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

[Saint]

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

Yep,DJ......Uptrend,connect Troughs..

Saint

 

[Saint]

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

Right-on Tapaswi......and yes clear divergences.....and a host of other factors to be considered as explained earlier.......may chug on a bit more,or maybe not.....But personally,I would pass on this one.

Saint

 

[Saint]

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

Hi Shripad,

I take the high point of the pivot high,and the low point of the pivot low......

Saint

 

[Saint]

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

Yep to the above....Thanx DJ!

Saint

 

[Saint]

Hi shrineha,

Recently I had the good fortune to learn from Saint in person. (Thank you Kol members for providing such an oppurtunity; forever indebted. I now have a new found respect for Ashishda's sincerity and intellect.)

Saint started off saying that:
1. Higher highs and Higher lows of consecutive bars is a rally
2. Lower highs and lower lows of consecutive bars is a decline. (There is no trend yet!)
3. The top of the area in between the two, i.e Rally and decline, is the pivot.

Consider the above as a guideline not a definition.

Amit.

PS: Thanks to my roomate SGM, who told me to look at a 1000 charts before asking any further questions (and now I think my eyes are sore). Tks for putting things into perspective SGM. Indeed, it was a pilgrimage of faith!

It was indeed a great pleasure to have met up with you.....and totally agree with SGM,a 1000 charts,maybe more....and everything just springs out of the charts.....yep,occupational hazard is sore eyes,but worth it!!

Just to clarify that one point........what does the word"guideline" or "definition" mean?

Either way,what I mean is ivot high is at 100,meaning my entry IS at 101 as per my filter given.

It's rigid,it has to be like that every time,again and again.......there is no compromise,the entry is there always,stop loss always below the previous pivot lows........Everything is a hard and fast rule,will not budge from it!...

All the best!
Saint

 

[Bitz]

Hi..
this is Nifty today(8/4) till arnd 1 pm
Is this a falling wedge formation...
will this mean nifty will break this to rise?

 

[shrineha]

Thanks dj, jameet and saint for your replies.

Kind regards,
Shripad

 

[jamit_05]

....

Just to clarify that one point........what does the word"guideline" or "definition" mean?

Either way,what I mean is ivot high is at 100,meaning my entry IS at 101 as per my filter given.

It's rigid,it has to be like that every time,again and again.......there is no compromise,the entry is there always,stop loss always below the previous pivot lows........Everything is a hard and fast rule,will not budge from it!...

All the best!
Saint

Thank you Saint for the comment. ---RIGID ENTRY @ 101--- no ifs no buts!

 

[Saint]

Hi..
this is Nifty today(8/4) till arnd 1 pm
Is this a falling wedge formation...
will this mean nifty will break this to rise?

No Bitz......the lower line as drawn by yourself should be pointing downwards to qualify as a falling wedge which is a reversal pattern to the bullish side.......

Saint

 

[Saint]

Thank you Saint for the comment. ---RIGID ENTRY @ 101--- no ifs no buts!

ah,lots of ifs and buts....but rigid,yes!

Saint