iCharts Discussions

SwingTrader · Posted: Fri Sep 09, 2011 10:21 am Post subject:

This is why signals have to be always acted upon. We knew that there were critical EMAs just below where our signals were generated but we still have to take the trade as all such EMAs & levels can be broken.

EMA supports, levels etc - we just need to be aware of those but no action must be taken based on that unless you are protecting profits in a trade. Just be aware of these supports/resistances. One can take action only if we see a clear reversal like a reversal indicated by a clean swing high/low break near these levels. In all other cases just use these for profit taking or tightening stops.

SwingTrader · Posted: Fri Sep 09, 2011 10:27 am Post subject:

SL revised to 2 pts above 10:05 AM swing high 5145.50. This SL should have been revised as soon as we got a new low after our entry (which was the 10:15 bar).

nsk1371 · White Belt Joined: 01 Sep 2009 Posts: 226

st sir , sl revised to 10.30 hi (5128.90) + 2 points..

SwingTrader · Posted: Fri Sep 09, 2011 10:41 am Post subject: Re: revised sl

SwingTrader · Posted: Fri Sep 09, 2011 10:45 am Post subject:

Now just something to think about. 5112 is S1 level. It is a key level from where reversals may happen (BEAR-S1 is major support/resistance area). One might think of taking profits here....around 24-25 pts profit will be there. Later if the move continues down then one can enter immediately on a break of swing low near/below this level.

This is optional....just something to think about. According to system rules one just has to trail stops but at some point one has to start thinking of how to fine tune the system to extract more profits. Waiting for TSL to hit is not always a good idea. One can wait for TSL to hit when the trend is really strong.

nsk1371 · White Belt Joined: 01 Sep 2009 Posts: 226

sorry st sir.. already booked @ 5115.15 in 10.40 bar based on s1 level.. but i did not want to post as it may bias others

SwingTrader · Posted: Fri Sep 09, 2011 11:23 am Post subject: Re: sorry sir

nsk1371 · White Belt Joined: 01 Sep 2009 Posts: 226

any close above 11.40 (5121) hi. wil initiate reversal long . ( htf sts @ 31+,ltf moving average cross over done )

vinay28 · Black Belt Joined: 24 Dec 2010 Posts: 11748

long initiated?

nsk1371 · White Belt Joined: 01 Sep 2009 Posts: 226

reversal long initiated. isl 5109

vinay28 · Black Belt Joined: 24 Dec 2010 Posts: 11748

thanks nsk as always

nsk1371 · White Belt Joined: 01 Sep 2009 Posts: 226

no clear swing low after that .. but other points which can b considered for profit booking are live charts 8ema low 5128 .. loc ichart leve 5152.. choose as per ur comfort..

nsk1371 · White Belt Joined: 01 Sep 2009 Posts: 226

plz. remember live charts 8ema low levels are on closing basis only