Going with the Intraday Mini-Flow!!
- Thread starter Saint
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Re: Intraday Miniflow Trades for Today: Saint's Method
vvvv and vineet,
I will try to reply your questions and try to put my thoughts as below in this common post.
Lets see what we have on 6-1-09. We were in a good uptrend for 2-3 days and the market had triggered a buy in the morning and then a sudden deep correction and at the low of correction we had a 15 min PH supported by higher TF so we reversed. A perfect action in that environment.We expected a strong reversal and we got the same that day.
In contrast what do we have yesterday( on 4-2-09) ? We are in a down or sideways swing,then yesterday we had a limping upmove,not strong enough to trigger our buy in the morning,not able to take out our PH with any conviction and then we had a PL break followed by a large negative candle ( I am hesitant to give this candle a WRB treatment .I would like to see full weakness at the close of the bar and would like to see the bar close at near the low of the range preferably in less than10 % of the range and not the way that candle closed),then low of the large bar broken and now we have a PH on 15 min which was no doubt supported by higher TF converging.
Now see that in both the above identical situations our response to 15 min PH will be different. On 6-1-09 I reversed , but on 4-2-09 I would not reverse on 15 min PH .Why so ?? Reasons mentioned in para 2 above. We need some more evidence in the form of 30 min PH taken out or the high of that large negative bar taken out . Now here we were short.... Do we leave our shorts open ? No way,we must book the profits . Why ?? Can the market take 25-30 points reversal ? Yes it certainly can,and our profits will vanish in thin air. Can the market take a strong upmove which will generate profits for us after considering both sides filters ? hmmmm..... not sure yet need some more and stronger evidence. Hence we booked profits in our short positions but not reversed to long on 15 min PH.
hope I am able to convey clearly. Appreciate keen eye of you both vvvv and vineet, I enjoyed giving the reply to the best of my ability.
Best Wishes, You both already trade well , so trade better.
Smart_trade
vvvv and vineet,
I will try to reply your questions and try to put my thoughts as below in this common post.
Lets see what we have on 6-1-09. We were in a good uptrend for 2-3 days and the market had triggered a buy in the morning and then a sudden deep correction and at the low of correction we had a 15 min PH supported by higher TF so we reversed. A perfect action in that environment.We expected a strong reversal and we got the same that day.
In contrast what do we have yesterday( on 4-2-09) ? We are in a down or sideways swing,then yesterday we had a limping upmove,not strong enough to trigger our buy in the morning,not able to take out our PH with any conviction and then we had a PL break followed by a large negative candle ( I am hesitant to give this candle a WRB treatment .I would like to see full weakness at the close of the bar and would like to see the bar close at near the low of the range preferably in less than10 % of the range and not the way that candle closed),then low of the large bar broken and now we have a PH on 15 min which was no doubt supported by higher TF converging.
Now see that in both the above identical situations our response to 15 min PH will be different. On 6-1-09 I reversed , but on 4-2-09 I would not reverse on 15 min PH .Why so ?? Reasons mentioned in para 2 above. We need some more evidence in the form of 30 min PH taken out or the high of that large negative bar taken out . Now here we were short.... Do we leave our shorts open ? No way,we must book the profits . Why ?? Can the market take 25-30 points reversal ? Yes it certainly can,and our profits will vanish in thin air. Can the market take a strong upmove which will generate profits for us after considering both sides filters ? hmmmm..... not sure yet need some more and stronger evidence. Hence we booked profits in our short positions but not reversed to long on 15 min PH.
hope I am able to convey clearly. Appreciate keen eye of you both vvvv and vineet, I enjoyed giving the reply to the best of my ability.
Best Wishes, You both already trade well , so trade better.
Smart_trade
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