Going With The 60min Flow!!!

[milkyblack]

Will it be prudent to consider the high of Bars at 11 AM, 1 PM and 2 PM as a Resistance zone : The high being almost same at : 3924, 3920 and 3927 respectively!!!!
AND reverse aur short above this level + space!!!!
The difference of todays high of 3960 and the above mentioned high is a mere ~30 points!!!! My sense is that we wait for the trigger above todays high to reverse!!!

Made this post as it came as a doubt and am seeking views from others...
becoz had this difference between todays high and this level would have been say 100 points... what would be our action or should be our action!!!

Yes but now we can be sure of considering it as a resistance! As we have now 5 bars with us!
My view even if 100 points away SL then also we use this method! Indeed why to look at the earlier SL when we have a new SL... if we compare the magnitude of the difference b/w the 2 SL then again subjectivity comes and can make a trade bad!

Regards

 

[rkkarnani]

The consolidation high will be our revert to Longs! i.e 3927+

Regards

Ofcourse now the high of 2 PM bar is a Pivot high (if the last bar does not close above 3927/-).

Do we reverse our position at the present bar only, i.e. the last bar being formed... or the action has to be only tomorrow!!!???

 

[rkkarnani]

Yes but now we can be sure of considering it as a resistance! As we have now 5 bars with us!
My view even if 100 points away SL then also we use this method! Indeed why to look at the earlier SL when we have a new SL... if we compare the magnitude of the difference b/w the 2 SL then again subjectivity comes and can make a trade bad!

Regards

Milky, the last bar crossed the previous high, and this was the fifth of the five bars we were talking about!!! So we dont have a pivot in real sense, though we do see a resistance zone being crossed!!!!

 

[rkkarnani]

Yes but now we can be sure of considering it as a resistance! As we have now 5 bars with us!
My view even if 100 points away SL then also we use this method! Indeed why to look at the earlier SL when we have a new SL... if we compare the magnitude of the difference b/w the 2 SL then again subjectivity comes and can make a trade bad!

Regards

Milky , i wud have no doubt had a new valid pivot was formed!!! When i posted this it was just past 2 PM....there is no question of looking at a previousSL when we have a new SL....it wasnt there when i posted, hence the dilemma!!!
Now atleast my confusion persists, as there is no pivot, now that the high of 2 PM bar has been breached by the 4PM bar!!!

I agree 100% on the subjectivity that u mentoned!!!

 

[milkyblack]

Not yet reverted to longs! Due to 10pts room!

Regards

 

[milkyblack]

Milky , i wud have no doubt had a new valid pivot was formed!!! When i posted this it was just past 2 PM....there is no question of looking at a previousSL when we have a new SL....it wasnt there when i posted, hence the dilemma!!!
Now atleast my confusion persists, as there is no pivot, now that the high of 2 PM bar has been breached by the 4PM bar!!!

I agree 100% on the subjectivity that u mentoned!!!

Well what a confusing close But thanks to the prior experience I had with ABAN when Saint rescued me

RK Sir,
If we have decided our SL to be 3927(which was the high until then when we decided) and we kept our SL at 3937(10 room)... so we stick to the plan!
We will not consider the high of the last bar and then add 10points in that!
I have this view as the Stock ABAN also showed similar phenomenon and but then had stuck to the initial SL that is it!

Regards

 

[milkyblack]

Indeed I am very happy that the SL is not Hit... Saint can put his thought in his free time so that we can act accordingly anyway as we are in good profits in this trade from 4076(4086-10)... we have no reasons to be in hurry!

Regards

 

[rkkarnani]

Indeed I am very happy that the SL is not Hit... Saint can put his thought in his free time so that we can act accordingly anyway as we are in good profits in this trade from 4076(4086-10)... we have no reasons to be in hurry!

Regards

Milky, do consider that we are back from 300+ to this level!! Though its part of this system!!! We still have gains, u r correct we do not have to worry.. in past i have seen trades going into loss after showing decent profits!!!
Personally I am inclined to find some valid way to 'take some money off the table'.
Thanks!!

 

[Satyen]

Hi All,, pivots we have today

Regards
Satya

 

[rakeshluthra430]

Dont know whether this thread is the right place for posting a query on 5 minute (intraday) trade...but since it involves higher tfs, here it goes:

The 60 minute Nifty was in a downtrend..with 3901 being the current PH. Today we opened well above the prev PH of 3901, but then declined during the day,not touching the days high anytime.
So..when we trade the 5 minute charts..what should the bias be towards? Should we look for Long trades since we crossed the last PH(3901)...or Short trades..as we could not take out the days high.
A few trades on 5 min may have been easy today...but I am a bit confused about the treatment that should be given to such scenarios as that of today....when markets opens above previos PH, but then declines...without going to the previous PLs or threatening the newly formed PH (opening high).

Rakesh