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MTT System Discussion - Sep 2011 |
sambhaji_t
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Post: #241  Posted: Sun Sep 04, 2011 2:47 pm Post subject: Re: LT 02092011 |
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| SwingTrader wrote: | | sambhaji_t wrote: | Sir,
Please hav a look at the chart and tell me whether SL for trade at 13.20 should be AA or BB. Also please confirm the setup is OK or not.
Thanks & Regards |
The setup is surely as per the system rules but I have been stressing recently that for reversal trades, if one is already in a trade, take trades only on break of swing high / low. For this particular trade one would already be short so one would have to wait for a break of swing high that is above the moving averages OR at least the bar that breaks the swing high must close above both moving averages (if swing high is not above moving averages). The reason for this is, since we are going to take a trade that is against the trend then it is best to wait until the price proves the strength by closing above a swing high.
In any case, if this reversal trade was taken then the ISL should have been just below BB. The trade would have got stopped out. I have seen such trades often so I have been stressing that one wait for a break of swing high. I will update system rules shortly to reflect this.
I will try and post separate rules for swing/position traders as you had requested. |
Sir what about the condition of WMA close above SMA on LTF ? Does it needs to be satisfied ?
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sambhaji_t
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| Post: #242 Posted: Sun Sep 04, 2011 9:59 pm Post subject: Re: TCS 02092011 5 MIN |
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CHECK THIS OUT
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SwingTrader
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| Post: #243 Posted: Mon Sep 05, 2011 8:50 am Post subject: Re: LT 02092011 |
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| sambhaji_t wrote: | | SwingTrader wrote: | | sambhaji_t wrote: | Sir,
Please hav a look at the chart and tell me whether SL for trade at 13.20 should be AA or BB. Also please confirm the setup is OK or not.
Thanks & Regards |
The setup is surely as per the system rules but I have been stressing recently that for reversal trades, if one is already in a trade, take trades only on break of swing high / low. For this particular trade one would already be short so one would have to wait for a break of swing high that is above the moving averages OR at least the bar that breaks the swing high must close above both moving averages (if swing high is not above moving averages). The reason for this is, since we are going to take a trade that is against the trend then it is best to wait until the price proves the strength by closing above a swing high.
In any case, if this reversal trade was taken then the ISL should have been just below BB. The trade would have got stopped out. I have seen such trades often so I have been stressing that one wait for a break of swing high. I will update system rules shortly to reflect this.
I will try and post separate rules for swing/position traders as you had requested. |
Sir what about the condition of WMA close above SMA on LTF ? Does it needs to be satisfied ? |
If one gets a CLOSE above/below a swing high/low then a WMA/SMA crossover is not necessary. But it has to be a close, just a high/low extreme is not sufficient.
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Srikanth Kurdukar
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nsk1371
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| Post: #244 Posted: Mon Sep 05, 2011 9:43 am Post subject: regular short set up formed |
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sir,
regular short setup formed in htf. on cross over of moving avergaes.. now in ltf cci has closed above 100.. waiting for regular short on cci blw 0 or break of 9.35 swing low
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SwingTrader
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| Post: #245 Posted: Mon Sep 05, 2011 9:48 am Post subject: Re: regular short set up formed |
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| nsk1371 wrote: | sir,
regular short setup formed in htf. on cross over of moving avergaes.. now in ltf cci has closed above 100.. waiting for regular short on cci blw 0 or break of 9.35 swing low |
For regular short the trigger is CCI close below 0 (no need to wait for break of swing low).
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Srikanth Kurdukar
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nsk1371
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| Post: #246 Posted: Mon Sep 05, 2011 9:50 am Post subject: Re: regular short set up formed |
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| SwingTrader wrote: | | nsk1371 wrote: | sir,
regular short setup formed in htf. on cross over of moving avergaes.. now in ltf cci has closed above 100.. waiting for regular short on cci blw 0 or break of 9.35 swing low |
For regular short the trigger is CCI close below 0 (no need to wait for break of swing low). |
sir, but the entry can b taken even if swing low is broken and cci is above 0?.. as v discussed earlier this cud give a fast entry ..
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SwingTrader
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| Post: #247 Posted: Mon Sep 05, 2011 9:59 am Post subject: Re: regular short set up formed |
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| nsk1371 wrote: | | SwingTrader wrote: | | nsk1371 wrote: | sir,
regular short setup formed in htf. on cross over of moving avergaes.. now in ltf cci has closed above 100.. waiting for regular short on cci blw 0 or break of 9.35 swing low |
For regular short the trigger is CCI close below 0 (no need to wait for break of swing low). |
sir, but the entry can b taken even if swing low is broken and cci is above 0?.. as v discussed earlier this cud give a fast entry .. |
Yes, of course, for regular short trades CCI will close below 0 first and only after that you will get a swing low break. The early entry I was talking about relates to reversal trades only where the moving average crossover may happen quite late (so early entry is recommended there).
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Srikanth Kurdukar
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SwingTrader
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| Post: #248 Posted: Mon Sep 05, 2011 10:32 am Post subject: |
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Just to remind you...those who are short can trail their stops just above EMA (High,8 ) in "Live Charts (Futures)" (in 5 mins timeframe). A chart is attached as example.
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Srikanth Kurdukar
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SwingTrader
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| Post: #249 Posted: Mon Sep 05, 2011 10:54 am Post subject: |
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STS on HTF is OS. We may get an early entry long reversal if we get a close above the swing high 4978.40 (on LTF).
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gambletrader
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| Post: #250 Posted: Mon Sep 05, 2011 11:10 am Post subject: |
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| SwingTrader wrote: | | STS on HTF is OS. We may get an early entry long reversal if we get a close above the swing high 4978.40 (on LTF). |
Thanks ST, but for reversal trades only wma close above/ below sma isn't the only trigger. Or can we also use Swing high / low overcoming also. Pls clarify at your ease.Thanks in advance.
Kishore
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SwingTrader
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| Post: #251 Posted: Mon Sep 05, 2011 11:10 am Post subject: |
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| SwingTrader wrote: | | STS on HTF is OS. We may get an early entry long reversal if we get a close above the swing high 4978.40 (on LTF). |
We did not get a close above 4978.40, the 10:55 & 11:00 bar came close to breaking this level but there was no close above it.....so no long reversal yet. The downtrend seems to be continuing now.
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Srikanth Kurdukar
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SwingTrader
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| Post: #252 Posted: Mon Sep 05, 2011 11:14 am Post subject: |
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| vkisho wrote: | | SwingTrader wrote: | | STS on HTF is OS. We may get an early entry long reversal if we get a close above the swing high 4978.40 (on LTF). |
Thanks ST, but for reversal trades only wma close above/ below sma isn't the only trigger. Or can we also use Swing high / low overcoming also. Pls clarify at your ease.Thanks in advance.
Kishore |
A break (close basis) of swing high/low that is above/below both moving averages is fine (I am going to be modifying the rules). I have been talking about this entry for reversals since few days now.
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Srikanth Kurdukar
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SwingTrader
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| Post: #253 Posted: Mon Sep 05, 2011 11:15 am Post subject: |
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The swing high to break for long reversal now is 4978.95 (10:55 bar high)....a close above this is a long reversal trigger.
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Srikanth Kurdukar
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SwingTrader
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| Post: #254 Posted: Mon Sep 05, 2011 11:32 am Post subject: |
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I have created a new topic titled Latest trading rules for MTT System. I have posted modified trading rules in this topic and will update the rules there only. No posts are allowed in that topic, we will continue the discussion of this system here itself (a new topic will be created on 1st of each month for this discussion).
I have also changed the title of this topic to "MTT System discussion - Sep 2011", we will have one topic per month so we don't have to move around too many pages.
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Srikanth Kurdukar
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SwingTrader
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| Post: #255 Posted: Mon Sep 05, 2011 11:36 am Post subject: |
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The 10:55 bar swing high was broken, so reversal long triggered with ISL 2 pts below 4965.55 (11:10 bar low).
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