Re: Saint's Pivot Method put to practice.
Question for Saint or anyone who is trading with 5 min charts with 30 min as backdrop:
I entered GMR long on july 14th @87.50 and stop loss @ 85.70 - 0.75 = 84.95 (with some room. thanks Saint!) moved SL to 88.4 - 0.75 = 87.65. my SL was hit and i'm out of long. added 87.35 and 89.00 so resulted in no loss and and no gain.
At this point should i revert my long to short? or should i go back to my 30 min chart and look for the change confirmation? please advice little confused here.
I have a general question about what we look for in 30 min and 5 min chart. My understanding is
1. 30 min - Look for it's direction uptrend or downtrend and look for your initial stop
2. 5 min - this is where i draw my trend and identify pivots for trailing stops, once i'm into 5 min chart i don't need to go abck to 30 min chart as long as i'm in the trade.
Did i understand correctly? Not sure if this thread is for this type of trade or just for nifty fut. Let me know if i should post it else where
Question for Saint or anyone who is trading with 5 min charts with 30 min as backdrop:
I entered GMR long on july 14th @87.50 and stop loss @ 85.70 - 0.75 = 84.95 (with some room. thanks Saint!) moved SL to 88.4 - 0.75 = 87.65. my SL was hit and i'm out of long. added 87.35 and 89.00 so resulted in no loss and and no gain.
At this point should i revert my long to short? or should i go back to my 30 min chart and look for the change confirmation? please advice little confused here.
I have a general question about what we look for in 30 min and 5 min chart. My understanding is
1. 30 min - Look for it's direction uptrend or downtrend and look for your initial stop
2. 5 min - this is where i draw my trend and identify pivots for trailing stops, once i'm into 5 min chart i don't need to go abck to 30 min chart as long as i'm in the trade.
Did i understand correctly? Not sure if this thread is for this type of trade or just for nifty fut. Let me know if i should post it else where