iCharts Discussions

ajit123 · Posted: Sun Jul 05, 2009 8:02 pm Post subject: hello

hi,
this method resembles the counterattack strategy in a hockey match.
the momentum is in one side but suddenly it reverses and trapped positions start to squareup. so immediately act when you see it.you will see your target being achieved in minutes .

ConMan · White Belt Joined: 06 Aug 2008 Posts: 344

Hi Ajit

I had 2 queries....

Query 1
The long setup condition 2) is downclose....do you mean open price higher than close price (a red candle) & the vice versa for Short set up I mean a green candle with HH and HL from previous bar plus Close higher than open.

Query 2

How long should one wait for execution...I mean how many bars. Can you also confirm if the short or the long price is not achieved in the same day can we wait for the price next day

Regards
Anand

vinst · Black Belt Joined: 09 Jan 2007 Posts: 3303

Hi,

Did NF generate a reverse momentum signal (sell) fron EOD charts at end of 7th July? So sell if 4122 breaks down?

vin

ajit123 · Posted: Wed Jul 08, 2009 3:49 pm Post subject: hello

hello vinst,
yes, and you sawthe result.we have closed at 4065.
and on smaller time frames too we got the triggers. today in the last hours, we got a trigger below 4090 to sell and we reached all the way to 4063 .

vinst · Black Belt Joined: 09 Jan 2007 Posts: 3303

Ajit,

I am happy that i could observe correctly. I need someone to confirm and in this setup, you have done. I have been observing since quite sometime that an inside bar being reacted in its opposite direction is a good move, but could not concretize it. Thanks to you for sharing this setup here in no uncertain terms !

vin

seesaw · White Belt Joined: 03 Apr 2009 Posts: 3

Hi Ajit,
This is really a good finding.

One small clarification would put this method in right track.
Your write-up says the preceding candle should have lower high and
close low (red candle) for a long trade.
But the chart posted by Daitya and endorsed by you shows a green candle as the one preceding to the breakout candle, if I have understood correctly.
kindly clarify.

Thanks for sharing your innovative idea....

ConMan · White Belt Joined: 06 Aug 2008 Posts: 344

Hi Ajit

I had 2 queries....

Query 1
The long setup condition 2) is downclose....do you mean open price higher than close price (a red candle) & the vice versa for Short set up I mean a green candle with HH and HL from previous bar plus Close higher than open.

Query 2

How long should one wait for execution...I mean how many bars. Can you also confirm if the short or the long price is not achieved in the same day can we wait for the price next day

Regards
Anand

ajit123 · Posted: Thu Jul 09, 2009 9:30 am Post subject: hello

hi seesaw,
you are true.the writeup mentions the perfect and ideal setup.had it been red then even better. we have to trade the counter momentum.thats the hidden part.
thanks

ajit123 · Posted: Thu Jul 09, 2009 9:34 am Post subject: hello

hi bullishanand
1) you are true in your observations.

2)wait max two bars .no , this is a pure intraday method trades are to be exited on same day.
thanks

ConMan · White Belt Joined: 06 Aug 2008 Posts: 344

Hey Ajit

Thanks...I tried backtesting it and found that this works excellent for short setup with a filter of 2-3 points...it doesnt generate many buy calls though...cos the requirement for the long setup is inside candle which doesnt occur often....whats your view....

Thank You for this new strategy....I am game for it

Regards
Anand Rathi

ajit123 · Posted: Thu Jul 09, 2009 3:47 pm Post subject: hello

hi,
this is just another weapon in your arsenal , use when they occur.
thanks

ConMan · White Belt Joined: 06 Aug 2008 Posts: 344

Ajit

Truly a wonderful one...works on all TFs as well...

Thank You

seesaw · White Belt Joined: 03 Apr 2009 Posts: 3

Hi Ajit,

Today was a day of Reverse Momentums.
It is your day.

Really a Flawless strategy.
Works on Trending days and on Whipsaw days as well.

vinst · Black Belt Joined: 09 Jan 2007 Posts: 3303

seesaw,

can u post a chart for today where u spotted the usage of this technique?

regards,
vin

ajit123 · Posted: Fri Jul 10, 2009 5:17 pm Post subject: HELLO

HI VINST
look at the 10 min chart of nifty ,there were two clear trades based on this . one buy in the middle of the day and another a sell in the fag end of the day.the buy fetched 45 points and sell fetched around 100 points.if you exit at the set target of 25 points then also we get 50 point inthe day.
thanks