Going With The 60min Flow!!!
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Re: 60min Flow Trades for the Week: Saint's Method
Rakesh and others,
Would like to know your views on suzlon's latest reversal point. I couldn't find any rule to apply except to wait for a 2 bar/ or down WRB to reverse. I know not amny trade suzlon on 60 min, but if you have traded, would you have reversed at a earlier point?
Rakesh and others,
Would like to know your views on suzlon's latest reversal point. I couldn't find any rule to apply except to wait for a 2 bar/ or down WRB to reverse. I know not amny trade suzlon on 60 min, but if you have traded, would you have reversed at a earlier point?
Re: 60min Flow Trades for the Week: Saint's Method
Thanks for the clear chart,pattel,as always.
There is nothing right or wrong in trading. One trades his beliefs and what he sees in the market. Since you asked the question, I am giving below a little different way I would have traded this latest reversal.
Upto 11:00 bar on 26th ,market was going up .12:00 was was a "doing nothing" kind of a bar. Now see the 1:00 bar,this is important. It started at the top,came all the way down to its bottom and again pulled up by the bulls and finally closed near its open ,giving us a hammer with a long tail. Great,bulls are trying their best to take it up. The next bar ie 2:00 bar,the mkt went little above the 1:00 bar high and we thought bulls are regaining their ground,but then they loose control and the market crashes,cracking 1:00 low and for me it is a PL and I would have reversed below this low (around 59.6).
The first add would have been below the WRB at 2:00 bars low( around 58.5). The second add in 3:00 bar(around 57.4) when a clear PL was cracked and that is where you took a reversal trade. Third add below WRB at 3:00 low cracked in last bar ( if triggered depending on the space you give) . This add if your MM and stomach lining allows.
Just putting down the way I would have traded,absolutely no attempt to say that it is the only correct way to trade this reversal.
Best wishes,
Smart_trade
Rakesh and others,
Would like to know your views on suzlon's latest reversal point. I couldn't find any rule to apply except to wait for a 2 bar/ or down WRB to reverse. I know not amny trade suzlon on 60 min, but if you have traded, would you have reversed at a earlier point?
Would like to know your views on suzlon's latest reversal point. I couldn't find any rule to apply except to wait for a 2 bar/ or down WRB to reverse. I know not amny trade suzlon on 60 min, but if you have traded, would you have reversed at a earlier point?
There is nothing right or wrong in trading. One trades his beliefs and what he sees in the market. Since you asked the question, I am giving below a little different way I would have traded this latest reversal.
Upto 11:00 bar on 26th ,market was going up .12:00 was was a "doing nothing" kind of a bar. Now see the 1:00 bar,this is important. It started at the top,came all the way down to its bottom and again pulled up by the bulls and finally closed near its open ,giving us a hammer with a long tail. Great,bulls are trying their best to take it up. The next bar ie 2:00 bar,the mkt went little above the 1:00 bar high and we thought bulls are regaining their ground,but then they loose control and the market crashes,cracking 1:00 low and for me it is a PL and I would have reversed below this low (around 59.6).
The first add would have been below the WRB at 2:00 bars low( around 58.5). The second add in 3:00 bar(around 57.4) when a clear PL was cracked and that is where you took a reversal trade. Third add below WRB at 3:00 low cracked in last bar ( if triggered depending on the space you give) . This add if your MM and stomach lining allows.
Just putting down the way I would have traded,absolutely no attempt to say that it is the only correct way to trade this reversal.
Best wishes,
Smart_trade
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