iCharts Discussions

[kapilanand]

[Stockhunter]

No problems Kapil, I think 60 mins method is enough to learn and make money ... thanks anyways and good luck !

Cheers
SH

[Stockhunter]

[musicjunkie1]

Keeping it at days low, as of now. Waiting for a biggish bar to trigger 2 bar. If we have a gap situation then will use the gap rules as usual.

The intraday strategies are good as well. As Kapil mentioned you can read the rules on the TS website and we can continue to discuss the methodology in practice here.

MJ

[musicjunkie]

Reversed to shorts at the 5min - Filter.
Now short....and holding..

Roughly 300pts gain in that upmove, do remember that the actual position was bigger since the risk on this long trade was small....so money-wise bigger gain then those 2-3 losses posted before..

MJ

[ConMan]

Dear MJ

Short at what level. What would be the SL. I am not able to open icharts at office today.

[musicjunkie]

Stops at days high as usual + filter

MJ

[saikat]

Hi MJ,

Good that atleast now I can crosscheck my understanding of this strategy from your thread My PC had long become anti-TJ site never opens.

Have you shifted your SL to 2 pm candle high + filter, now?
Though 3 pm candle is higher - but it might be (2 pm one) considered as new PH...

Though personally I would like the SL to be kept still at day's high - but where is it as per system now?

Regards,

Saikat

[Stockhunter]

..or have you reversed your position due to EOD reversal?

[amitrajangulati]

Hi! mj,

Just went through the shoutbox archives of yesterday (06-Apr-09) where sh checked with you whether you reversed your position from longs to shorts at 3285 - filter.

The low of the 1st bar in the 5minute chart is 3246.95. Could you please clarify why 3285?

Thanks and regards,
Amit

P.S. -> SH, if you could also please help, I would be grateful

[saikat]

hi Amit/SH,

Let me try to answer this...
NF 1st min candle low was 3285.55. Where do you see 3246?

SH --> the short was based on day's first candle low. EOD reversal (even if u call it reversal) was still below that shorting point and even the LTP was below last PH ie 2 pm high 3277. So as per me 'eod reversal' rule not to be applied.

MJ --> Pl confirm

Regards,

Saikat

[musicjunkie]

Okay, lets go over the trade yesterday.

We were long the previous day with 1 Add, we get a gap up. First wee look whether the gap is away from the past 2-3 days range. Criteria met yesterday.
Second we want a bearsih 5 min bar, Criteria met.

We move our stops to the low of the 5min bar, i.e 3285-Filter. For gap days our filter is slightly bigger, just to make sure its a strong move down after a huge Gap up.
Price reaches our order and we exit longs and reverse to shorts at the same time.

Now our stops are at the high of the day. We wait and do nothing. Later in the day we have a new pivot high, but we need to wait for new lows which comes 3pm bar. We would have also added in this bar however filter saves us from the add.
Now as soon as we get new lows we move stops to the new pivot high which is the 3pm bar. No waiting for another bar to complete,straight away move stops.

Hope the above is clear.

Now, For the EOD reversal query. We use EOD reversals ONLY on pivots. Did we reverse on a pivot today? NO! therefore we remain short. The only way we reverse to longs is either a PH crack or we get a gap up the next day and we reverse at the high of the 5min bar.

Please feel free to ask any other questions/doubts....Right now limiting the discussion to only Nifty, as time progresses and everyone here becomes comfortable we can discuss better flowing stocks.

MJ

[musicjunkie]

Great answer Saikat....Keep up the good work.

MJ

[Stockhunter]

[amitrajangulati]

Hi!

Attached is a 5 minute chart for your reference. Was referring to the 1st candle of the day marked with a red arrow.

- Amit