iCharts Discussions

[vinst]

[Arjun20]

Hello Frineds,
Our DSP @5160 was taken out today. So it marked the end of Downswing and start of Upswing.
Our USP is now 5013 (ie.Lowest point after DSP of 5160)....Yet it is to be confirmed by seniors. It's my understanding.

Now,i have a request. If anybody has taken Long? Can pls share his entry ?
Also there's vast diff betn NF oct and Nov figures. Whether we should always look at NF-1M chart always to decide Swing pivots?

rgds
Arjun

[infinity]

Arjun,

Hello, I am not senior; however would like to confirm USP as 5013.30 for 15TF & 30TF.

[Arjun20]

[infinity]

Arjun,

1. We are 'now' in upswing and we will look for Bullish rejections to take Long entry ? Precisely correct.

2. Does that mean we will take fresh Short 'only after' breach of 5013.3 ?
Only thing which you need to decide is -
a. Whether to enter immediately on breaching USP
OR
b. Whether to enter when you see slight upswing and then rejection from EMA34 downward. This is favorite entry point of Jaibhai.

Regards,

infinity

[Arjun20]

Hello Friends,
Let's revisit the charts Between 25Oct to 28Oct.
On 25OCT, we took out earlier DSP@5160.
That day was action packed day, RBI Policy, October Expiry. In last hour of trade our DSP was broken. I'm just plotting on chart probable entry point if anybody had taken immediate entry on break of DSP.
For rest, we will wait for Bullish rejection to initiate Long.
( Note- as it was last day of Oct series, if we had to initiate Long, we had to take position in NF-2M ie. Nov contract. So i've marked corresponding candles and values on Nov chart.)

Question:
I have one Q regd Initial SL as i get two diff answers at two places in Spec sir's Doc
1.In section Entry and Exit : i got SL as ' Stop loss should be below the reversal candle. If the candle is too big and requires a very big stop loss which does not suit your risk tolerance, don't take the trade.'

2. In Trade & Money Mgmt section : I got
SL= the pivot or 2*ATR as SL, whichever is smaller.

That means there are three Diff :
Low of reversal candle or
2*ATR or
Pivot ?

Rgds
Arjun

[infinity]

Arjun,

1.In section Entry and Exit : i got SL as ' Stop loss should be below the reversal candle. If the candle is too big and requires a very big stop loss which does not suit your risk tolerance, don't take the trade.'

Spec sir's stop loss management system says -
Quote
Stop loss management

The size of stop loss is always dictated by the volatility in the market. In a high volatile market, increase the stop loss size and reduce the position size. In low volatile markets, decrease the stop loss size and increase the position size.
Unquote

2. In Trade & Money Mgmt section : I got
SL= the pivot or 2*ATR as SL, whichever is smaller.

Spec sir mentions few lines later to this statement as -
Quote
Again Stop loss is a guideline, not a rule, unlike trade entry. So one may devise his own SL guideline according to his comfort.
Unquote

Please note that stop loss for any trading system is to be decided by the trader and not by hard & fast rule. It has to be in line with risk apatite one has. So it only can give guideline and should not be treated as rule.

Answer to your question is stop loss can be any out of three mentioned by you; of your choice.

Regards,

infinity

[prafullkathe]

now on 4 oct nifty break dsp(5300) up side but it comes down again below 5300 level and close the day near about same level(5283) also below 34ema-15tf now how to trde such sitution

[Arjun20]

[sandew]

On 15 M TF the trade is very clear.

The trend is now UP with USP at 5220 ( when it breached past 5338 once), (though now retraced lower)

Take long trades as long as you dont cut below 5220 as of now on your 15M chart.

[jjm]

[quote="Arjun20"]

[Arjun20]

[Arjun20]

[sangi]

jjmji,

the usp till 4630 is understood. but as per my understanding we get a new usp after 4630 if
1. we get a valid rejn 2. a high abv the recent swing high after the rejection.
In this case we got a valid rejection today.
on a break of 4828 which is the recent swing high now the pvt is todays low.

This is wht I understood from the thread. Now my qn is how can u pt out that yst day high as new recovery high without a valid rejn.

I hv pasted spec sir stment from pivot identification:
" When a rejection in an uptrend leads to new recovery highs, the lowest low preceding the rejection becomes the new USP. A much simpler way of identfying the same is to find the lowest point between the prior highs and the new recovery highs. "

He says when "a rejection leads to new recovery highs"

Pls. clarify my doubt ji. I thought i clearly understood ssps. but after seeing ur pvt in SB got confused.

Regds,
Sangi

[sangi]

seniors/specji/jjmji/jai2000ji,

pl. help me in the query.


Regds,
Sangi