iCharts Discussions

[RKM]

Hi MJ,

I think you missed my last post of 31st May, a little lower down this page. My query is in response to your post of the 30th May. What I wanted to know was that after you add above the 5 min high, if the market moves against you do you apply a filter for taking out the add if the 5 min low is violated or do you put your stop at the low itself?

Another point is that even a filter of 20 for Nifty does not seem to be very helpful in these volatile conditions. What filters are you using at present for adds and regular entries/reversals (which are more often than not on gap days)?

Best wishes and have a great time,
Makhijani

[musicjunkie]

Hi Makhijani.
Lets take it as an example.This is ofcourse a hypothetical example. We are long at 4400 with 2 lots. Market moves up and closes at 4510. Next day we have a gap up, the 5min high is 4598 and low of 4580.
Our stops are at 2 bar which is at 4500-15.

We add 2 lots at 4598+7 . Triggered. We are now long with 4 lots. Since stops are far away, my stops for my add, is at 4580-7 and back 2 lots at 2 bar low which is at 4500-15.

Suppose we add, and it hits our stop of 4580-7 and we move up again, add at HOD again.

Hope that answers the query.
Regards,
MJ-

[RKM]

Hi MJ,

Thanks for your response. It does clear my doubt about adding a filter for a stop for an add on a gap day, but I had also mentioned that these days the 15/20 point filters are not very helpful because of the market volatility and we keep getting whipsawed nearly everyday. The market opens with some gap nearly everyday, although it may not always be beyond our existing pivots. I wanted to know what filters you are applying at present.

Best wishes,
Makhijani

[musicjunkie]

20 for reversal and 7 for add

MJ-

[GRORICH]

Dear MJ,
Recently I came across your thread on Saint 60 Minute Flow. You are doing a good job in this forum. Your way of explaining things to novices about the rudiments of the method with charts and clearing doubts of many members is appreciable. I hope many members of this forum would be benefitted and shower good wishers on you. God bless you for this noble gesture.
Grorich

[ConMan]

Dear Music Junkie....

Where are you?

Regards
QGM

[kingrahman]

kindly give me the main thread of saints system thanku

[GKN]

You will find saint sir at www.tradersaintforum.com