Going with the Intraday Mini-Flow!!

[SMART_Trader]

Thanks Sir

Crystal Clear, As of now, No Doubts..........

Sorry , I could not follow. would you be kind enough to explain with todays chart.
Thanks

 

[milkyblack]

Hi MB,

60 min chart will probably be used for seeing reversal bar formations.

regards.

Hi Segul,

Yes maybe you are right! But lets see what the teacher has to say

Regards

 

[Saint]

Rest of August 2008...

Saint

 

[columbus]

Rest of August 2008...

Saint

Just marvelous.

 

[milkyblack]

Going by Saint's charts without adds total of 673 points profit for the month of August

Regards

 

[Saint]

MOVING FILTER:For the NF,put in a moving filter at Rs 14 on the 30min charts.

Not clear Saint, Does it mean that we call a bar a breakout bar(5 min) if the high (low) of that bar is greater(lower) than high (low) of the preceeding bar plus (minus)Rs 14.Once such bar is formed(considering it is a bullish breakout) we add another Rs 14 to the high of the breakout bar and that is our entry point with low of the bar -Rs 7 as SL ?
(Reverse for Bearish breakout bar )

Hi SmartT,

BAR 1--High of 4325,Low of 4275..........we want the next bar to break past 4325+14=4339.Or go down below 4275-14=4261

BAR 2---High of 4335,Low of 4295.........we are still not in.We want the next bar to break past 4335+14=4349.

BAR 3----High of 4346,Low of 4322....still not in.We want the next bar to break out of 4346+14=4360.Or the low of 4322-7=4315 to get taken out.

BAR 4----High of 4355,Low of 4312......we are now in short.

The Rs14 moving filter is to extract a "Either we are getting that big move,or we are not interested" out of that opening bar.

Also,if you noticed that the short is at Rs7 ..........because it is Move no 2 of the day.We got out of trading Move no 1,from Move no 2 onwards,it is Reversals at Rs7 and adds at Rs5.

Only that first move do we put in that Rs14 and move it bar by bar daring it to take that price out...........rest of the day,no moving around the values.

Saint

 

[Saint]

Thanks Saint...

But a little doubt... Even trading this system do we look for major pivots... I mean can't the 3.20 bar high be considered as a pivot at 4173? Looking at the 20 min chart?

One more question.... maybe too early to ask... you mentioned to take help of 60 also... when shall we do that?

Sorry Saint too many questions coming up

Regards

MB,

As always,once in a trade,we are looking only at the stops..........that one not a clear cut pivot.No harm in getting out of your shorts there as it is the last bar.......but don't enter long.

Saint

 

[Smart_trade]

The way you explained,simply great!!! Now crystal clear !!!!

Thanks Saint,

 

[Saint]

MB,

The 60min chart is just for an overall look........having a pivot that is about to break on the 30 and a topping tail on the 60 adds conviction to your reversal.

But we are not trading it.......we are getting our levels out of the 30min charts.

The 20 is to visualise it more clearly.....the 60 is to have a broader outlook.....the rest is all 30.

Saint

 

[Smart_trade]

Saint , the examples you gave in reply to my doubt are they all 5 min bars ? if so when do we shift to 30 min bar ? After first 5 min X 6 bars are complete and the pivots formed on 30 ? Till then all entry and exit levels on 5 min bars?