iCharts Discussions

[rajannt1980]

Dear friends

I have attached a chart , its very simple to follow i hav used dma 3 , 3 and drew lines for every 50 and 55 pts , once it reaches 50 pts book profit and again re enter abv 55 pts

happy trading

regards
rajan

[jyothi2011]

can u pls explain more elaborately (especially entry point and whether this entry is positional)

[rajannt1980]

i have drawn line for every 50 pts for more confirmation i have drawn another line for 5 pts above that 50 line , when tha dma line crosees the 50 line wait until it croses that 55 pts line also then see the candle bar from that 50 - 55 line note the highest high made b/w those candles and enter above that price . for eg ih high is 5062.3 then for better confirmation enter above 5071 , for flexibility .
book profits when the dma line reaches the next 50 line and agin take entry when it crosses above that 5 pts line

this u can use for intraday as well as position
if u not clear u ask me , i will reply

happy trading

[jyothi2011]

ok sir now what is ur previous level ie ur previous 50 point line(so that we can draw next line from there) thanks

[jyothi2011]

i guess 5050? and next level is 5100?

[rajannt1980]

yes u r right , this system gives less loss and more profit

[jyothi2011]

as per ur chart u sould be long now rt? if yes, sl? pls

[rajannt1980]

yes long on 20 jan @ 5055

[jyothi2011]

stop loss?

[smsmss]

this is same as sp strategy in the forum, only the filter is different.

[rajannt1980]

there is no stop loss just run your position , u should also draw a line below that 50 pts line (i.e @ 45 ) see the low and go short , as of now i will go short below 5039

[rajannt1980]

yes smss . the same strategy looks the same , but execution is different

[smsmss]

oh ok, kindly elaborate on your stop loss placement or position reversal. and why 5039?

[rajannt1980]

smss , i have drawn line at 5050 and one more line at 5045 so now my dma line is below that 5045 and low of those candles is 5045 so i m waiting for 5040 to break then i will go short (i.e i have took 5039 ), sometime wat it happens it gets reversed from here i hav shown in that chart, and moreover in these kind of sideways market we should be cautious ,

[rajannt1980]

and moreover at 3.29 i will go short if my dma is below 5050