iCharts Discussions

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

came upto 5101 and has reversed

SwingTrader · Posted: Fri Sep 09, 2011 1:30 pm Post subject:

Anyone shorted when short reversal signal was given at 13:05 bar close? It is fine if many didn't but that was the short reversal trigger. 13:05 bar closed below the prior swing low of 12:20 bar (5117.10). ISL, of course, was too far (2 pts above 5143, 12:40 bar high).

sambhaji_t · White Belt Joined: 31 Mar 2008 Posts: 135

ST SIR,

GREAT SETUP

SwingTrader · Posted: Sun Sep 11, 2011 10:49 am Post subject: MTT - NF - 09092011

A. STS was OB on HTF since end of 08.09.2011 itself. Since there was no gap up/down it was okay to consider STS OB indication for reversal short trade. The 1st bar on LTF triggered the reversal short as WMA closed below SMA. ISL was 2 pts above the bar (day's 1st bar).

Stop was trailed down 2 pts above lower swing highs.

B. Around after 11:00 or so STS on HTF got OS. Since we were in a long trade we had to wait for break of swing high above moving averages on LTF to enter long. 12:10 bar closed above the prior swing high, closing out the short trade and triggering reversal long. ISL was 2 pts below 11:50 bar swing low.

Stop was moved up just once when a higher swing low was formed.

D. Around 12:30 STS on HTF got OB, since we were long we had to wait for break of swing low below moving averages to enter reversal short trade. This happened when 13:05 bar closed below the 12:20 swing low. Even though the 12:20 bar swing low was not below moving averages, according to the rules, the 13:05 bar close is below both moving averages which satisfies the criteria. ISL for this trade was far, 2 pts above 5143 swing high (12:40 bar high).

Stop was moved down to 2 pts above 14:05 bar swing high.

E. Around 14:00 hrs STS on HTF got OS, we were long so we had to wait for a break of swing high above moving averages to take a reversal long trade. The 14:25 bar came very close to breaking the 14:05 bar swing high but it could not close above the swing high. So no reversal long was triggered but the trade D got stopped out at this point.

Since the trade D got stopped out but reversal long did not trigger, it was okay to re-enter the short again on we getting a CCI regular short trigger, this trade got triggered on 14:30 bar close when CCI closed below 0 triggering a regular short. ISL for this trade was just above the prior swing high.

SwingTrader · Posted: Mon Sep 12, 2011 10:08 am Post subject:

Regular short setting up on LTF, CCI is above +100, if it closes below 0 we get a regular short trigger. On the other hand, STS is OS on HTF (since market open due to the gap down) so a reversal long also is on the cards.

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

st sir,

9.35 bar cci +57 , 9.40 closed -133 .. is that not a regular short?

SwingTrader · Posted: Mon Sep 12, 2011 10:14 am Post subject: Re: 9.40 regular short?

SwingTrader · Posted: Mon Sep 12, 2011 10:32 am Post subject:

Now 10:20 bar triggered regular short. SL is 2 pts above 4973.70 (10:20 bar high). ISL was originally above 9:40 bar, then revised to above 10:20 bar.

SwingTrader · Posted: Mon Sep 12, 2011 10:34 am Post subject:

The tricky point is - 10:20 bar close also triggered a reversal long (we were not short at that point and WMA on LTF closed above SMA so reversal long triggered). But since the trend is down (on HTF) regular short taken. One might as well have taken a reversal long. Two opposite signals getting triggering at the same time probably indicates no clear direction....

SwingTrader · Posted: Mon Sep 12, 2011 11:01 am Post subject:

SL revised to 2 pts above 10:50 bar high 4964.45. A close above this high will also trigger a reversal long (at the same time stopping out the short trade).

SwingTrader · Posted: Mon Sep 12, 2011 11:04 am Post subject:

If stopped out of short, a close below the 10:50 bar will trigger short again (criteria #2 for regular shorts in the trading rules).

SwingTrader · Posted: Mon Sep 12, 2011 11:31 am Post subject:

SL for the short trade revised to 4944.20 (2 pts above 11:25 bar swing high).

Anyone here? or am I just talking to myself? Very Happy

sangi · White Belt Joined: 19 Jan 2008 Posts: 69

I am here ST Sir,, others busy in trading it seems... Smile

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

Srikanthji,

As usual I am alive and Very Happy

Regards,

JJM

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

Just came home. sorry