Going With The 60min Flow!!!

[Prabhjeet]

Re: 60min Flow Trades for the Week: Saint's Method

Though I dont trade Nifty often, but here are the charts for how my trades would have looked like.

Long since 1st Dec., 3 Adds and not a single whipsaw

I hope it is ok to put my charts and views on Rakesh's thread. If anyone has a problem, I will delete them

 

[Prabhjeet]

Re: 60min Flow Trades for the Week: Saint's Method

There was a pivot low on thursdays second bar. Can you please guide why that pivot is not to be considered? Or am I wrong in calling it a pivot?

Please guide

Slightly different view for Pivots my friend, look at the indicator at the top of chart, I have marked the circled areas as Pivot there.

For using this indicator, a pivot lo is marked only once the RSI moves below 50 and then rises above 50 and Vice versa for Pivot hi

 

[lvgandhi]

Re: 60min Flow Trades for the Week: Saint's Method

Slightly different view for Pivots my friend, look at the indicator at the top of chart, I have marked the circled areas as Pivot there.

For using this indicator, a pivot lo is marked only once the RSI moves below 50 and then rises above 50 and Vice versa for Pivot hi

What is the periods for RSI?

 

[beethoven]

Re: 60min Flow Trades for the Week: Saint's Method

Slightly different view for Pivots my friend, look at the indicator at the top of chart, I have marked the circled areas as Pivot there.

For using this indicator, a pivot lo is marked only once the RSI moves below 50 and then rises above 50 and Vice versa for Pivot hi

Thanks Prabh for answering on my behalf. I took the nifty trades as you have indicated. RSI indicator is an interesting addition. I use EMA crossovers and am experimenting with that - till now it has worked ok with me in live trades and has kept me away from whipsaws. Anyway these are some individual ways devised by many of us which will make an interesting discussion on a diff thread perhaps.

Thursday's trade did give some anxious moments but I would have preferred my SAR to be hit than shift SAR to Thursday's congestion point low because here again I do not consider three bars ( read three hours) sufficient time to form a pivot for shifting & locating SAR. This is also a basis for my selection of EMA's.

Friends - please note - there are no right and wrong ways. This discussion is not to say that my way is correct. I have just put my views here because they are so diametrically opposite to Rakesh and ST who are excellent traders that I thought I should put this up for some people to see this side to the picture as the trades went like a dream with no whipsaws. This is especially in the light of a comment which Komal made about her friend getting annoyed of having three continuous loosing trades.

In the end it is all a matter of individual preferences as to how you trade depending on the health of your stomach lining.

Bee

 

[shinchan]

Re: 60min Flow Trades for the Week: Saint's Method

Thank you,

smart, bee, prabhu & pattel.

very nice discussion and beautiful inputs.

 

[Prabhjeet]

Re: 60min Flow Trades for the Week: Saint's Method

What is the periods for RSI?

I have used Rsi Low with 3 as Time period as we are in Long trade, for shorts I would use Rsi high (3) for deciding pivots

 

[inspire]

Re: 60min Flow Trades for the Week: Saint's Method

There was a pivot low on thursdays second bar. Can you please guide why that pivot is not to be considered? Or am I wrong in calling it a pivot?

Please guide

Dear ST3333 -

You are not wrong in calling the Thursday second bar low a pivot. Prabh has also rightly clarified why that zone is not marked as pivot as to how he has used the encircled RSI indicator alongwith in the chart posted by him

Refer to the chart by Rakesh , it also indicates the same as pivot low. I had also considered that down move of Thursday second bar to go short.
But Yes, thursday was indeed volatile day though , the closing almost went near the HOD.....

Also wanted to share my thoughts when I was going short with all.... the prev pivot low of 2870 which was earlier established was near as well. So when I had placed my order below 2898-f I was actually contemplating should I / should I not.... but nevertheless decided to go with the short...
And one of the reason was the following observation ..

Observation which I wanted to share (Nifty), the down move which happened
on thursday was of the following case......

a good move (in this case upmove), ...
pivot getting established ...
pivot getting taken out immediately in next 2-3 bars/hours .... (typically a WRB)
giving less time to react.....
tends to be a vicious move.....
generally gives a good move in the direction next day .......
downmoves examples.....
05-may 11am
29may 11am
06-jun 12pm
18-jun 11am
14-oct 11pm
23-oct 1pm
01-Dec 12pm

recent upmove examples.
02-dec 12pm
12-dec 11am



I was actually quite satisfied based on my observations to have taken the short trade ....
The next day Friday gave a good down move and a pivot to go long as well again at 2849+f.

Regards
Inspire.

 

[ThE HaMmEr]

Re: 60min Flow Trades for the Week: Saint's Method

Slightly different view for Pivots my friend, look at the indicator at the top of chart, I have marked the circled areas as Pivot there.

For using this indicator, a pivot lo is marked only once the RSI moves below 50 and then rises above 50 and Vice versa for Pivot hi

thank u prabhjeet .......

a really nice way of clearing a point as a pivot.......

pivot is actually a halt in a trend........wherin in uptrend we see a small downmove and den d uptrend resumes.......

in other words....some selling comes in uptrend...rsi falls......and den buying resumes...or uptrend resumess...........

thank u fr introducing a way in viewing pivot.....it is a very nice way.....


regards

neeraj

 

[vinst]

Re: 60min Flow Trades for the Week: Saint's Method

I have used Rsi Low with 3 as Time period as we are in Long trade, for shorts I would use Rsi high (3) for deciding pivots

Prabhjeet,

any smoothening for rsi3 ?

regards,
vin

 

[niftytrader2]

Re: 60min Flow Trades for the Week: Saint's Method

I have used Rsi Low with 3 as Time period as we are in Long trade, for shorts I would use Rsi high (3) for deciding pivots

Hi,

Could u elaborate on the Rsi high and low ? My amibroker RSI with 3 periods on 60 min tf, shows different reading.

Additionally, I saw you use 6 candles per day, vs most other charts with 7 ( first 5 mins bieng a separate candle). That creates a whole lot of change in the indiacators..... your views. thanks.