iCharts Discussions

[sandew]

Please also post the TL and Sl which got hit in the first 3 hours of trade. The study of failed trades tend to have higher educational import for future trades.
Regards
Sandew

[jimmie]

There were no failed trades as pointed out by you.. I am so Sorry u may not get to learn anything .. as there were no failed trades...
As such i have written my method and if u really had the zeal to learn, you could urself calculate what happened in the first 3 hours..
well just to answer ur ignorance, let me write down the trades...

first trade gave 14 points, second one gave 12 points, third and fourth were SL hit at cost price.. effectively it fetched 26 points.. and if u consider the brokerage, then probably one has not earned anything.. so didnt find it significant to mention the profits.. leave aside failure

By the way, i realised one thing yesterday with the whipsaws .. that is i should think of drawing TLs only when it has made 8-10 candles or more.. In trying TLs with 2-3 candles, chances of such whipsaws increase..

[neemtree]

Jimmie,

Initially I understood that if the market is trading above open price, the main trend is up and I will have to trade only for up moves and wait for oppurtunities (may be for retracemnts) so that i can take a buy position near to open.

But after giving couple of reads to the thread which i understood is:

1. The trend could be only up or only down or either ways, you will take a position once the markeet is open (probably at 9.57 AM) and first trade is the reversible (SL) and you would book it when it reaches the ST level with LOC breach.

2. For next trade do we need to wait for the oppurtunity ?
or
can we immediately start a new trade once you book 1st trade.
Say ...if the first is long, and if the trend stops, can we immediately book the profit and do a short ?

or

shoudl we wait for a clear opportunity ?

I am trying to get a little more clarity on this point. Can you pl. elaborate ?

If you refer the 9th july chart, you took a long position (3rd trade) from the bear level (4050.13). The reason you took a long is, the TL and ST level breached for short and immediatley you took long.

That means you did a short and immediatley you took a long once the short is booked.

If that is the case why we cannot do the below trades:

1. first trade we booked a long at LOC, why not you do a short immediatley here.
2. we did a 3rd trade from bear to loc.
(4050 to 4100).

why not we do an immediately short at LOC and book at open.

Thanks,
Srinivas

[jimmie]

Srinivas,

Yes, i have said, if market is above open price my main trades will be long.. i may take quick contra trades also, i am not denying for that..

As for 9th July... Yes its a contra trade, a quick trade.. THe only thing favourable was it jumped above Open price in 5 candles and it Became the Maine trade..

As u r watching them EOD , its easy for u to suggest why this and what not that.. but supposedly u took a buy at 4050, it rises to 4065 and then falls back to 4050 or lower.. and then it does 8-10 candles between 4050-4065.. u would get frustrated with ur longs.. and eventually it can break below 4050 and nose dive too..

only thing i suggested was my main trades would be long if its above open price and i would take contra trades with strict SL also... 9th july was a Doji day day.. it moved above n below open price and u can suggest once the DOJI is done .. its tough to decide whether it will be a Doji or trending day, in real trading..

Over n above that, as i repeatedly say, i have just given a system, its not for one to follow it blindly.. one can make changes according to his comfort.. one can even change the SL.. Even when i initally tried STs levels... i tried many things with it.. Finally i concluded on TL... there can be some days, when TL nad ST level intersection can fail.. the objective of this thread is not to have follower who would tell me this method rocks.. but its for u to trade n decide the rules.. nothing is fixed.. i have just given an idea.. all u can tell me is, 'What an IDEA... (without 'sirji')

About reversing every trade, firstly try using the method... the reason why i am saying this is go n have a look at all the intersections and reversal points i have mentioned so far.. the intersection is always broken with a big big fast candle.. and at times its difficult to get out also, have to place market order SL..

[neemtree]

Jimmie,

Can you analyze today's trade for me.

Initially market opened at 3942. and as it is going up, i took a buy at 3945 as SL 3930 and it hit the SL after 6 candles.

THe market is howering around the open price. so could not find whether togo long or short.

At 11.40 it went into negative zone and stopped around ST level S1 and from there it travelled to bear level 3955 (an up move)

And from here, it is moving around the same level.

Just confused where to and how to trade. can you pl explain if i am missing something.


My 2 cents to the open price strategy:

One of the interesting things is, the volumes (buyers/sellers) in today's market:

I observed that the sellers/buyers volume suddenly changng at perfect resistence levels where the market is taking the turn back.

Usually if the volumes are around 1:1 (buy:sell), the market does not have any direction. But at certain levels, the volumes are changing with around 1:1.5 or 1:2 ..... so, the sellers are more and the nifty is coming down.

It happened many times today.

I dont know whether this can be clubbed with your open price for effective trade (probably to book profits).

Thanks,
Srinivas

[jimmie]

Price n Action:

Kommacnu:
I dotn understand the reaon for taking a long 20 points below Open price..
Anyways took the first Short at Bear Level with Open price plus 5 as SL.. One could have booked and reversed at either S-1 or Pivots or S-1/ST...The TSL for the Long of 3917-3928 was again hit between Open price and Bear level.. And last trade again if one had shorted at Bear Level, it hit the SL at nearto Cost Price..
As for ur volume part, you can check and include it , if u find suitable..
At present, in my personal trading i dont feel the need to add anything in my strategic panning to grow on a slow, safe n steady basis..

[neemtree]

Jimmie,

I got the mistake which I did.

Thanks,
Srinivas

[ConMan]

Hi Jimmie....

There are few disconnects with my chart....

1. Open price was 3942...
2. S1- Pivot is 3915...

Can you please confirm the same...

Anand Rathi.....

[jimmie]

Nothing to write much today, as it was copying the charts of 3rd July..
This partivular chart gets repeated N number of times.. almost byheart now

Bullishanand: Yesterdays open was 3963.. dont have the pivots, as they are deleted from my file..

Srinivas: always try getting into the markets at some support or resistance and if u can find a reason for it , its a bonus.. Like u said yesterday, u saw the markets going up and got into is not what a good trader will be doing.. Its like trying to board a running train .. chances of an accident are high.. Always wait for the stations...

[neemtree]

Jimmie,

Thanks for introducting this method.

I did 2 meaningful trade days (monday & tuesday). Made few points. Not your 30 point. It requires sometime for me to go inline with this method. Right now I am playing all probabilities with single lot.
(as I said in my previous post, I am watching the buyer/seller volumes along with your method)

What you are adding is really bonus for me (pivots+ST levels).

Thanks for that.

Srinivas

[jimmie]

[PREMSINHA]

I have just gone through the entire thread today only. I wish to try this method.
But I could not understand some abbreviations, pl explain:
1)TL - Trend line
2)ST -?

Pl help

Thanks
PREM

[neemtree]

ST-Swing Trader. He publishes his levels every day.

Jimiie is talking about those levels.

[jimmie]

Did only 2 trades today ...
Short below Open Price @ 4276, SL 4296... booked @ 4223
Again short at 4260, SL 4275... booked @ 4223..

[neemtree]

Jimmie,

I did 3 trades. 2nd one is in loss. The reason is, in the first 30 mins, there was a pull back. Actually you told that you would take small and quick pullback trade (10-15pts), but i forgot this thing and stood long in the trade and the SL triggered. No issues... it is my ignorance.

But otherwise the day is a perfect day (like everyday if you follow the rule).

Thanks for initiating this thread.

Thanks,
Srinivas