SUN TV :
ATP 478.25 ,
9:30 bar touched ATP as high is 482.15 but where did it close ? The close is 480.45, i.e. above ATP.
So a BUY signal was in place. Where do we BUY ? We BUY above the high ! i.e. above > 482.15
9:45 bar did not touch ATP and remained above ATP. Our Buy signal is intact.
10:00 bar : Did not go above 482.15, we have still not entered Long. (Karthik shall have the last word, but this has been my experience : In RT our data may be erroneous and it is always advised to use filter to filter out data error and also give us small cushion in trade, though in this case price never went above trigger bar HIGH... there is a difference between Buy at high and Buy above high. I am personally more cautious, use very slightly higher Filter with trades on 1st bar of the day.) All said and done, suppose this trade was indeed triggered even with Filter, well then so be it, SL's are part of this business and a very important part at that!!)
10:15 bar Yes, would have hit the SL. Where is the SL , its below 478.10 why because the 9:30 bar that touched the ATP and closed above and gave us Long Trigger Level had a low of 478.10 ! 10:15 bar does a low of 476.50 so no questions, if we were long we are out !
10:15 bar, SL hit if we were long BUT Short was NOT triggered. Why? Where is short position to be taken. When a Bar touches ATP and closes below, we go short below the low of this bar. This bar from above goes below ATP and does a Low of 476.50 and closes at 477.65 which is below the ATP so we have a Short signal in place, we are not yet short as we need to go short below the low of 476.50 !
10:30 bar : We are waiting for the Short trigger which does not happen as 476.50 low is not breached. but the bar touches ATP and closes above ATP with high at 481.15 ! Here we have a Long set up waiting to bee triggered.
10:45 bar : 481.15 is breached , we go long and exit at our target as high done is 483.40!
Sterlite : The ATP is 107.92 , a close of 107.90 to me is neither here nor there and hence it is a close neither above ATP nor below so no action no setup for either Long or Short on this bar.
ATP 478.25 ,
9:30 bar touched ATP as high is 482.15 but where did it close ? The close is 480.45, i.e. above ATP.
So a BUY signal was in place. Where do we BUY ? We BUY above the high ! i.e. above > 482.15
9:45 bar did not touch ATP and remained above ATP. Our Buy signal is intact.
10:00 bar : Did not go above 482.15, we have still not entered Long. (Karthik shall have the last word, but this has been my experience : In RT our data may be erroneous and it is always advised to use filter to filter out data error and also give us small cushion in trade, though in this case price never went above trigger bar HIGH... there is a difference between Buy at high and Buy above high. I am personally more cautious, use very slightly higher Filter with trades on 1st bar of the day.) All said and done, suppose this trade was indeed triggered even with Filter, well then so be it, SL's are part of this business and a very important part at that!!)
10:15 bar Yes, would have hit the SL. Where is the SL , its below 478.10 why because the 9:30 bar that touched the ATP and closed above and gave us Long Trigger Level had a low of 478.10 ! 10:15 bar does a low of 476.50 so no questions, if we were long we are out !
10:15 bar, SL hit if we were long BUT Short was NOT triggered. Why? Where is short position to be taken. When a Bar touches ATP and closes below, we go short below the low of this bar. This bar from above goes below ATP and does a Low of 476.50 and closes at 477.65 which is below the ATP so we have a Short signal in place, we are not yet short as we need to go short below the low of 476.50 !
10:30 bar : We are waiting for the Short trigger which does not happen as 476.50 low is not breached. but the bar touches ATP and closes above ATP with high at 481.15 ! Here we have a Long set up waiting to bee triggered.
10:45 bar : 481.15 is breached , we go long and exit at our target as high done is 483.40!
Sterlite : The ATP is 107.92 , a close of 107.90 to me is neither here nor there and hence it is a close neither above ATP nor below so no action no setup for either Long or Short on this bar.
