Saint,
I have been going through this thread quitely for months now and done it couple of times was still unable to digest fully but one joke ??? (was that a joke or the gist of the thread as elaborated by you) from Prabhjeet has cleared the cobwebs of using twin time frames.
Thanks to Prabhjeet and many many thanks to you for this wonderful thread
Shekhar
Too much has been said without understanding too little. Let me take some time to explain whats the essential difference b/w how I would and Saint would be different.
Accoding to Saint whenever a Pivot low would be cracked on shorter term chart ,we will look at longer term time frame and if the trend is up we will just get out of long trade and wait for pivot high to be taken out before going long again, but according to my strategy we dont wait for pivot high on shorter time frame to be taken out again instead we take the position on long side as soon as previous bar high is taken out on short term chart. Low of the last bar is taken as stoploss.
This strategy has an advantage of taking much less riskier
entries but the disadvantage is that we will get caught in many false moves.
For anyone thinking that I have just jumped the gun without understanding what Saint has taught, plz. be assured that I have read Saint's all the teachings atleast 5 times and was trying to just put few of my modifications to work. Though I will like to add that my modification is not as good as original and everone should follow Saint's strategy only.
There was another question asked somewhere by JAMIT that why I have taken 10% filter for pivot cracks, well the reason is that there are many bull and bear traps for smaller traders and I have tested it myself tht 10% filter has allowed me to stay in many times during false moves, will illustrate it using charts given by Saint
.
