Teach A Man To Fish And.........

[djsinha]

dear djsinha,

you are right. both daily & weekly are in uptrend. yet, going by the teaching of saint's, i personally feel that position traders should take wait & watch policy for the time being as daily charts of both the broader indices are in downtrend (although weekly charts are, so far, in uptrend).

i may be wrong, please correct me.

regards,

nick

As far as I remember, Saint never taught that see the "broader indices" before putting your money in any stock. Nothing is wrong with your policy as such...only that by the time your wait & watch will be over....REIAGRO may take a downward trend.

 

[Tapaswi.S]

REIAGRO may be a good pick nowadayz. The weekly is in an uptrend. The daily is also in uptrend. Posting the charts for both weekly and daily.

Bearish Divergence in RSI in the daily is an area of concern, however.

Cheers
djsinha

Dear djsinha,
correct me if I am wrong, for drawing an uptrend line,(in your daily chart,) do we have to connect pivot lows or pivot highs. I think we should connect pivot lows.
anyway, REIAGRO must be a good pick I am adding to my watch list, thanks

regards,
Tapaswi.S

 

[djsinha]

Dear djsinha,
correct me if I am wrong, for drawing an uptrend line,(in your daily chart,) do we have to connect pivot lows are pivot highs. I think we should connect pivot lows.
anyway, REIAGRO must be a good pick I am adding to my watch list, thanks

regards,
Tapaswi.S

Well Tapaswi, I'm not too sure about this. After you pointed this, I also am feeling little unsure. (I'm of the opinion that u can join both peaks and troughs.....but not too sure)
Saint, Asish, Ashish can say on this. Seniors pls do guide us.

I looked into the chart in some detail. I found that if you connect the troughs also, a bearish divergence is there. Attaching the modified chart.

Cheers
djsinha

 

[Tapaswi.S]

Well Tapaswi, I'm not too sure about this. After you pointed this, I also am feeling little unsure. (I'm of the opinion that u can join both peaks and troughs.....but not too sure)
Saint, Asish, Ashish can say on this. Seniors pls do guide us.

I looked into the chart in some detail. I found that if you connect the troughs also, a bearish divergence is there. Attaching the modified chart.

Cheers
djsinha

Dear djsinha,
regarding drawing trend lines. to draw an uptrend line we connect pivot lows, and to draw a down trend line we connect pivot highs.

as pointed out by you there is a clear divergence between RSI and price chart. may be saint or some senior may help us interpreting this

regards,
Tapaswi.S

 

[jamit_05]

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

Well, these are valid points you are making: When do we call a support broken? Is there a way to sieve out false breakouts? Furthermore, Is it conceptually "correct" to try and sieve out false breakouts with various tactics, like the one prabhjeetrana just demonstrated?

Saint, kindly throw some light on this.

Amit.

PS: prabhjeetrana if you are trading the daily chart the pivots that you have drawn for the reliance inds chart might require revision. I mean, these pivots seem like they are for the weekly chart. Feel free to unleash fury at this criticism cuz at the end of it I know i will learn.

 

[Prabhjeet]

Well, these are valid points you are making: When do we call a support broken? Is there a way to sieve out false breakouts? Furthermore, Is it conceptually "correct" to try and sieve out false breakouts with various tactics, like the one prabhjeetrana just demonstrated?

Saint, kindly throw some light on this.

Amit.

PS: prabhjeetrana if you are trading the daily chart the pivots that you have drawn for the reliance inds chart might require revision. I mean, these pivots seem like they are for the weekly chart. Feel free to unleash fury at this criticism cuz at the end of it I know i will learn.

Confusion again, the chart has been updated with actual pivots and false pivot cracks, plz. go through charts again, black arrows are actual pivots and red arrows are false pivot cracks

 

[shrineha]

Hello Saint,

Apologies for this stupid question. I am little bit confused about pivot. For calculating pivot should we consider main body of the candle or higher / lower points of the candle?

Because we alwayws say that close is very important as thats the point where traders agreed to carry their position and hence thought body is important but when i see charts trend line many time touches lower points of the candle.

Pls clarify

Kind regards,
Shripad

 

[djsinha]

Confusion again, the chart has been updated with actual pivots and false pivot cracks, plz. go through charts again, black arrows are actual pivots and red arrows are false pivot cracks

I may be wrong.....don't take offence. But I thibk, there's nothing called false pivot crack. A pivot crack is a pivot crack.....we shud take it as a warning. A warning that downtrend may begin.....Now since it's a warning only....downtrend may as well not begin right after the pivot crack and the price may tend to go up. But it's for our own safety.
Well some of you may say that......since price is sometimes going up even after a pivot crack....we shud not exit.......well if you spot higher low and higher highs even after a pivot crack...u can re-enter.....it'll cost only the brokerages......but that's worth it...i think .......specially if you consider the safety and the soundness of risk-management that this strategy provides.

Now dear prabhjeet, to answer your querry......u shud exit at all black arrows.....giving disregard to those red arrows. I remember Saint reiterated many times that stoploss hit shud be paid regard to. Now red arrows are also stoploss hit cases...so we shud respect those and exit......remember, it's a system generated exit strategy...your system is giving u warning signals.....so better u shud follow it...isn't it?....

 

[djsinha]

Hello Saint,

Apologies for this stupid question. I am little bit confused about pivot. For calculating pivot should we consider main body of the candle or higher / lower points of the candle?

Because we alwayws say that close is very important as thats the point where traders agreed to carry their position and hence thought body is important but when i see charts trend line many time touches lower points of the candle.

Pls clarify

Kind regards,
Shripad

dear shripad.....it's the low of the candle that accounts in pivot strategy....nothing like mass trader psycology or trader sentiments etc etc matter here. It's just a strategy that we, the turtle traders follow......Who like to move with the trend and profit from it.

Cheers
djsinha

 

[nick721156]

Confusion again, the chart has been updated with actual pivots and false pivot cracks, plz. go through charts again, black arrows are actual pivots and red arrows are false pivot cracks

dear friend,

can you explain your method of 10% filter?

regards,

nick