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

[ramash]

Hi saint,

Thank you for the wishes and we wish you and your family the same . As a new comer have learned a lot from your thread and am still trying to get through it. Am regularly following your new intermediate uptrend also.

Your thread really helps lot of new comers to understand the basics. Thanks once again and we need your posts more and more.

ramash

 

[slah04]

Best wishes to you too Saint and your family for a happy and prosperous new year

slah

 

[slah04]

Dear Saint

Please find attached file of Chennai Petro weekly chart. I have tried to mark the PH and PL and it seems that it has reversed from its earlier downtrend and last week it broke the previous Pivot High.

Is my surmise right?

How do I draw the trendline


Thanks

slah

Saint

I had posted the above message. Your advise pls

Slah

 

[Saint]

Dear Saint

Please find attached file of Chennai Petro weekly chart. I have tried to mark the PH and PL and it seems that it has reversed from its earlier downtrend and last week it broke the previous Pivot High.

Is my surmise right?

How do I draw the trendline


Thanks

slah

Hi Slah,

First of all,apologies for the late reply...

Yep,my friend.......weekly pivot high of 321 broken to the up.....and yes,your surmise is correct.

Forget the trendline.......Downtrendline got cracked anyway as pivot highs are cracked.

Great going,Slah!

Saint

 

[harsh_g]

Dear Saint,
i appreciate ur initiative....great goin...i really need some guidance and am a complete newbie

 

[Saint]

Dear Saint,
i appreciate ur initiative....great goin...i really need some guidance and am a complete newbie

Hi Harsh,

Haven't forgotten the days when was equally lost.........do ask questions if any.Would be of service where I can...

Welcome to Traderji!

Saint

 

[slah04]

Dear Saint

Thks a lot. Its great to feel that your teachings are being assimilated correctly.

slah

 

[nick721156]

dear saint,

i am posting a picture of weekly chart alongwith a question. Would be glad to have your valuable answer.

regards,

Nick

 

[Saint]

dear saint,

in weekly chart, balrampur chini had come out of downtrend sometime back and now, in my opinion, is in sideway move. shall i take position now itself as this week has taken out the high of previous week or once pivot high (PH1) is taken out?

clarify when you find time.

regards,

Nick

Nick,

As you are talking weekly,for a perspective,take a look at the monthly....Have a look at January,one bar down after that these three months have been sideways........So far,is this a higher pivot low,getting ready to take out pivot highs?Or is this some sort of a bear flag,ready to go down?

No answer to that one..........therefore if trading the intermed trend,stay clear of anticipating on this one.React to a move in either direction......Enter long over 127,short below 69,stay out of the rest....

Saint

 

[Saint]

dear saint,

which one is pivot low " A ' or ' B ' in the chart ? Have i drawn the trendlines correctly?

regards,

nick

Both are pivot lows.........but the one that's important to you as a trader is the first pivot low at the rising wedge top.Short the break of that pivot low.

But yes,theories wise,both are pivot lows.

Great job on the trendlines,my friend.......well done!!

Saint