a single day. It was a failed break down .. Ignoring that todays opening was 5th day in uptrend.
Yes I know its easy to talk now and give analysis ... but surely retrospection is one way to improve.
Completely in agreement with you. Looking at the charts Saint indicated, getting a fair idea of what he is trying to say...though I find it difficult to define that.
Todays mistake seems a very stupid one that I made. Should have analysed these gap rule before..
Will go over All the gaps we had in the last few years(data permitting), and add some more to the case study posted by Saint.
But will surely get it sooner than later.......
Rakesh
ps: Saint...you are too good and too great. Thanks for the herculian effort.
Todays mistake seems a very stupid one that I made. Should have analysed these gap rule before..
Will go over All the gaps we had in the last few years(data permitting), and add some more to the case study posted by Saint.
But will surely get it sooner than later.....
..Rakesh
ps: Saint...you are too good and too great. Thanks for the herculian effort.
One silly question...
Today we had rally on the downside... but reversed at the fag end of the day[though we should have reversed in the morning itself].
What if tomorrow we get a huge gap down and end up with a bullish candle on the first 5 mins? Should we still keep the SAR on the High of 5 min bullish bar + filter?
Today we had rally on the downside... but reversed at the fag end of the day[though we should have reversed in the morning itself].
What if tomorrow we get a huge gap down and end up with a bullish candle on the first 5 mins? Should we still keep the SAR on the High of 5 min bullish bar + filter?
Dear Rakesh -
In the compilation which Komal has brought out, it does mention that Gaps do get taken care if intra day is also traded alongside..... to a large extent...
So if trading intra alongside , we were short right below the first bar .... all the way.
For those not trading intra but only the 60 mins, todays fall through the first bar should have been taken specially after a rally of couple of days.
Here's how I look at it playing Gaps -- I keep looking for pivot formations. As soon I have a pivot in place , I genuinely feel happy , because we know and are confident that if the pivot is taken out we are game..... Now the problem of Gap --- In case we have 'Visual', 'Monster' Gap in our View....(we are long , Uptrend - Up Gap), this is where the tricky part is.... considering Uptrend - If visual / Monster Gap Up ,--- By and large I am giving 2 cases (there are many more which I am leaving out ) ---- (Case 1) 1st bar forms, 2nd bar takes the high , my S/L is below the first bar low If that gets taken out we would have any ways formed a higher pivot and I am happy. (Case 2) 1st bar forms, 2nd bar takes the low - Do we get out or No ----- Here is where I have a feeling that it will be very difficult for 2 people to come to same conclusion because of the subjectivity of the matter. IN my case -- I take the SAR.......... and my S/L at high of first bar - again waiting for pivot formation . I am ready to take the additional risk of getting whipsawed till a clear pivot formation happens.....
------------------
My take is that this is a subjective matter (trading itself is)... We have Saint Sir's rules to follow the MArkets.... But let us not forget that the Markets are not following our rules...... Markets are markets. They are dynamic. and they will do what they do best -- throw various surprises - which we have to humbly accept and move on - However the only weapon we have is rules. So we follow rules. However can everyone react the same way to the same situation everytime. Unfortunately no.
Just wanted to bring example of Rainbow ---
Do two people ever see the same rainbow? No. As the eyes of two people cannot occupy the same place in space at the same time, each observer sees a different rainbow. Why? Well, because the raindrops are constantly in motion so its appearance is always changing. Each time you see a rainbow, it is unique in its own spectacular way! --
Same analogy can be applied to our emotions, trading behaviour, risk tolerance, patience, leaving profits on the table ability, cutting losses again and again and again, not giving up AND ..... on seeing Gaps.....
Just my 2 cents. It's just that I am comfy using this logic. And I stick to it no matter what.... And another thing to remember is that as long as we are with the flow ---- we are fine. Gaps whipsaws which happens are pennies..... Focussing on the Flow and the pounds is where the real power of pivots which keeps us in the flow.
But yes I need to also tame the Gap Monster or the Monster Gap as Saint Sir has explained couple of posts back ......
Phew - Tired. Ramblings of a happy man from todays trade though. New Day tomorrow. Happy trading.
- Inspire.
In the compilation which Komal has brought out, it does mention that Gaps do get taken care if intra day is also traded alongside..... to a large extent...
So if trading intra alongside , we were short right below the first bar .... all the way.
For those not trading intra but only the 60 mins, todays fall through the first bar should have been taken specially after a rally of couple of days.
Here's how I look at it playing Gaps -- I keep looking for pivot formations. As soon I have a pivot in place , I genuinely feel happy , because we know and are confident that if the pivot is taken out we are game..... Now the problem of Gap --- In case we have 'Visual', 'Monster' Gap in our View....(we are long , Uptrend - Up Gap), this is where the tricky part is.... considering Uptrend - If visual / Monster Gap Up ,--- By and large I am giving 2 cases (there are many more which I am leaving out
) ---- (Case 1) 1st bar forms, 2nd bar takes the high , my S/L is below the first bar low If that gets taken out we would have any ways formed a higher pivot and I am happy. (Case 2) 1st bar forms, 2nd bar takes the low - Do we get out or No ----- Here is where I have a feeling that it will be very difficult for 2 people to come to same conclusion because of the subjectivity of the matter. IN my case -- I take the SAR.......... and my S/L at high of first bar - again waiting for pivot formation . I am ready to take the additional risk of getting whipsawed till a clear pivot formation happens.....------------------
My take is that this is a subjective matter (trading itself is)... We have Saint Sir's rules to follow the MArkets.... But let us not forget that the Markets are not following our rules...... Markets are markets. They are dynamic. and they will do what they do best -- throw various surprises - which we have to humbly accept and move on - However the only weapon we have is rules. So we follow rules. However can everyone react the same way to the same situation everytime. Unfortunately no.
Just wanted to bring example of Rainbow ---
Do two people ever see the same rainbow? No. As the eyes of two people cannot occupy the same place in space at the same time, each observer sees a different rainbow. Why? Well, because the raindrops are constantly in motion so its appearance is always changing. Each time you see a rainbow, it is unique in its own spectacular way! --
Same analogy can be applied to our emotions, trading behaviour, risk tolerance, patience, leaving profits on the table ability, cutting losses again and again and again, not giving up AND ..... on seeing Gaps.....
Just my 2 cents. It's just that I am comfy using this logic. And I stick to it no matter what.... And another thing to remember is that as long as we are with the flow ---- we are fine. Gaps whipsaws which happens are pennies..... Focussing on the Flow and the pounds is where the real power of pivots which keeps us in the flow.
But yes I need to also tame the Gap Monster or the Monster Gap as Saint Sir has explained couple of posts back ......
Phew - Tired. Ramblings of a happy man from todays trade though. New Day tomorrow. Happy trading.
- Inspire.
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