iCharts Discussions

[Jaii]

nsk1371 i was short @ 5150 after 15tf rej @ 11.00 candle and booked loss @ 5227 now long @ 5227..

dear all plz correct , i shorted on 31st jan 12 @ 11.00 @ 5150 due to 15tf rej.( 1st 15tf rej after v came to down trend) the sl as per rej was 5167( hi of 10.45 candle ) and as per swing system was 5224. i waited for sl of 5224 and cut my short @ 5227 or should i hav cut my positions @ 5667

Nsk,

I just wanted to explain the possibility of positive trade on that day.The entry at 5150 is correct based on 15Tf Trend & Rejection rules.But yr SL is not good.Atleast you could aware of 5Tf or higher TF Trend. On 31st 5 TF is in uptrend & price trading above 34ema in all Tf.Try backtest with few stocks,BNF & commo, you can understand the imp of 5TF Pivot. On 30th Nifty went to DownTrend ,but didnt make new pivot on 15Tf ,we got new DSP in 5Tf.It's not meaning that we dont trade 15Tf rej, when 15TF rej fail just exit yr trade with small SL & dont ride that trade untill 15Tf Trend change. I was trading Edu & DLF last month. Just look that charts you can understand!

Next mistake you'd exited yr Short sell trade @ Pivot & immediately entered yr long at that point. Again i'm saying it's a "criminal" mistake! You didnt wait even that pivot breakout candle's close....it's really a BAD idea! What will u do nxt day if market open below USP? Anything can happen! you will end up 125 points loss again! Pls keep in mind whenever you carry yr trade to home that means your capital will allow you,even next day pivot point taken out in GAP! Why u want to take this much risk? what's wrong to wait for 34 ema rej? If you are a high risk trader, in uptrend, wait for 5Tf to come down OS & enter50% at 5TF rejection & add more at 15Tf rej.

Pls aware when price trading near 34ema @60TF!Mostly whenever 60Tf trying to make pivot, this kind of small whipsaws possible in 15 TF!. Pivot identification is a simple part of this system!Only practice make you perfect. Pls read his Trade management & TSL rules again. If i'm not wrong Trading is an Art! Rules are guidelines only, you should create it ...... Spec sir did precious job for us, pls understand basic concept of this system & trade.

Regards,
Jai

[Nilay]

Thanks Jaii sir for your explanation.
Nilay