Going With The 60min Flow!!!
- Thread starter Saint
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- Tags 60 minute discussion flow method nifty futures saint
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Satya, Sticking to it is the operative word.
Yes I understood what you were trying to say.. my view is that we are getting more confused becoz the move turned out to be false and more so because of 2 concecutive false trades.
You will agree with me Satya if I say this (Please no offence meant and I probably would do the same): You would not post this chart if the move remained in our direction and was in huge profit. I would also not need to search for a post the 2 bar rule clarification by Saint.
We look at things in a different perspective 'after' the right side of the chart is formed, all we need to practise and follow is to have the 'correct perspective 'before' the right side of the chart is formed.
So you see Satya, I repeat what I very often quote :
Every problem brings an opportunity!!
This problem of confusion about trades yesterday and today has taught us a lesson and we are not going to forget the 2 bars rule in a hurry now!!!
Waiting for Saints end of the Week summary of the trades!!!
Regards
-R K Karnani
Yes I understood what you were trying to say.. my view is that we are getting more confused becoz the move turned out to be false and more so because of 2 concecutive false trades.
You will agree with me Satya if I say this (Please no offence meant and I probably would do the same): You would not post this chart if the move remained in our direction and was in huge profit. I would also not need to search for a post the 2 bar rule clarification by Saint.
We look at things in a different perspective 'after' the right side of the chart is formed, all we need to practise and follow is to have the 'correct perspective 'before' the right side of the chart is formed.
So you see Satya, I repeat what I very often quote :
Every problem brings an opportunity!!
This problem of confusion about trades yesterday and today has taught us a lesson and we are not going to forget the 2 bars rule in a hurry now!!!
Waiting for Saints end of the Week summary of the trades!!!
Regards
-R K Karnani
No Dear RK i would post that it was not valid pivot on 60 in my thinking and if it was huge move in long direction then i would take my loss if any silently
but plz check the time of post and chart again i have prepared before but cud not post while posting it was looking different and i can not edit as these are live
in my trade i have not used 2 bar yesterday ad not today also
Again will love to learn your ideas about using 2 bar as learned lot before you know
And my point was that 11 AM bar was not a pivot and not whether we go long or remain short i think you will agree with me Dear RK that it was not a pivot
Regards
Satya
EDIT : changed
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I second rkk's opinion about sticking to rules (things get slippery when rules are open to some intrepretation. that's what trading is perhaps). Let's just keep going on, that would be a great help to ourselves.
rkk, there's an alternative (seems to be better) to the swing system u mentioned. ask mansukh for an opinion.
regards,
vin
rkk, there's an alternative (seems to be better) to the swing system u mentioned. ask mansukh for an opinion.
regards,
vin
In the hindsight I can see all the solutions to the two unsucessful trades that we took on both the days.
As far as I can see the problem has arisen both times due to placement of stops at improper place.
Yesterday the problem was that we already had hit a high of 3178 but our pivot stoploss was around 2941, almost 240 pts. i.e 8% away, which proved to be too much to leave , had we used 2 bar our stops would have been around 3076 i.e 3% away, looks adequate right?
Today we did opposite to what we did yesterday, we actually left no room for movement for Nifty. Nifty was hovering around 2920- 2931 and we moved our stoploss to 2971 i.e less than 2 % room. Now what does this tell us about our foolishness. We were not whipsawed in stocks because we had left 5-6 % room for our stops hence we were saved the blushes.
I may not be exactly right on analysis of both the days but after some soul searching looks like the room that we give to our stops is very important. I would like seniors to give a thought on this view.
In my mind there are already some cobwebs getting cleared, we should enough room for stock to breathe but not too much of room that we are not able to catch the trend- reversal
Guys we need to think, its high time we know what kind of stoplosses we put and not follow the pivots which are not the ones actually
As far as I can see the problem has arisen both times due to placement of stops at improper place.
Yesterday the problem was that we already had hit a high of 3178 but our pivot stoploss was around 2941, almost 240 pts. i.e 8% away, which proved to be too much to leave , had we used 2 bar our stops would have been around 3076 i.e 3% away, looks adequate right?
Today we did opposite to what we did yesterday, we actually left no room for movement for Nifty. Nifty was hovering around 2920- 2931 and we moved our stoploss to 2971 i.e less than 2 % room. Now what does this tell us about our foolishness. We were not whipsawed in stocks because we had left 5-6 % room for our stops hence we were saved the blushes.
I may not be exactly right on analysis of both the days but after some soul searching looks like the room that we give to our stops is very important. I would like seniors to give a thought on this view.
In my mind there are already some cobwebs getting cleared, we should enough room for stock to breathe but not too much of room that we are not able to catch the trend- reversal
Guys we need to think, its high time we know what kind of stoplosses we put and not follow the pivots which are not the ones actually
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C
Just wanted to put something down here as a salute to saint (as while chatting with Alex thought the same y'day):
since last few days as usual for formality while calling up my broker I usually ask how's the market looking & you guys know what in last one week whenever I check he replies me with 2 levels, bearish below this & bullish above this (which he never did before) & when I check those levels they are the pivots +margin as per 60 mins.... you guys have no idea how farther this has gone & I think many paid services owners are facing some heat now...
So the point I told alex was: "but saint has given the art of fishing no one can reverse that teaching anyone can modify & use their brains to trade, & a legend is born"
since last few days as usual for formality while calling up my broker I usually ask how's the market looking & you guys know what in last one week whenever I check he replies me with 2 levels, bearish below this & bullish above this (which he never did before) & when I check those levels they are the pivots +margin as per 60 mins.... you guys have no idea how farther this has gone & I think many paid services owners are facing some heat now...
So the point I told alex was: "but saint has given the art of fishing no one can reverse that teaching anyone can modify & use their brains to trade, & a legend is born"
If we go by the latest rules, we don't just trade the visually obvious pivots or ones that fit exact criterias, we trade everything that comes our way.
But if you're trading the visually obvious stuff consistently(you probably are), then no problem.
Pj, you may be bringing up some modifications that act on the very foundation of the pivot system itself. We've always had a dynamic SL% room, since we just trade what the left side of the chart tells us(and the left side doesn't stick with proper formulas, unfortunately).
That's not to say it won't be a profitable modification, but it'll be nice to know what you have in mind. I can think of ways to counter the SL% being more than a set amount, but very curious how you would deal with when the SL% is LESS than the ideal amount.
Do share, we'll get more work done that way. Being ambiguous to not cause confusion gets us nowhere.
PS: Am I the only one unfazed by the last few trades? It's one of the gentlest whipsaws we've had, we've been through much much worse and still came out profitable at the end of the month.
But if you're trading the visually obvious stuff consistently(you probably are
), then no problem.Pj, you may be bringing up some modifications that act on the very foundation of the pivot system itself. We've always had a dynamic SL% room, since we just trade what the left side of the chart tells us(and the left side doesn't stick with proper formulas, unfortunately).
That's not to say it won't be a profitable modification, but it'll be nice to know what you have in mind. I can think of ways to counter the SL% being more than a set amount, but very curious how you would deal with when the SL% is LESS than the ideal amount.
Do share, we'll get more work done that way. Being ambiguous to not cause confusion gets us nowhere.
PS: Am I the only one unfazed by the last few trades? It's one of the gentlest whipsaws we've had, we've been through much much worse and still came out profitable at the end of the month.
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