iCharts Discussions

[Rahulsharmaat]

chart here

[ridinghood]

Thnx rahul!
u r right as per ur chart. we will have to follow the system as per our chart.
regs
ridinghood

[reverso]

nifty is bearish

[Rahulsharmaat]

the chart u have posted here has few differences-- which may change net gain

example

on 20th Dec-- my chart was short at 5922---target hit next day

where as your chart was long at 5922-- stop loss hit 30 points and tsl hit at 25 gain of short

--------------------------------------------------------------------------------------

[Rahulsharmaat]

as stated short closed at 5935-- with 25 points gain

will wait for next set up now

[Rahulsharmaat]

we will wait --till any candle close between 30SMA band-- and then if it comes out--we will buy with filter

and short is below 30 sma low

[ridinghood]

filter is now at 18 pts as revised by u yesterday? pl confirm!
regs
ridinghood

[Rahulsharmaat]

make filter 20 points-- stop loss 35 points--- and

target now 65 points

[ridinghood]

thnx rahul, for the revised values!
regs
ridinghood

[jyothil]

SMA 30 is 5941.8, so short below 5940?

Jyothi

[Rahulsharmaat]

i cant guide on this-- as my charts set up is different --just after expiry---

i booked short with 25 points gain-- and will go long when set up gives buy --

if nifty close below 5929-- then buy will get active at 5950

short is below 5921-- so after filter its 5901

[Rahulsharmaat]

as per my setup- nifty is long at closing

[channasri]

Dear Rahul,

The trade set up posted by you is very good.

My suggestion is to use Bollinger band (20,2) and 3 EMA with your set up. The following filters may be considered to avoid whipsaws.

1) When Bollinger band is horizontal, avoid new trades.
2) Use positive crossover of 3 EMA over 30 SMA Low for initiating LONGS.
3) Use negative crossover of 3 EMA over 30 SMA High for initiating
SHORTS.
4) Ensure that Bollinger band has tilted up (both upper and lower lines) for
taking LONG positions.
5) Ensure that Bollinger band has tilted down (both upper and lower lines)
for taking SHORT positions.

Booking profits depends on the risk appetite of traders. However, following are my suggestions for profit booking.

1) For LONGS: Negative crossover of 3 EMA over 30 SMA High or 20 EMA
(which comes by default with Bollinger band)
2) For SHORTS:Negative crossover of 3 EMA over 30 SMA Low or 20 EMA
(which comes by default with Bollinger band)
3) Alternatively, traders may use candle stick patterns to identify reversal
possibilities but take decision on price confirmation only

My attempt here is to join hands with you in making the 30 SMA, 15 min. T/F set up a more successful one and minimise whipsaws. Because, trading is all about executing high probability yielding calculations and sticking to the rules of a trade set up.

Please do advise me regarding this suggestion.

Best regards,
channasri

[smsmss]

hi channasri, can we know the basis of your suggestion? like you have backtested with this (not visually), and found good results, which you should post etc etc.

[channasri]

Hi smsmss,

I have been using Bollinger band for past 2 years. Hence my suggestion.

Regards,
channasri