iCharts Discussions

[musicjunkie]

Hi Norbe,
Yes Filters as you are comfortable with, are arrived after some backtesting. The filter you mentioned is okay. For adds 7pts is just about enough.
Do increase the filters on gap days like today we reversed to shorts on the break of 5min low, so larger filter than usual

MJ

[NORBE_1958]

[musicjunkie1]

Yes Norbe you can. Using nifty as an example, banknifty is a great stock to trade with this method.
I would suggest people to mark trades and post them here so we can all discuss them.

MJ

[sjjhala]

Dear MJ,

What is the filter to be used in NF and BankNF? I normally take the first 5 minute candle ATR / 2. Any other better / more effective filter?

Thanks & Regards,
Siddhartha

[eagleseyes]

the filter used are varied for many sid... i use 18 for nifty


PS -: ..thanks prateek for starting the thread

[Stockhunter]

so today we had to exit shorts at 3033+ filter... shorts initiated at 3055-filter ..... keeping 10 points filter it became a breakeven trade.

Longs now at 3033+filter (3043) with SL 2993-filter (2983).

Comments by experts please if above reading is correct?

Cheers
SH

[musicjunkie]

Absolutely correct SH,
However there is one rule called the EOD reversal. Suppose we take a long as a PH breaks, near market closing price trades BELOW Pivot high, we revert to orinignal positions, which is shorts in this case.
Happy that these situations are coming up, So we reversed to longs yesterday but as price traded below PH we are back to shorts.

Gap up today I think, Lets see what happens to our shorts now.

Most welcome Eagle-eyes, Great to see you here

SJ, hope you got my pm....

Regards,
MJ

[Stockhunter]

[musicjunkie]

Yes SH, Long now....another reversal yet again.
Stops for me are at 1300 bar, Im a little aggressive, some have stops at 11am lows...
But today in particular was interesting, people with different filters, some are still short.

But personally, im long, lets see...
This method is Reverse,Reverse,Reverse add add add add.....reverse....

many trades to get that one huge trend in our way...


MJ

[Stockhunter]

Yeah MJ, I see what you are saying. Markets have to trend in one way so that one add add add trade will be enough to pay for our efforts and these minor drawdowns. Patience seems to be the key here...

waiting with you for the addy trades to come our way soon....

keep rocking MJ

Cheers
SH

[musicjunkie]

absolutely SH. I'm happy these situations came about so we have an idea about reversal situations and how often they can come.

Alternatively, Have a look at aban and bank nifty the last 3 months....should give you a fair example of how well a good trend can pay up.

Regards,
MJ

[kapilanand]

Just came across this thread. I am myself trading this method for quite some time now. This method as stand alone is excellent. Just to add to make things even better, just combine an Intraday strategy from the Saints methods. There are two methods : one is based on 30 min charts thats called Miniflow and another based on 10 min charts thats called Ambush trading. Anyone who is trading the two together would have been profited in these reversals too.

Kapil

[musicjunkie]

Nothing much today. Added above the 5min bar.
So we are at Initial position +1Add

MJ

[Stockhunter]

Hi Kapil,

Welcome to this thread and thanks for sharing your views. If I can take this liberty, may I request you to help the traders here like MJ is currently doing through this thread by probably starting a new thread on 30 mins miniflow and 10 mins ambush system?

Apologies in advance if if you do not have time however it will be a great service to icharts trader community if someone can start these threads separately as different traders having different trading horizons. I think the intraday tarders here would love to see these new threads.

MJ - any thoughts from you on these two intraday systems?

Cheers
SH

[sjjhala]

Dear MJ,

Wanted to get details on Ambush System.

Can you give a link / explain? Thanks.

Siddhartha