New Intermed Uptrend!!

[milkyblack]

Hi MB,

Sorry for the long delay ....... missed the first question somehow.....apologies!

As said before,NIFTY is yet to confirm an intermediate uptrend.....so pivots system alone is too unsafe,simply because we have no intermediate uptrend,yet we are trying to catch a daily uptrend........therefore we put our stops to the low of the bar 2 days ago,every time we make new highs....in this case,we have a set of candles all next to each other,so am taking the low of the candle before that,ie 17th April---4920.Stop's now at 4910(giving it some breathing space).

Will not be doing this if we were in an intermediate uptrend......If we were,yes,I would have brought stops up to 4685,ready to probably give up nearly 400 pts in a bid for greater gains.

That time will come,.......but not yet!

All the best!
Saint

Hello Saint...
Well when u use this word "apology" its like do not ask any more questions.... as it makes me feel bad to read this type of "apology" kinda messeges... u r an amazing person Saint... tht u r providing help(in terms of knowledge sharing) to the forum members... at ur own wish... without any kind of obligations...
I am really thankfull to you... rgt now i am going through your teach a man thread... to Learn ... i would "fire questions" to you once i have read most of it and if have some doubt...

I saw the Nifty weekly ... according to your teachings.... it is not in uptrend rgt!!! and in daily there is rally(not uptrend) rgt!!!

So u place ur SL 2 bars below... (plus give 10pts room)
And now the SL should be at abt 5180(plus room)... which got hit yesterday!!! So we r short now? ... as in downtrend we short rallies... keeping a SL 2 bars high???

How was ur Singapore trip!!! Missed to wish you a happy trip

Regards

 

[jamit_05]

Hello Saint...
I saw the Nifty weekly ... according to your teachings.... it is not in uptrend rgt!!! and in daily there is rally(not uptrend) rgt!!!

Yes, I agree with the first part: weekly is in downtrend. However, daily is in an uptrend (since the break of 4971) !

And now the SL should be at abt 5180(plus room)... which got hit yesterday!!! So we r short now? ... as in downtrend we short rallies... keeping a SL 2 bars high???

How was ur Singapore trip!!! Missed to wish you a happy trip

Regards

Which chart are you trying to trade, Weekly or Daily? One needs to get fix that first. From Teach a man to fish thread, one learns that, in such a case,

1) weekly is used as reference and daily is traded.
2) Daily is Traded such that, one is looking to short at the end of daily uptrend.
3) Mind you, not rally but an uptrend.

When Daily breaks a previous daily pivot high it puts itself in an uptrend. This uptrend ends when, later, it breaks a daily pivot low. We short at this end of the uptrend by putting our stop not two bars up... but above the previous daily pivot high. That 2-bars-up trick is used when trading the weekly, then you will be shorting a rally.
​

Amit.

 

[Saint]

Thanx Amit,Satya,Rakesh......some good stuff.

Saint

 

[Saint]

Hi Saint,
Presently I am in Singapore too and small investor in Indian market. If you have time and still here then give me a buzz in possible @ ******
rgds

Back in India now.........probably could meet up some time when there.

Saint

 

[Saint]

Moved into ABAN OFFSHORE using futures.....3582,sl 3430

Saint

 

[Saint]

Moved out of EDELWEISS at 828 yesterday........+30 odd.....Why out?We got that breakout bar that we waited for for some time,then the total negation yesterday of that breakout bar yesterday.......Stops placed at the low of that breakout bar,taken out yesterday.

Will be watching it though to see how it behaves next few days.

Saint

 

[robin_malihan]

Moved into ABAN OFFSHORE using futures.....3582,sl 3430

Saint

Is this entery based on hourlly chart

Robin

 

[milkyblack]

Yes, I agree with the first part: weekly is in downtrend. However, daily is in an uptrend (since the break of 4971) !



Which chart are you trying to trade, Weekly or Daily? One needs to get fix that first. From Teach a man to fish thread, one learns that, in such a case,

1) weekly is used as reference and daily is traded.
2) Daily is Traded such that, one is looking to short at the end of daily uptrend.
3) Mind you, not rally but an uptrend.

When Daily breaks a previous daily pivot high it puts itself in an uptrend. This uptrend ends when, later, it breaks a daily pivot low. We short at this end of the uptrend by putting our stop not two bars up... but above the previous daily pivot high. That 2-bars-up trick is used when trading the weekly, then you will be shorting a rally.
​

Amit.

Well Mr. Amit....
Thanks a lot for clarifying my query! And correcting me tht daily is in uptrend.... i thought daily is in downtrend and we are seeing a rally

Ok so in this case where would be SL for daily? I mean the pivot low in this case is at abt 4670 right?
But tht is too far...
Even Saint mentioned few posts before abt it tht 4920 to be the SL... but tht was then... now would it not be 5180(which was broken yesterday)...

Please correct me!

Regards

 

[milkyblack]

Moved into ABAN OFFSHORE using futures.....3582,sl 3430

Saint

Welcome home Saint .... May your stay be profitable to you
So how was your trip!!!

Regards

 

[jamit_05]

Thanx Amit,Satya,Rakesh......some good stuff.

Saint

Such approvals from you make the efforts worth the while.

Amit.

PS: Satya, should we press him for the gifts.... or may be next time
Anyway, Welcome back Doc, hope the vacation was the one to die for