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NVK SET UP |
saikat White Belt
Joined: 31 Mar 2008 Posts: 317
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Post: #1 Posted: Wed Aug 05, 2009 5:11 pm Post subject: NVK SET UP |
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hello all,
Few months back NVK sir hinted to me while discussing in late night that - he has observed that on intraday chart - price almost always make a Double bottom or Double top before reversal....
I observed that for a while and combined few extra rules of my own.
The result - I am naming as "NVK setup"
The set up for Long trade:
Price is making a double bottom or even slightly lower low.
RSI is rising.
1st Entry - near the 2nd low seeing the RSI +ve div
2nd Entry - when price Trendline is broken
SL - 5-8 points below that double bottom lows
So the first entry is only having SL of 5-8 points and 2nd one maximum around 15 points.
Profit Booking - My target is always a new days high or when we get closer to that.
For Short trade set up - it is just reverse......
The following points are also my observation and I suggest the trade should be ignored if otherwise
1) the double bottom/top should occur within max 1 hr.
2) the peak/trough in between shouldn't be a day's high/low.
3) In between the double bottom/top - there shouldn't be RSI crossover of 50
I am attaching 2 intra charts - my actual trades - one of todays; one earlier - one Long; one short.
Please ignore the EMAs on the chart - and focus only on the double bottom/top; RSI and price Trendlines - as drawn on the chart
One disclosure - I always use this setup with Yahoo RT chart and not tried with iChart 5 min TF.
Regards,
Saikat
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Last edited by saikat on Wed May 05, 2010 7:17 pm; edited 2 times in total |
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mitu tyagi White Belt
Joined: 31 Mar 2009 Posts: 7
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Post: #2 Posted: Wed Aug 05, 2009 6:08 pm Post subject: |
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Hi! Saikat - Hope your boss is not calling u!
Tell me how u will determine new days high / low in advance.
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saikat White Belt
Joined: 31 Mar 2008 Posts: 317
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Post: #3 Posted: Wed Aug 05, 2009 11:02 pm Post subject: |
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Hi,
By "new days high / low" - I meant that NF might cross the high / low that it had made earlier in the day. Where was the confusion?
Like today NF made a high around 4711 in the morning - and after the NVK set up it crossed it to make a new day' high around 4721
Now clear?
Regards,
Saikat
mitu tyagi wrote: | Hi! Saikat - Hope your boss is not calling u!
Tell me how u will determine new days high / low in advance. |
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shekharinvest Yellow Belt
Joined: 21 Dec 2007 Posts: 549
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Post: #4 Posted: Thu Aug 06, 2009 10:20 am Post subject: |
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Saikat,
You are quite right in this setup, that is exactly what I too have observed using icharts 4min and macd / sts. the price objective as suggested by you is certainly new to me and i hope it will allow us to take out full juice out of the nifty.
shekhar
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saikat White Belt
Joined: 31 Mar 2008 Posts: 317
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shekharinvest Yellow Belt
Joined: 21 Dec 2007 Posts: 549
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Post: #6 Posted: Wed Aug 12, 2009 5:35 pm Post subject: |
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Saikat
good job,
next time it comes, I will enter with confidence.
SHEKHAR
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saikat White Belt
Joined: 31 Mar 2008 Posts: 317
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Post: #7 Posted: Sat Aug 15, 2009 1:11 am Post subject: |
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Hello,
Today the short trade worked cool (I couldn't take it as I was fighting with MS Java)
Later the Long trade wasn't a trade actually....
AS the RSI divergence was actually NOT there.
And also due to another fact that the double bottom happened 2 Hrs apart and the peak in between them was almost a day high.
My observation (which I forgot to mention in the first post) is that
1) the double bottom/top should occur within max 1 hr.
2) the peak/trough in between shouldn't be a day's high/low
Of course there can be exceptions, but very rare.
Regards,
Saikat
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altafghanchi White Belt
Joined: 06 Jan 2008 Posts: 7
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Post: #8 Posted: Sat Aug 15, 2009 1:36 am Post subject: NVK SETUP |
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sir, i think this setup works best in 60min TF.please check ORCHIDCHEM chart double top formed in 5day chart now going to form double bottom am i right? please guide me.
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saikat White Belt
Joined: 31 Mar 2008 Posts: 317
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Post: #9 Posted: Sat Aug 15, 2009 9:29 am Post subject: Re: NVK SETUP |
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altafghanchi,
For 60 mins TF there are many setups available which work well.
However for pure intraday, I found this useful.
I again mention - I use this only for intra, only for nifty and ONLY seeing from Yahoo chart.
And if you want to discuss any chart, please post it here, with proper markings. It will save all other people's time visiting forum.
Regards,
Saikat
altafghanchi wrote: | sir, i think this setup works best in 60min TF.please check ORCHIDCHEM chart double top formed in 5day chart now going to form double bottom am i right? please guide me. |
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shekharinvest Yellow Belt
Joined: 21 Dec 2007 Posts: 549
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saikat White Belt
Joined: 31 Mar 2008 Posts: 317
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Post: #11 Posted: Sun Aug 16, 2009 12:03 am Post subject: |
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Shekhar,
Your finding was absolutely tradable as per this theory, but it was not there on NS chart, so I couldn't see it.
But I did enter long at both 12:30 and 14:30 lows when it hit hourly 13 EMA and snapped back. both trade closed at around 4690 as it was clearly a choppy day and any little profit seemed good to me.
Cheers!!!
Saikat
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r.dibya White Belt
Joined: 26 Jun 2008 Posts: 79
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Post: #12 Posted: Sun Aug 16, 2009 12:25 am Post subject: |
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dear shekar,
how can u paste THE CHRT
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nvksrinivas White Belt
Joined: 14 Aug 2006 Posts: 6
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Post: #13 Posted: Sun Aug 16, 2009 1:18 am Post subject: |
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Hello Saikat Sir,
Nice set up thx that u hv rembred me
gr8 going keep it up
nvksrinivas
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saikat White Belt
Joined: 31 Mar 2008 Posts: 317
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Post: #14 Posted: Sun Aug 16, 2009 9:20 pm Post subject: |
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Hello NVK Sir.
How are you? Hope going great.....
Regards,
Saikat
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shekharinvest Yellow Belt
Joined: 21 Dec 2007 Posts: 549
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Post: #15 Posted: Tue Aug 18, 2009 9:32 am Post subject: |
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r.dibya
chart posting is quite simple.
use export chart as png button on the icharts and save it on your desktop with suitable name.
next write your post and at the end under add attachments give the file name for the chart you have saved above and press add attachment then submit the post.
SHEKHAR
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