iCharts Discussions

[sauraj123]

oh ok...i am not into trade....so it means that a long sideways is not good?

[amitagg]

One important point...in this pattern, one SHOULD buy at support of channel without waiting for breakout....this again proves it with Maruti a late trade but in progress

[sauraj123]

amitaag,

what you feel about nifty, lupin and r power( not related to spike and channel)?

[amitagg]

shall reply in Read the Line Thread not here

[amitagg]

exited Maruti at 1432 with small profit..since 1420 Spot is resistance..and was intra day trade

[amitkbaid1008]

Amitagg

I think you are using 1Min TF chart

Isn't this is too small time frame??

[amitagg]

i also use 5 TF on many occcasions with 20MA...should give same results for this pattern

[pkholla]

[vishyvaranasi]

Amitagg,

Have a look at axis

[sauraj123]

Hi,


@ Amitagg- I think today chart was coalindia..was not able to catch it. Amitaag any other indicator which can be used along with this to make this a better one...

@ vishyvaranasi- Axis though gave a spike initially but the channel was down-trending not sideways...may be the reason for its fall.

[amitagg]

yes i was away entire day.

u are right...axis not testing top but only testing bottom but but i said the sideways channel should be of greater duration....Sauraj 123...if u had been in place at very moment the post was written it could have been confusing....test is longer sideways action but not beyond 1-1.30

yes the stidy has to be detailed and i have yet to start but Bollinger Band related analysis would tell when the band is extreme narrow and about to explode....seniors pls help and share links etc to make it work and more technical

but as u see RULES were self made by me after observating many patterns and they do work if u use them as indicated....also when i mentioned channel time, it meant also the 'length' of the spike and not necessarily 'time' consumed by spike.

[amitagg]

this is the 8th out of 8th success of the pattern ...again skipped the chart....

idea spike and channel....pls pls its wonderful....

lets divide 50 Nifty stocks and watch earmarked charts at 10.30 and then at 11 to see these....may be

[amitagg]

let me add that ALL 8 have met their pattern target...either same day or next day...[though its for me for intra day trading]

[vishyvaranasi]

[amitagg]

yes, thats why i have not taken from some book but only observing and having own parameters....one way to modify this is by saying that 1 - 1.30 [we need to see backtesting time of breakpout?], it there is no breakout, then modify the stop nearer to base ...or entry level..

what happens that though the bresk is likely to come in direction of spike [standard TA], yet in this pattern if the break does not come by a certain time, then the down break is also possible..

so just that since i mentioned inititally itself 90% probability trade, if time elapses, the proability goes down but the risk reward is still fabvourable if stop is revised to a "tight stop"....

also note that players move it out of bank and break on "opposite side " also...since many ringe fencers are betting on volatilty break in ANY direction and are trapped.... thats also a risk is break is not within time

we can build on it...rules are not hard and fast...just that THIS SHOULD BECOME TRADEABLE FOR ALL if "WE" are able to IDENTIFY IN MORNING ITSELF