iCharts Discussions

SwingTrader · Posted: Fri Aug 26, 2011 1:55 pm Post subject:

We are nearing S1...moment of truth...major support around S1, if it break it we go down to S3 fast.

Is anyone short? The short signal on negation of long reversal had the ISL a bit far (about 35 pts away), the next regular short was on close of 13:30 bar (ISL about 22 pts away above prior swing high).

SwingTrader · Posted: Fri Aug 26, 2011 6:36 pm Post subject: MTT - NF - 26082011

A. This one is just for illustration. I did not take this trade as I was busy but I might have taken it if I was monitoring at that point. Just pointing it out here so things are clear. STS on HTF was OS, on LTF WMA was already above SMA. In such cases where the trigger for long reversal has already happened I just wait for CCI to hit -100 and then go above 0 to enter the trade. This happened on close of 9:40 bar. ISL was just below the swing low just formed. This trade got stopped out when the next bearish reversal trade triggered.

B. STS OB on HTF, on LTF trade triggered on 10:30 bar when WMA closed below SMA. Trade A automatically stopped out here and long reversed to short. ISL just above the recent high.

C. 11:40 onwards STS got OS on HTF. WMA just barely crossed over SMA on 12:25 bar on LTF. Long reversal triggered, short closed out. ISL was just below the just formed swing low.

D. The above reversal long trade got negated when the prior swing low got broken and automatically short triggered. So this long reversal trade was a whipsaw.

*** I should have taken this short trade but ignored it due to the stop being about 35 pts far, it was a mistake but I don't regret it. I don't take trades if I am not comfortable.

I entered the short only on the next CCI pullback marked TSL 1 on the chart. The SL here was a bit more tolerable at 22 pts. I trailed the SL all the way down and exited the trade just around the point where TSL 4 was there.

SwingTrader · Posted: Fri Aug 26, 2011 6:44 pm Post subject:

Today's trades marked C & D on the chart in my post below are an excellent examples of how important it is to stay disciplined and follow one's system. Today I left the trade D (I had taken the trade C that got stopped out immediately) because the SL was too far which is fine. But there have been many times I have left such trades after a whipsaw. Whipsaw is a good indication of the fact that the price is probably heading in the other direction. So it is important to stay disciplined and keep taking trades getting confidence from the fact that long-term (over many trades) we statistically have an edge and we will come out profitable as long as we are following the system rules.

I have learnt this lesson many many times before...just wanted to share with you all.

s.muthuswamy · White Belt Joined: 15 Jun 2008 Posts: 96

In Jcharts(Plus Basic) I am not able to change the parameters of WMA and SMA as suggested by you. Kindly guide me , ST Sir.

SwingTrader

SwingTrader · Posted: Mon Aug 29, 2011 10:39 am Post subject:

Just watched NF move up without any MTT signal this morning Very Happy

First regular long signal triggered on close of 10:15 bar with ISL just below the swing low of 4850.

Please note that iCharts R3 level is close by which is a major resistance and STS on HTF is OB so a reversal short trade may be triggered if we reverse from here.

SwingTrader · Posted: Mon Aug 29, 2011 12:31 pm Post subject:

Reversal short trade had triggered on close of 12:05 bar. This trade will get negated on break of the swing high 4886.75 and a long will get triggered automatically.

jjm · White Belt Joined: 17 Mar 2010 Posts: 411

Dear STji,

How are you?

Over all very good day 2 trades in profit and one in loss

I took reversal long at the close of ist 5 tf bar ..as wma closed above sma.. entry @ 4821 ..closed at tsl @ 4873= +52pts

II nd short reversal trade lost 19 pts

III rd long @ 4889 closed at 4931 = + 42 pts

Total = 75 pts

2guns

JJM

vigneshwaran · White Belt Joined: 16 Jul 2009 Posts: 7

st sir,

1.. 4857 long @ 10.20 bar tsl of 11.15 bar trig at 12.05 closed @ 4865 profit 8 points ..
2..4870 short @ 12.10 bar sl got trig at 12.45 bar @ 4888 loss 18 points
3.. long 4888 @ 12.45 bar tsl of 1.55 bar got trig at 2.15 bar exit @ 4903.50 profit 16 points ..

plz. correct the wrong trades.

tnx in advance

SwingTrader · Posted: Mon Aug 29, 2011 4:16 pm Post subject:

SwingTrader · Posted: Mon Aug 29, 2011 4:23 pm Post subject: MTT - NF - 29082011

A. Trend was already up since morning today on HTF. The 1st CCI pullback trigger (regular long trade) was at 10:15 bar when CCI closed above 0 (after it had hit -100). ISL just below the prior swing low. This trade would have got closed if the next reversal short was taken, else would have had to be closed just before market close.

B. This was tricky but could have been resolved successfully with a rule I had been talking about recently. STS on HTF was OB. A reversal short was indicated but since we were in a long trade I had been suggesting that one wait for a break below a prior swing low on LTF to take the short reversal trade. In any case if one had taken this short based on WMA/SMA crossover, one would have got stopped out few bars later when the short reversal got negated when price close above a prior swing high above the moving averages and automaticaly a long was triggered here (point marked C).

C. Long triggered as the reversal short got negated. ISL was below a recent swing low. This trade exited just before mkt close.

SwingTrader · Posted: Mon Aug 29, 2011 4:39 pm Post subject: Re: todays trade..

jjm · White Belt Joined: 17 Mar 2010 Posts: 411

vigneshwaran · White Belt Joined: 16 Jul 2009 Posts: 7

tnx st sir and jjm for ur kind help...

the following wil be the trade trigger 2morrow morning..
1.v can go long morning if recent swing hi (4848) is taken out. ( ema's of htf shows the trend is up) with isl of 4822 recent swing low,
2. v can wait for cci in ltf to go to -100 and retrace bck above 0.. and then give a long entry with the then recent swing low as isl.
3. wait for a reversal short trade ema's in lower time frame to cross over

hope the above is correct..

Padkondu · White Belt Joined: 23 Jan 2008 Posts: 120

Dear ST,

I shall thank you first of all, since i have been benifitted through your MTT strategy ever since i attended your training camp at chennai, and follow it till date. the system i follow is little different than the one presented over here with a couple of additional indicators.

I put forward the following observations for your corrections please.

1. the reversal trades work the best when the adx line is above 40 or below 20 in HTF.. this may be added as a filter to avoid some reversal trades.

2. an additional indicator of MACD 5,34,5 along with sts 8,3,3 in HTF may enhance the performance of the strategy. this i use for my swing trades in 60min/15min timeframes.

awaiting your comment please.

regards
padkondu