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

[jamit_05]

can we simply ignore daily pivot low cracks if the Weekly pivot low is still intact

<Pls feel free to correct me>

Nope, can't do that. With this method you will never be able to decide on your position sizing! Plus you will be in a really bad shape if the market majorly crashes while you wait for your weekly confirmation.

You said : "My query is that to recognize a pivot can we keep a certain percentage say 10% ...."

Saint has defined his stop as the pivot low. It works for him. I believe, there is no one method. You are free to apply any other sound logic for your stops. But whatever you do... follow ur STOPS strictly. (And yes, kindly share your logic for arriving at this figure of 10%)

 

[Saint]

Prabhjeet,

Arrow no 1 and 3 are downtrends,they are forming lower pivot highs and lows as all dntrends should...........it's the violation of a previous pivot high in both cases that give us a trade.

Arrow no 2 ,not sure if that is just a freak trade,or prices sank to those lows and then blasted back up........if it's the latter,the stop loss is at the pivot low and we are rigid about it.If it did hit,we are out.....we might probably look to reenter once we get a setup,but we take our stops if hit.

Saint

 

[Saint]

<Pls feel free to correct me>

Nope, can't do that. With this method you will never be able to decide on your position sizing! Plus you will be in a really bad shape if the market majorly crashes while you wait for your weekly confirmation.

You said : "My query is that to recognize a pivot can we keep a certain percentage say 10% ...."

Saint has defined his stop as the pivot low. It works for him. I believe, there is no one method. You are free to apply any other sound logic for your stops. But whatever you do... follow ur STOPS strictly. (And yes, kindly share your logic for arriving at this figure of 10%)

Yep,ditto that Amit.Thanx!

Saint

 

[Saint]

Saint can there be an alternate strategy where we can use two time frames and consider the larger time frame to be the one that decides the trend and keep on attempting reentries even if the pivot low cracks on the chart with smaller time frame.

Attaching weekly and monthly charts of nifty to illustrate the strategy

Ah,Prabhjeet,hope you meant this post as a joke......What you posted,that's what I have been screaming through this whole thread,the last many years!!!!!!!!!!!!!!

This is the strategy ........if this is the alternate strategy,curious to know THE strategy!!

Saint

 

[djsinha]

Ah,Prabhjeet,hope you meant this post as a joke......What you posted,that's what I have been screaming through this whole thread,the last many years!!!!!!!!!!!!!!

This is the strategy ........if this is the alternate strategy,curious to know THE strategy!!

Saint

THE strategy may be getting driven by greed, buying stocks on a tip and regularly praying to GOD to bring the price up so that one can pay his credit card overdue.
Just kidding......Anyway, some great posts from you Saint in some of the last dayz. Prabhjeet....gr8 one from you.

Cheers
djsinha

 

[jamit_05]

Have a look at Tech Mahindra charts below.....or any for that matter as of now.

Tech Mahindra was in a Downtrend,lower pivot highs and lows......then a week back,a break above that previous pivot high,and then sideways consolidation.........and then a breakout.The Daily is now in an Uptrend.

Have a look at the Weekly Charts......still very much in a strong downtrend,all lower pivot highs and lows.

Do we trade or do we keep away?

Intraday Trader :There's always a trade

60min trader:Nice trade,you are going to be long until you get a pivot break in the 60min charts.

Swing trader: Daily chart breakout,you are in long.You are nervous as you know that longer term charts are going to kick in sometime......but hey,why not make hay while the sun shines?Any previous pivot low crack,and you are out..........

Position trader:No trade....Still on vacation.


All the best!
Happy Trading!
Saint

To make sure that I am in line with this example I have picked TECHM's uptrend in Daily and shown trades in the hourly chart. Please refer to the charts in the attachment and let your comments flow.

Amit.

 

[nick721156]

THE strategy may be getting driven by greed, buying stocks on a tip and regularly praying to GOD to bring the price up so that one can pay his credit card overdue.
Just kidding......Anyway, some great posts from you Saint in some of the last dayz. Prabhjeet....gr8 one from you.

Cheers
djsinha

dear djsinha,

very true. Last couple of days, posts from Saint have cleared many confusions/doubts of many of us. i am too grateful to Saint.

Regards,

Nick

 

[tech_investor]

Hi everyone,
I came to know recently about this community.I find it very good and helpful.thanks to traderji and ofcourse Mr. Saint..

I m practicing technical analysis from last 1.5 years.I find it very useful.I have a good holding over it.Anyone wanted to know anything about it,u are most welcome.I truly believe that knowledge is meant for sharing and i will benefit the most from all this.

 

[sanx]

I need to ask , we have many indicators and charts .

1.What are first and essential things you guys looks out for ?

2.What is the first chart to look out for ? , like volume chart , RSI , MACD ? .. do you have any thing like priority . Like first look are RSI ,then confirm this with volume , then with some other chart and then with sochastic ...some thing like that in an order ?

3.How to identify and eliminate false triggers ?

4.Can you guys list out few of the trading stocks ? and how to look out for a trading stock ,like should there be huge volume with less price movement or less volume with high price movement ?

 

[myvineet]

hi saint

had a query about stop loss ...when we put a stop loss in day trade ....should we give it a breathing space too ?

e.g. we put a stop loss at 4960 as a last pivot high in a short trade ..so when it reaches 4960..should we come out immediately or give upto say 4963-4965 {as i read in one of ur post that there is never point of support & resistance ...there is area of support/resistance }

reply whenever u find time sir

regards

vineet