iCharts Discussions

[jo.jo]

Shekhar...FTS demands that we quit in toto if we get two 30mts bar closes above the 34ema. we got it today...in fact we got both, the 5/13ema crossover as well as the final quit signal today.Trust this clarifies.

As you can see, we managed only 80pts from the FTS trade.
What i try to do is, take longs as intra-day trades when i see bullishness in the markets, while i am short.
I managed two trades, one on 15th (from 5252 to 5282) and another on 19th (5175 to 5205)...and that makes it 60pts consolation.

Now we are again flirting with 34ema...so look for new trades..whichever way we breakout.
cheers.
jo.jo

[tripathi_manu]

[vinst]

Are we now long in NF with Sl 5208?

vin

[jo.jo]

hi vinst...
answer is YES...
but with a small position as the s/l of 50 pts is not so comfortable.
long nevertheless.
cheers.
jo.jo

[vinst]

NF is long. SL is 5261.

regards,
vin

[jo.jo]

Vinst...on 22/4, my longs got stopped out on the trail at 5286.
I had immediately posted in SB that i take no trades for a while.
Reason is the increased intraday volatility, without any clear direction.

In highly volatile and fast markets, it pays to take profits early, without waiting for ema crossovers.

As per the system, one should be long now with 5265 s/l.
cheers..
jo.jo

[ehteshamuddin.syed]

Hi Jojo,

Nice post, can we use this strategy for intraday on nifty ?

Thanks.

[vinst]

NF long SL is 5144

vin

[jo.jo]

Hi Vinst ... 5144 s/l would've been ok for the trade, had we got a decent follow through action above 5200 today, which has not happened.
Hence I would suggest that if the market is looking weak tomorrow try to exit near 5215 with the intention of buying again at a more comfortable/surer level...or else hang tough with s/l at 5088 (as per the system) till a genuine breakout happens...which is what i am doing.
Only jugglery i've done so far is, i took a intraday short for 50% of my position at 5210 (with 5220 s/l) and covered at 5185.

[jo.jo]

Hi Syed..tks for the nice words.

Pl note Fractals work in all time frames...but my FTS is more of a swing trading system and hence not optimised/recommended for intraday trading.

cheers
jo.jo

[rvg]

JoJo.. Can you please help clarify... The Old Swing Closed today .. 30min NF Closed below 34.

Did a new one open at closing price ? If yes, how should we manage the trade if there is a Gap up tomorrow ?

[jo.jo]

Hi rvg Tks for the msg. Here is my response.

Yes, swing longs from 5040 closed, as per the system.

Today we had a new up-fractal and a down-fractal, which are potential trade entry points.

No. New long trade was not initiated at close due to two reasons.
1. Nifty spot did not give a similar fractal breakout. Though this is not a pre-requisite, i chose to err on the side of caution.
2. Breakout ( if we may call it so) happened at the final whistle and the breach was marginal.

Despite the above, if we have a gap up open tomorrow, we have to deal with it like we do always. we take the trade based on our risk/money management rules. For eg. if the stop/loss is over 50points i reduce my position size suitably. I try to average-in if i get a pull-back towards my stop-loss. In short, the trade will be taken. Compromise will be on the position size and not on the s/l rules.

Trust this clarifies.
cheers/jo.jo

[rvg]

JoJo... tks for the response.. I was just going thru the 30 min bars and saw that the last bar has not crossed the fractal top.

Last Bar is 5343 and Fractal top is 5343.5

Lets see how it plays out tomorrow..

Your system is good and relatively simple to follow... thanks for sharing

[kush]

jo jo can u explain both the arrows are perfact fractals or not ?

if yes , last red bar gave sell signal if i am correct .

can u please explain exit and sl as per ur system for this setup ?
( Nifty spot 30 min )

Regards
Kush