New Intermed Uptrend!!

[Saint]

Thanks a lot Saint for sharing your process with us. As usual, I have a few questions if you dont mind:
1. The last Pivot high on daily was at 1370... where I guess one shd have entered ( as per 123 pattern). Pl educate.
2. Now, when we see a higher pivot low ( in this case 1219) forming on the daily, wouldnt it be better to buy if the share closes above the high of that PL day... in this case 1298? The logic is our risk-rew would be better in such case... i.e Buy 1317 (close above 1298) Sl 1219. I say this bec I have an impression that if we buy as per 123 pattern, the Sl still remains the last pivot low of 1219...( unless its a quikie with sl below low of previous 2 bars).
Yes... this will give us more false entries (success rate will be down) but the risk-rew will be considerably up thus compensating for it.
Kindly let me know your views on this.

Sorry for bothering you with silly doubts.

Rakesh

Rakesh,

I got in today at 1328........could we have got in earlier?Yes.......fine tune to 60min charts and you will get a different perspective.Probably could have entered around 1280-ish.

Keep stops at the same pivot low as of daily charts..

Could this give you a few false entries?Yes......Although doing a bit of anticipating , yet you are not blindly getting into something with no rationale.......You have a daily chart that is setting up a higher pivot low,you have a 60min base breaking out,you presume that this will go on to make new highs.You take the trade......Taking it there also allows you also to get in with more shares.Could the trade be proven wrong?Maybe.......maybe not.

And then add on a breakout on daily charts,and keep adding once you get a confirmed intermed uptrend as well.

If a beginner is not up to it,or it seems confusing in the beginning,stick to the "buy over pivot highs on the daily" rule....nothing wrong in that!More importantly,once in,squeeze every last drop from the trend.

As always a great question from you,Rakesh....

Happy Trading!

Saint

 

[Saint]

dear saint,
a question for you....i am not sure if this is the right thread for the query but i see you post here....sorry,i kind of follow u everywhere....do u follow the charts of spot or futures for trading in nifty..
thanks in advance

Futures

Saint

 

[Saint]

Hi
Amit chart attached may be i m wrong

Satya

Hi Satya,

A bit lazy to post the chart..........have a look at the IFCI weekly chart again.You have a pivot high 100-ish,then 70-ish.......if there was a rally last few weeks within a weekly dntrend and then sideways to mildly down,then that high becomes a new pivot high.......but not as yet in IFCI!

As an intermediate uptrend,IFCI needs to do something more convincing that it is ready to fly.

Over 47.25 is daily uptrend as of now.....meaning pivot break on daily charts should force you to flee.

Saint

 

[Satyen]

Thank you for correcting me

Regards
Satya

 

[Reji]

Re: Daily looks good in Dabur.

IFCI and MRPL.....nice!

Stay clear of Dabur and Dr Reddy....shall explain later!

Saint

Dear Saint,

Is it because, both these shares are on a consolidation phase for the past two years?

Regards

Reji

 

[Saint]

Re: Daily looks good in Dabur.

Dear Saint,

Is it because, both these shares are on a consolidation phase for the past two years?

Regards

Reji

That,and the gradient of the higher pivots......not looking good.

The point is:There are better ones out there!

Saint

 

[Saint]

Keep TATA POWER on the radar as well.......another one threatening to put a halt to its downtrend and head upwards,looking good!


Saint

 

[Saint]

Got into TATA POWER,GMR INFRA,Holding DIVIS LABS........

TATA POWER in at 1231
GMR INFRA in at 142.5

still stalking the rest.

Saint

 

[Satyen]

Sir GMR infra has not broken its previous pivot on daily

plz say bit more why you entered into the counter

Regards
Satya

 

[Saint]

Sir GMR infra has not broken its previous pivot on daily

plz say bit more why you entered into the counter

Regards
Satya

Hi Satya,

As described yesterday,angling in an entry using a very minimal stop loss (abt Rs4)........if breaks out,will add over daily pivot highs.If stopped,well,fine..

Saint