iCharts Discussions

musicjunkie · White Belt Joined: 23 Mar 2007 Posts: 70

No position for me until we make a PL. ITs also a good idea to wait for reversal now

MJ-

amitrajangulati · White Belt Joined: 27 Jan 2009 Posts: 56

Hi! mj,

Attached is the format for the 60 min Intraday rules.

Would be grateful if you could you please add your comments and upload the same.

Thanks for all your help.

Regards,
Amit

musicjunkie · White Belt Joined: 23 Mar 2007 Posts: 70

Hi amrit, thanks for uplaoding the file.

Iv sent you a PM on where you can study the miniflow, it has too many variations to be compartmentalized in a plan, go through it , im sure you will get it.

Discussion can be done here as always

Cheers
MJ-

amitrajangulati · White Belt Joined: 27 Jan 2009 Posts: 56

Hi! mj,

Thanks a lot for your reply.

I prefer the 60 min flow to the 60 min mini flow as of now.

More later ...

Once again, thanks a ton for everything.

Cheers,
Amit

amitrajangulati · White Belt Joined: 27 Jan 2009 Posts: 56

Hi! stoxx,

As per PT sir's acknowledgement in the SB, following is the link for the rules. This was sent to me by mj.

http://tradersaint.com/swingflowtrade

Cheers,
Amit

musicjunkie · White Belt Joined: 23 Mar 2007 Posts: 70

Stops for short entry at todays 5min bar low.
Personally, will take longs above yesterdays pivot high as well....

MJ-

amitrajangulati · White Belt Joined: 27 Jan 2009 Posts: 56

Hi! mj,

Did not understand "Stop for entry ..."

Could you please elaborate.

Thanks,
Amit

musicjunkie · White Belt Joined: 23 Mar 2007 Posts: 70

Hi Amit,
Let start with the 20th, the flow is long and we are waiting for a pivot to form. We get that at the 5min bar of the day which is 4286-F. Now we wait for new highs to move the stops, we don't get them, however we get a long sideways move.
After say 4 bars of sideways we are no longer waiting for new highs, move stops.
No trigger on that day, instead we get new lows but not past our filter, STILL LONG. Market shuts....

Next day, which is today, we have the 5min making new lows, past our previous pivot levels. So we move stops to today's 5min low....

Hit, we are short, EOD reversal above 4245. Many people waiting out, I will carry this short, and reverse EOD if we get a EOD reversal

Regards,
MJ-

amitrajangulati · White Belt Joined: 27 Jan 2009 Posts: 56

Hi! mj,

Thanks for your post.

1) Attached is a Nifty Spot chart. Should one not short at the low of the 2nd bar - filter (marked with blue arrow in the chart) because we have a huge upmove before that. I know we have don't have 5 vertical green bars, but the move is huge.

If the above is correct, then one would still be holding shorts right now.

2) Why is the flow long on the 20th? We did not have a visual gap down to go long above the 5 min bar + filter

Looking forward to your clarifications ...

Thanks,
Amit

P.S. I'm Amit, not Amrit Smile

RKM · White Belt Joined: 06 Apr 2009 Posts: 137

Hi MJ,

I think many of us missed the 'long' bus and entered through a short below the 1300 bar of yesterday, the 20th May with an add below today's 1200 nn bar. SAR above the high of today's 1400 bar.

Any advice?

Makhijani

musicjunkie · White Belt Joined: 23 Mar 2007 Posts: 70

The flow was long on the 20th because we were carrying previous days longs with stops at 11am bar low of the 19th. Now frankly speaking if i were carrying longs with stops 3oopts away, thats something I just cannot take.
I would have booked and exited at opening on the 19th.

We reversed to shorts yesterday with no adds yet , stops at yesterdays high of day (HOD). We are short now, we look to see the move made NOW, meaning we dont add on previous pivot breaks, we are trading in the NOW, if a pivot is formed and breaks to the downside today we add, we are not bothered by break of pivots which were formed 3 days ago.

About the 2 bar question, im finding it difficult to explain but we get wrbs vertical moves up and we trail stops 2 bars BACK every new high is made, the moment a new high fails to come about our stops stay where they are and we wait for a PL to form, if that doesnt happen we need a few more bars going up to start trailing with 2 bar. This situation stops at lows of the 18th, very far away, thats why would have booked.

Hope i didnt confuse you Sad

Regards,
MJ-

musicjunkie · White Belt Joined: 23 Mar 2007 Posts: 70

The best way of learning is by seeing it in action, theory is more of a waste of time, the past month we have seen almost all situations come. You all must have a fair idea of what the system's limitations and strengths.
Take what you think is useful and reject the unnecessary, backtest and make your own version of the flow..... Smile

Good luck
MJ-

amitrajangulati · White Belt Joined: 27 Jan 2009 Posts: 56

Hi! mj,

Firstly, thanks a lot for taking the time and effort to clarify things. Really do appreciate this.

As you rightly said, one would need to fine tune the system according to his / her temperament.

2 queries please ...

Attached are 2 charts:

Chart 1 - Snapshot of one of the rules

1) I know this is kind of late to ask you this, but better to get the cobwebs cleared ... What does Saint mean by the statement (highlighted in snapshot)

What i need clarification on is: If Saint is talking about Shorts, then why is he talking about reversals below the previous pivot low. Should the reversal not be above the previous pivot high?

Also, what filter of Rs.15 is he referring to?

2) Do you keep a filter above / below the previous pivot high / low, or do you just reverse when the pivot gets taken out

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

Chart 2 - 60 min chart

1) Can you please let me know if I have marked the pivots correctly (marked with blue lines)

2) Would we be long today above the pivot (marked with blue arrow)

Once again, thanks a million for everything and sorry for the bother.

Regards,
Amit

amitrajangulati · White Belt Joined: 27 Jan 2009 Posts: 56

Hi! mj,

The reason why I was asking if you keep a filter in the earlier post is ... Because if one keeps a filter of 15, then whipsaws could be avoided (marked with 2 blue arrows in the attached chart) ... Or am I being too safe Smile

Regards,
Amit

musicjunkie · White Belt Joined: 23 Mar 2007 Posts: 70

Hi Amrit,
Very nice to see such good posts of yours. Always a pleasure discussing out our views on things.
The highlighted text All saint is saying that we use a filter of 15 above pivot highs and pivot lows. So we are short, long above pivot high + filter, which is 15 in this case, keeps changing, And short below PL.

You have understood it correctly.

Yes they are correctly marked and we are indeed long today.

Without fitlers we will have too many bad trades, filter is a must! Simply add your filter to the Pivot highs/lows to enter the trade, them put your stop loss, and relax, wait, add,add,add, reverse.....

Regards,
MJ-