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How to use iCharts Levels |
sherbaaz
Yellow Belt
Joined: 27 May 2009
Posts: 543
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Post: #76  Posted: Wed Feb 29, 2012 2:22 pm Post subject: |
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Hi St,
First signal was not activated and price went below the first candle low so canceled the order.
Kindly find below the chart where I have taken the short once the support of BULL-R1 taken out by price.
I took the short at the first fractal breakout.
regds, |
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ayan1979
White Belt
Joined: 13 Jul 2011
Posts: 30
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| Post: #77 Posted: Thu Mar 01, 2012 9:55 pm Post subject: |
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dear st sir
when using higher tf's like (30,60,120)with pivots,whether it is better to use week or arbitary,sir what is the calculation for week,you mentioned about arbitary in this forum below,which is suitable for position trading,i charts generated pivots are very useful,so i must properly use this method,kindly suggest me
thankyou |
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SwingTrader
Site Admin
Joined: 11 Aug 2006
Posts: 2903
Location: Hyderabad, India
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| Post: #78 Posted: Fri Mar 02, 2012 9:42 am Post subject: |
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| ayan1979 wrote: | dear st sir
when using higher tf's like (30,60,120)with pivots,whether it is better to use week or arbitary,sir what is the calculation for week,you mentioned about arbitary in this forum below,which is suitable for position trading,i charts generated pivots are very useful,so i must properly use this method,kindly suggest me
thankyou |
Which pivots to use (daily/weekly) depends on your average trade holding period. Weekly pivots will be far away and are appropriate if you go for bigger swings (swing trading). Daily pivots are good for day trading. For longer trading timeframe - position trading - use weekly or monthly pivots.
For week the calculation is last 5 trading days (pivots are computed using H/L/C of last 5 trading days).
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Srikanth Kurdukar
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ayan1979
White Belt
Joined: 13 Jul 2011
Posts: 30
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| Post: #79 Posted: Fri Mar 02, 2012 10:47 am Post subject: |
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| thank you st sir,pivots are very useful,thanks |
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ccr1
White Belt
Joined: 06 Nov 2008
Posts: 2
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| Post: #80 Posted: Fri Mar 30, 2012 8:21 pm Post subject: Re: iCharts Level |
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| SwingTrader wrote: | | dharmeshtr wrote: | Respected ST Sir,
Can you please explain at what level I should be LONG and I should be SHORT using iCharts levels?
From the explanation I really did not understand exactly at which level I have to enter end exit.
What should be stop loss, etc?
Thanks,
Dharmesh Rana |
Dharmesh,
I will try and post few examples (in a new thread in this forum) in the next few days. But to begin with, let me give you the basic idea behind using iCharts levels...
Try and avoid using only iCharts levels for buy/sell signals. I am not saying you cannot use, but it is much more helpful to use iCharts levels (or any other levels - pivots, fib pivots, cam levels etc) as one of your supporting tools for decision making.
The key support/resistance bands are BULL-R1 and BEAR-S1. Your buy or sell decisions should be based on where the price has opened on a particular day with respect to these levels. To support your decision making I would strongly recommend placing EMA(34) & EMA(89) on the chart for trend & key sup/res indication.
On a day if price opens in the BULL-R1 band and hits resistance there and does not seem to be able to break above it then you will look to short when price starts breaking down from this area. You decision will be much easier if the EMAs mentioned above are in/around BULL-R1 area (which happens many times). The same guidelines are suggested from going long around BEAR-S1 area. Your initial stops can be placed just beyond the key bands. Targets are the iCharts levels beyond. Stops can be trailed using the levels too.
Decision gets tricky if price has not opened near the bands. If price is within the two bands then the first targets is the one of the band (which one depends on the direction of trend to be gauged by using the EMAs). Once price reaches a band, there is good chance of a reversal. If price cleanly breaks through a band and consolidates above it then the trend can continue.
Will post examples in a different new thread over the next few days, it will then be more clear. |
This question is to ST. I have been following the icharts levels for intrday trading. And follow the method explained by you. However, I am finding difficulty in trading with the levels on the days of substantial gap ups and gap downs. It will indeed be very helpful, if you can can elaborate as to how to make use of the levels on such days for trading.For instance a day like today. I use 10m tf for NF and 5m tf for Bank Nifty. |
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SwingTrader
Site Admin
Joined: 11 Aug 2006
Posts: 2903
Location: Hyderabad, India
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| Post: #81 Posted: Fri Mar 30, 2012 10:16 pm Post subject: Re: iCharts Level |
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| ccr1 wrote: |
This question is to ST. I have been following the icharts levels for intrday trading. And follow the method explained by you. However, I am finding difficulty in trading with the levels on the days of substantial gap ups and gap downs. It will indeed be very helpful, if you can can elaborate as to how to make use of the levels on such days for trading.For instance a day like today. I use 10m tf for NF and 5m tf for Bank Nifty. |
On such gap days (that result in trend days) one just needs to buy on breakout of a level and keep trailing stops (just below key swing lows), targets would be higher levels. But it is important to make sure that the gap open is above BULL-R1 band. This indicates true strength (like today).
If, on the other hand, the gap up at market open turns out to be a high and market reverses and breaks a lower iCharts level then it would be a short with SL above the previous higher level. The targets would be lower levels, mainly, BULL-R1 then LOC then BEAR-S1. If market is reversing from above R1 then there would be a chance of reversal in BULL-R1 band and the uptrend may continue, this would indicate strong upmove for the day. If BULL-R1 breaks then BEAR-S1 would be likely in this case as the break of BULL-R1 would indicate significant weakness.
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Srikanth Kurdukar
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ayan1979
White Belt
Joined: 13 Jul 2011
Posts: 30
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| Post: #82 Posted: Fri Mar 30, 2012 11:43 pm Post subject: |
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dear st sir
i am using icharts pivot levels for nifty position trading(week,day),sir when price crossing pivots which is the suitable timeframe for entry,in 5 mins there are many whipsaws,kindly suggest me the tf from your experience,thankyou |
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SwingTrader
Site Admin
Joined: 11 Aug 2006
Posts: 2903
Location: Hyderabad, India
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| Post: #83 Posted: Sat Mar 31, 2012 8:23 pm Post subject: |
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| ayan1979 wrote: | dear st sir
i am using icharts pivot levels for nifty position trading(week,day),sir when price crossing pivots which is the suitable timeframe for entry,in 5 mins there are many whipsaws,kindly suggest me the tf from your experience,thankyou |
Which pivots are you using? The JCharts built-in pivots?
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Srikanth Kurdukar
@SwingTrader |
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ayan1979
White Belt
Joined: 13 Jul 2011
Posts: 30
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| Post: #84 Posted: Sat Mar 31, 2012 11:48 pm Post subject: |
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| st sir i am using jcharts built in pivots(blue line which appears on the chart) |
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shrigajanan
White Belt
Joined: 02 May 2009
Posts: 12
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| Post: #85 Posted: Sun Jul 08, 2012 3:06 pm Post subject: Identifying Sideways days Vs. Trend days using ichart levels |
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Hello ST,
Can you suggest a technique to identify Sideways days Vs. Trend days using ichart levels? really appreciate if you could provide your thoughts and ideas. Thanks in advance |
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girishhu1
White Belt
Joined: 17 Aug 2009
Posts: 316
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| Post: #86 Posted: Sat Nov 24, 2018 11:31 am Post subject: icharts weekly levels n use thereof |
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hello st sir,
Kindly put some light on use of weekly levels involving REVERSAL above BULL and REVERSAL below BEAR level.AND HOW THESE LEVELS ( BULL REVERSAL N BEAR REVERSAL ) ARE CALCULATED. Also why these levels are not mentioned for intraday/dailylevels?
regards
girish
Last edited by girishhu1 on Wed Nov 28, 2018 10:07 am; edited 1 time in total |
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ravee32
White Belt
Joined: 03 Jul 2018
Posts: 1
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| Post: #87 Posted: Mon Nov 26, 2018 4:10 pm Post subject: Re: icharts weekly levels n use thereof |
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| girishhu1 wrote: | hello st sir,
Kindly put some light on use of weekly levels involving REVERSAL above BULL and REVERSAL below BEAR level.AND HOW THESE LEVELS ( BULL REVERSAL N BEAR REVERSAL ) ARE CALCULATED
regards
girish |
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SwingTrader
Site Admin
Joined: 11 Aug 2006
Posts: 2903
Location: Hyderabad, India
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| Post: #88 Posted: Wed Nov 28, 2018 10:24 am Post subject: Re: icharts weekly levels n use thereof |
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| girishhu1 wrote: | hello st sir,
Kindly put some light on use of weekly levels involving REVERSAL above BULL and REVERSAL below BEAR level.AND HOW THESE LEVELS ( BULL REVERSAL N BEAR REVERSAL ) ARE CALCULATED. Also why these levels are not mentioned for intraday/dailylevels?
regards
girish |
Hi,
I have asked @ProTrader to post some info about this. He had worked on building these levels. He will post some info about this soon.
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Srikanth Kurdukar
@SwingTrader |
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ProTrader
Site Admin
Joined: 06 Jul 2008
Posts: 433
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| Post: #89 Posted: Fri Nov 30, 2018 1:45 am Post subject: Re: icharts weekly levels n use thereof |
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| girishhu1 wrote: | hello st sir,
Kindly put some light on use of weekly levels involving REVERSAL above BULL and REVERSAL below BEAR level.AND HOW THESE LEVELS ( BULL REVERSAL N BEAR REVERSAL ) ARE CALCULATED. Also why these levels are not mentioned for intraday/dailylevels?
regards
girish |
Hi Girish,
The reversal levels are strong support and resistance areas from where scrips may make move in the either direction once they are reached or breached.
The daily and intra day levels equivalent is S1 and R1.
Hope this helps.
Happy trading.
Regards,
PT |
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girishhu1
White Belt
Joined: 17 Aug 2009
Posts: 316
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| Post: #90 Posted: Fri Nov 30, 2018 9:47 am Post subject: |
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hi pt sir
dhanyavad
In particular I would like to ask regarding reversal levelsie how they are calculated and whether the reversal level above bull level indicatesconfirmation of bullishness or confirmation of reversal from bullishnes to bearishness and vv for rev levels below bear, with a couple of examples?
a little more explaination would be appreciated .
regards
girish |
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