iCharts Discussions

[SwingTrader]

[girishhu1]

hi st sir,
in j chartsplus-premium, there is no option to export chart as png. so how to download/ save such charts?
regards,
girish

[SwingTrader]

[peace69]

[smartcancerian]

ST sir, we shall wait for the final draft from your side..

[SwingTrader]

[sherbaaz]

[SwingTrader]

[sherbaaz]

You are very right MTM is only 25% of miner work. and the easiest to understand in the entire book and most difficult one is the EW. I have not tried it on intra day charts. I will try to work out on intra charts (not very sure if get results as not doing any intra more) as I am using the same on eod charts.

Hope you will allow to put my thoughts here

Regards,
Sherbaaz

[SwingTrader]

[girishhu1]

[girishhu1]

hi st sir,
initial stop loss as per 15m tf appears to be too long. any other alternative? also how to select stock for tading on particular day?
regards,
girish

[SwingTrader]

[SwingTrader]

Multiple Timeframe Trend Strategy

As promised here is the modified strategy. I am calling it the Multiple Timeframe Trend Strategy (hereafter referred to as MTT strategy). The earlier MTM strategy used momentum in higher timeframe as a substitute for trend identification, this strategy - MTT - uses plain trend identification in higher timeframe using moving averages and then takes trades on lower timeframe. I have always traded variations of this strategy for years now. This strategy should be used by new traders to build trading skills and not get too mechanical with it. Initially it is fine to be mechanical but over time I suggest people try to analyse dynamically and be flexible as trends in more higher timeframes & supports/resistances in more higher timeframes (than the one used) come into play and getting clues on these can help one identify reversals.

The system contains setups which are pre-conditions that need to be satisfied in higher timeframe in order to even start thinking of a trade entry in lower timeframe. There are two setups - regular & reversal. Regular setups are trend following trades, reversal setups are counter-trend trades done in anticipation of short-term reversals of current trend.

For regular trades two trade triggers/signals on lower timeframe are given - one is based on CCI and the other price breakout based. Either trigger can be used based on one's preference. For reversal trade moving average crossover is used. Particular attention should be paid to negation of a reversal trade as this negation of a reversal means a trade trigger for a trade in the direction of the trend.

CHART CONFIGURATION :

Use JCharts (Plus-Premium) to display two charts side-by-side. One with higher timeframe (15 mins) and the other with lower timeframe (5 mins).

Higher Timeframe Indicators : WMA(3), SMA(8 ), STS(8,3,3). View preferably OHLC chart so WMA/SMA are clearly visible (with candles the EMA/SMA may not be too clear).

Lower Timeframe Indicators : WMA(5), SMA(13), CCI(3). View preferably OHLC chart so WMA/SMA are clearly visible (with candles the WMA/SMA may not be too clear).

SETUPS (HIGHER TIMEFRAME) :

The following buy/sell setups are pre-conditions that need to be satisfied on the higher timeframe (15 mins) before you start looking for buy/sell signals on lower timeframe (5 mins). These are not the final buy/sell signals, buy/sell signals will be taken from lower timeframe :

LONG SETUP :

REGULAR TRADES : WMA is above SMA

REVERSAL TRADES : STS is at or below 30

SHORT SETUP :

REGULAR TRADES : WMA is below SMA

REVERSAL TRADES : STS is at or above 70

SIGNALS / TRADE TRIGGERS (LOWER TIMEFRAME) :

The following signals can be taken ONLY after one of the long/short setup conditions has been satisfied first.

LONG SIGNAL (any one of the following signal is enough to initiate long):

FOR REGULAR LONG TRADES:

1. Let the CCI drop down to -100. After this once CCI closes above 0 (after the bar is complete only) go long. (this trigger can be used for re-entries also if entry is missed)

2. A CLOSE above a recent swing high that is ABOVE both WMA & SMA. The high of the swing high must be above both WMA & SMA.

FOR REVERSAL LONG TRADES :

Let the WMA close above SMA.

SHORT SIGNAL (any one of the following signal is enough to initiate short):

FOR REGULAR SHORT TRADES:

1. Let the CCI rise to +100. After this once CCI closes below 0 (after the bar is complete only) go short. (this trigger can be used for re-entries also if entry is missed)

2. A CLOSE below a recent swing low that is BELOW both WMA & SMA. The low of the swing low must be below both WMA & SMA.

FOR REVERSAL SHORT TRADES:

Let WMA close below SMA.

INITIAL STOP :

For LONGs : Just below the most recent swing low.

Fort SHORTs : Just above the most recent swing high.

TRAILING STOP :

For Longs : Move stop above just below swing lows as new higher swing lows form above one's trade entry point.

For Shorts : Move stop below just above swing highs as new lower swing highs form below one's trade entry point.

NEGATION OF A REVERSAL TRADE :

A long reversal trade gets negated if there is a close below a swing low that is below both the moving averages on lower timeframe. This is automatically a short trigger.

A short reversal trade gets negated if there is a close above a swing high that is above both the moving averages on lower timeframe. This is automatically a long trigger.

Swing high/low being above/below moving averages means that its high/low must be above/below both moving averages.

I Will post charts later to explain more & give examples. I will give examples of the best & worst days so one knows what to expect. Do note that I have tested/traded this extensively on equities/futures only. Commodities, forex may require different timeframes & settings based on their volatility. Even for different equities/futures that are volatile one may require slightly different settings. The settings I have given are fine for Nifty futures and most of the liquid stocks.

[EMAMIT]

Sir, I am attaching two charts of NIFTY FUTURES 19-Aug-2011 for 15 Minutes Time Frame and 5 Minutes Time Frame

Am I rightly identified the set up, trade, initial SL and Trailing SL

Few clarification needed from you

You mentioned WMA but at some other place mentioned EMA?
What is the use of EMA5/SMA13 combination in lower time frame?