Queries From "Teach a Man to..." thread!!

[diamondnerve]

Saint,

I m posting the chart of nifty future 5 min of 16/7/2008

Bar 1 to Bar 4 is the trade as per 5 min gap up rule.

Bar 6 to Bar 10 is the trade based on break of 30 min pivot low.


My query

1. Is my observation right firstly in reading the chart for two trades ?

2. How one can capitalize on the trading opportunity between Bar 4 to Bar 6


thanx ,

dn

 

[lvgandhi]

gandhi here is the attachment for metastock by karthick it is working excellent but one small problem since it is working based on zig-zag the pivot labeling is getting changed quite often if it is corrected to have the previous label intact even though the new pivot is formed nothing like this to follow saints method (pl help saint,oxy,asish,cv....)

charan

Charan,
Thank you very much.

 

[Saint]

The better analogy would have been, had I used the word patient's instead of doctors,.

all doctors(medical year wise) join college at the same time time with the same educational background(atleast in India).
here guys like me who are new to TA find it difficult to decipher your teaching while others (who have been doing it for several years) grasp it like anything.

I was an ardent follower of FA,and used to read stuff's like "the intelligent investor" etc. I always took delivery with plans to sell after substantial gains only.
I used to think TA(like palmistry) lacks exactness and hence it is futile.

this is now when it's difficult to cost average again and again,mocking of fundamentals due to govt. policies and other factors, and having explored traderji ,
I am planning to take the plunge in the trading.

i am now reading TA books and sites and laying my hands on the charting software's.

I think there should be lot of people like me.

all this blah-blah was an attempt to justify my humble opinion.

regards
mahesh

All in good time,my young friend.....

All the best!

Saint

 

[Satyen]

Thanx Satya....would be a great help if you could help with this thread,as you have just done.

Saint

Hi Dear Saint I will try to discus

Regards
Satya

 

[Satyen]

Saint,

I m posting the chart of nifty future 5 min of 16/7/2008

Bar 1 to Bar 4 is the trade as per 5 min gap up rule.

Bar 6 to Bar 10 is the trade based on break of 30 min pivot low.


My query

1. Is my observation right firstly in reading the chart for two trades ?

2. How one can capitalize on the trading opportunity between Bar 4 to Bar 6


thanx ,

dn

Hi
check out 60 min flow thread there Rkkarnani and Milky back discusing about Gap with 5 min rule in 60 min trade hope it will clear one aspect

Regards

 

[Satyen]

Saint,

I m posting
...................
..................
...............
thanx ,

dn

Hi
Chart attached

http://img368.imageshack.us/img368/5766/nifty5minzw2.png


Regards
Satya

 

[mahesh2007]

Dear Mahesh,

I do not know which charting software you use but for Amibroker, Karthik had given code (based on Saint's methodology, I think) which you will have to append to your existing code. Assuming their permission, the same is given below.

_SECTION_BEGIN("Pivot Indicator");

Q=Param("% Change",2,1,10,1);
Z= Zig(C,q ) ;
HH=((Z<Ref(Z,-1) AND Ref(Z,-1) > Ref(Z,-2)) AND (Peak(z,q,1 ) >Peak(Z,q,2)));
LH=((Z<Ref(Z,-1) AND Ref(Z,-1) > Ref(Z,-2)) AND (Peak(Z,q,1 ) <Peak(Z,q,2)));
HL=((Z>Ref(Z,-1) AND Ref(Z,-1) < Ref(Z,-2)) AND (Trough(Z,q,1 ) >Trough(Z,q,2)));
LL=((Z>Ref(Z,-1) AND Ref(Z,-1) < Ref(Z,-2)) AND (Trough(Z,q,1 ) <Trough(Z,q,2)));
GraphXSpace = 5;
dist = 0.5*ATR(20);

for( i = 0; i < BarCount; i++ )
{
if( HH ) PlotText( "HH", i, H[ i ]+dist, colorGreen );
if( LH ) PlotText( "LH", i, H[ i ]+dist, colorRed );
if( HL ) PlotText( "HL", i, L[ i ]-dist, colorGreen );
if( LL ) PlotText( "LL", i, L[ i ]-dist, colorRed );

}
_SECTION_END();

Please note that here pivots will be marked for price change from 1% to 10% with 2% being default. When used in day trading, you will have to adjust this % change, to correctly identify the pivots. You can easily do so by editing parameters.

Sample snap of pivots detected by this code is attached for reference.

I hope this helps.

Regards,

Abhay

Thanks aad.

I have still to get the licence for the AB.
Meanwhile I shall dabble with the trial version with the aforesaid AFL.

regards

mahesh

 

[mahesh2007]

dear abhay!
implemented the pivot AFL.

Please go thru the following chart.
are there some discrepancies or something wrong on my part?

waiting for your reply.

regards
mahesh

 

[diamondnerve]

Saint,

This is in regard to Nifty intraday trade put by you on 17/7/2008,in which
you did the following:-


short below the first bar and holding

covered 1/4 at 3888

covered 2nd quarter at 3890

SL for back 1/2 at 3913

Exitted all for now.....+36pts

The trade was taken on the basis of gap down opening,

But how you postioned your quantities stopped out is not very much clear,kindly explain it a bit.
To be specific how you calculated level 3888,3890 and 3913

thanx

 

[aad]

dear abhay!
implemented the pivot AFL.

Please go thru the following chart.
are there some discrepancies or something wrong on my part?

waiting for your reply.

regards
mahesh

Dear Mahesh,

As written in the previous post, you will have to adjust the %change parameter to see the correct pivots. With default 2% in price change, it gives you many false pivots. With parameter set as 4, you will get the correct results.

To change the parameter, right click chart, click on parameters and edit the field % change in pivot indicator to 4. This will give you the result you wanted.

Satyam chart with 4% price change is attached for your reference.

Regards,

Abhay