New Intermed Uptrend!!

[Saint]

Saint,
Plz clear your mssg box.
Asish

Cleared,my friend!!

Saint

 

[karthikmarar]

..and do read my important mail, my friend...

 

[Saint]

..and do read my important mail, my friend...

Shall do!!

Thanks,
Saint

 

[Saint]

Hi saint ...as other thred is closed i am posting my observation on nifty here plz comment on that

we want to trade on daily chart taking weekly chart as guidance

(0)--at this candle we break prev weeks high
now we are ready to buy on pullbacks

Great.....

(1)-- after breaking previous weeks high we have 3 bar consolidation
once breaks uper line we are in trade with stop at lower line

Right on,......

(2)--we raise our stp to this point

Yep,....

(3)Again new trailing stop !and as there is short term down trend
we hit our SL and got out

Okay no harm,I guess.....but have a look at your chart again at this point....It made that high after which you raised your stops to point 2.After which we traded in a triangle,meaning that we have many pivots within it,but not confirmed,meaning that we didn't go to new highs,and therefore we keep our stop losses at (2).Basically that mini-pullback does not violate that pivot low,means we are still in.I agree many of us will feel a great discomfort in holding NIFTY from its high of 4200 to a low of abt 4000,but again,we are back to position sizing et al.

(4)at this candle we break previous down trend
line but did not trade as it did not break prev. weeks high
as in weekly we have 3 week cosolidation pattern

At this point,am still in.......but you took that stop and exitted.Now we have the weekly in an uptrend already,use any excuse on the daily to reenter.In this case we have a breakout from that triangle you drew.Enter there.Don't wait for the weekly to make new highs.Like that you will never catch the trend.

Weekly Down,Daily up==Forget it!!
Weekly sideways,Daily up==Wait n watch!
Weekly Up,Daily pullback==BUY!

(5)At this time ae got a pullback and made
higher pivot low ... and after breaking of prev. pivot
high we took the trade but we hit our SL after some day

Now we are in weekly pullback mode

this one 's too late....if you entered at (4) and I am still in at (1),now we have another pivot low as rightly marked by you,and then what do we have.We get a new high........therefore as we had discussed before,now that pivot low gets confirmed as your new trail stop.And that line that you correctly drew is the point where my trade comes to an end from (1) and your second trade from (4) comes to an end.

(6)at this candle we breaks prev. weeks high and ready to buy on pullbacks

Nope,we have a higher pivot low on the daily charts here ......taking out that previous pivot high on the daily charts is also taking out the previous weekly bar high.Meaning that we enter once the pivot high of 4209 is taken out the following week.

(7) we got a buy set up and got into the trade

This becomes the point of "add" if you so wish,or else just a HOLD.

(8)&(9) are trailing stop loss

waiting your reply

Regards
Satya

Yep....right on!

Get back to me if something is not clear.....as said before,finally you have to tweak anthing and everything to your comfort levels.If there's anything that you need clarified,do ask.

All the best!
Saint

 

[Saint]

Saint ,
I lost in Emphasis Fut (Longed on 12th @ 410.55 ) ,where did i go wrong.

Asish

Hi Asish,

MPHASIS made a high on the 4th of May 2007,after which it has been nothing but slish-slosh sideways move.After which it made 2 failed attempts to go to new highs.MPHASIS is a BUY at 344,and a short below 295.

We as traders tend to do this,anticipate moves before the move happens.The trouble with that is:We are trying to guess a move,and not trade that move.Then the whole paraphrenalia of hope and panic sets in.........happens to us all,my friend.

But let us learn from it.The lesson:Never ever anticipate the move.Let ius intead wait for it to happen and let's hang on to it.

All the best!
Saint

 

[lvgandhi]

Great.....

Right on,......

Yep,....

..........

Get back to me if something is not clear.....as said before,finally you have to tweak anthing and everything to your comfort levels.If there's anything that you need clarified,do ask.

All the best!
Saint

Dear Saint
A small doubt about support and trailing stop loss lines. I saw in Satya's picture support/trailing loss lines are drawn not at lows but at open/close points or even at middle of lower tail. What should be the good practice?

 

[Saint]

Dear Saint
A small doubt about support and trailing stop loss lines. I saw in Satya's picture support/trailing loss lines are drawn not at lows but at open/close points or even at middle of lower tail. What should be the good practice?

Ah,yes....forgot to mention that.Thanks,trailing stops at previous pivot lows.

Saint

 

[uasish]

Thks Saint will try to follow your guide line.

 

[Satyen]

Thank you very much saint for your reply

yes point 6 and point 3 was mistakes .....

Again you told about position sizing at the point 3 where our SL is far away .......... please explain about this with example .....

another doubt some times we get freak price when market opens may be some time long tail ... should we consider this as pivots also


waiting your reply

Regards
Satya

 

[uasish]

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