iCharts Discussions

[manishkumt]

[NORBE_1958]

MJ am waiting to enter the 60min day flow and to be in the group as they say wait for the reversal. My question is it safe to enter on adds as seeing the SL at LOD most of the time, second question is which of the two is better Nifty or Bank Nifty.
On evaluation 60min flow makes more than 30min intra, is that correct

[musicjunkie]

nothing wrong in entering on adds Norbe but just that once a trend move has taken place we expect a reversal to soon comeabout. Like now the run has made us 200 pts . could goto 1,000 could reverse in the morning.....we have no idea, best to wait for a reversal, but you may enter with .5%risk today, thats your call.

Banknifty does make more, but a little difficult to trade. Nifty is good as well. But one of the best would be Aban probably....

Regards,
MJ-

[ConMan]

Dear MJ,

I fail to understand why we dint add to our positions yesterday....I thought we had made PH yesterday...as per understanding on PH, we should move stops to PL & add new positions at PH+filter...right???

[musicjunkie]

Not wrong in adding, Infact a great place to add. But can you take it ? Stops havnt moved, we already have 3 adds in the same area.....can you still add and mantain your risk? IF yes then great.
I can't so no add....System wise its a add place, but MM-wise suicide, atleast for me.

MJ-

[ConMan]

Oh Yes...u r right.As I have 1 position I can add up...only thing is why hasn't the stops moved....it should have moved to PL right?

[musicjunkie]

Stops were at 2 bar, we got stopped out. Now Short with One add.

Regards,
MJ-

[vthala]

Sir, was the add after a WRB? Could you please tell what we can consider as a WRB.

[musicjunkie]

Very good question Vthala

When looking for WRB we look at the open and close. We want the open to be at or near the low and close to be at or near the high.

The add was on a pivot, plus we made a new Lower Pivot high meaning stops could be moved.

MJ

[RKM]

Hello MJ,

I saw your topic some days ago, but I have some doubts and hope you will clarify them. I am still learning how to trade.

1. How and where do you apply the filter? I mean, for shorts do you reverse from longs with the filter below the low of the previous bar or above the low of that bar? And the filter above or below the previous high while going long?

2. On the charts that have been posted on this topic you have marked the places for entry/reversal as well as stops, but from the images it is not clear that you have applied a filter in the direction of your trade.

3. One of the charts has the notes " Long at 3015 plus filter" and "SL 3068 minus filter". Why no filter here?

4. One last question. We are talking about 60min charts, but at the same time you say that on gap opening against our direction, reverse at the opening 5min bar high/low plus/minus the filter. Why a 5min bar?

I may be asking very stupid questions but to me the answers are important. Waiting for your comments.

Thanks,
Makhijani

[musicjunkie]

OK so for filter we add it to all trade points. So when we add we add at 3600+ 5,6,7,8 whateever your filter is
When reversing its the same, cover longs at 3500+13,14,16,18 (again your choice through backtesting)

So in the charts its PH + filter, Always always filter....

In gap situations , which are against us and above our stops, we wait for the market to take a breather, so we wait for the first bar to form, which is the 5min bar. Then we shift our SAR at the high of this bar.
IF gap up is still below our pivots, we wait for 5min bar, and then put stops at our pivots again, no worries there.

Gaps in favour of us we want to add to positions so we add at the break of the 5min bar.

Not stupid questions at all, why dont you post some chart so we can discuss it other than nifty?

Regards,
MJ-

[musicjunkie]

EOD reversal strikes again. We reversed to longs in the morning and by EOD back to shorts with 1 add.

Interestingly, Bank Nifty still long. Lets see what Monday has for us.

Regards,
MJ-

[NORBE_1958]

MJ
on 17th why the Pivot Low of 2pm 3441-sf not made the reversal and also the sar is to be HOD+sF am I correct should we have waited till EOD to reverse Is it because we kept the YLOW as SAR ,
second question was EOD made possible because the closing was below the PL of 2pm

This is my first trade following you ,another point is when was the long triggered which bar
Another request will be if you willguide for Bank Nifty also

[vthala]

MJ, I share the same doubts that Norbe has raised. Also does the rule for a failed break-out bar not apply here (SR being the low of the 12PM bar with filter for today's NF)?

[RKM]

Hello MJ,

Thanks for your prompt response. In fact, I see you've posted your trade action for today as well.

1. Let me see if I've understood correctly. For long positions/reversal from shorts, if your PH/TSL is, say, 3450, then you enter/reverse to longs at PH +15, ie. 3465. Similarly, for shorting, if your PL/TSL is 3350, then you actually reverse at PL-15, ie 3335. Am I right?

2. The purpose of the filter is to protect you from getting whipsawed too much and to reverse your direction only when the trend has really changed. Right?

3. Wish you had posted a chart showing your trade today - at which level did you actually reverse to shorts again.

4. As I said earlier, I am still learning how to trade. At present I am using pivot/intraday levels along with a simple chart, but I think I will need something more refined to be able to trade with your kind of precision.

By the way, I like your chosen name, MJ - I thought I was one too (long ago) but you've beaten me to it. Wish I had also thought of something equally smart when I registered, but all the great ones already seem to have been taken. The only clever one that I can think of at present is TombRaider, but that we should leave for Lara Croft. Maybe I'll have to settle for Junkie instead!

Thanks again, and cheers,
Makhijani