HI ALL
We need to follow this system proposed by 'Humble' a bit more closely.It gave really good results today in NF, RIL, EDUCOMP.
The 'MF' was not getting filled for a long time even after the NF had lost well over 100 points.
This idea of 'humble' gave an early entry and +70 points in the 'NF'.
PL SEE ATTATCHED CHART.
Yes Jatayoo sir, for days like yesterday this would definitely provide a good entry. However on days like last "Friday", we would have had 4 reversals
. We will have to use this cautiously as of now.
Also i see that the if a reversal is due then we can look at the 1, 3, 5, 10, 15 and 30 to confirm the same. Why do we do this and How?
Say we have a reversal in 3min TF and say on BAR 10 [for example]. If the 11th BAR does not negate the reversal of BAR 10, we will not get a reversal in 5min TF.
Similarly, lets say we have a reversal in the BAR 10 in the 5min TF. This reversal should not be negated or in other words there should not be another reversal in the next 3bars i.e 11th, 12th and 13th. If there is a second reversal within the next 3 bars of the 5min TF, we will not see the reversal in the 15min TF else we will see it. [This usually happens before a Break-out/down] .
So like this, if we can keep a watch at the 3min TF and 5min TF for the reversals, we might be in a better position to go with the flow of the market. We will have a maximum lag of 6 minutes wrt to the movement of the market.
But on days like today, even this 6 minutes lag will not work, within 5 minutes, NF fell over by 55 points
. The closest we can get to the flow of the market is by following the 1min TF. Only and Only when NF moves with pace as of today's fall in the later half, we can decide our trades based on 1min TF and 3min TF. Further, we can keep switching from 1,3,5,10,15 and 30 TFs with the above mentioned examples.
Key is identifying a reversal in 3, and 5 and continuously checking/verifying whether a reversal is being negated. This though keeps you busy and might make you shed a bit more for your broker, will help minimize our "losses" or in other words, "maximizes" our profits
. I am a beginner and your inputs most welcome.
Regards,
-Sri