iCharts Discussions

[Jaii]

-Jai

[Jaii]

Still no change in Silver Pivot!!!!!!

Jai

[Jaii]

-Jai

[Jaii]

rskrsk,

hi! 5437 is 15, 30 Tfs DSP.

Jai

[Jaii]

-Jai

[Jaii]

rskrsk2,

hello! Pls dn't do like this.It's completely a wrong view.According to SSPS,we are using Rsi(5) only for Pivot identification(that too, when price trading near 34ema only ).Other than that nothing to do with Rsi(5).Pls dont use Rsi(5) for entry or Exit. Recent Ex watch 07/09/'12 Silver-mx-05dec12- 5Tf, around 11.40 price trading near 34 ema but didnt touch,the other side RSI(5) in OB zone. Price made new low below 61566, so we can use the high 61786 as a valid 5Tf DSP. Even if you are trading higher Tf, pls Use TSL @5TF Pivot,Atleast for silver ..... 07/09/'12 one of the example, we got New closer pivot in 5Tf, but not in higher Tf.

Jai

[traderindian]

Hello Jaii Sir,
Can we trade Silver solely on 5 minute TF usp/dsp as in recent times, the USP/DSP in 15 min TF have been too far to suit my risk appetite..

Also, for 5min TF in Silver, we exit the trade at the break of Pivot(DSP or USP)..but we donot reverse the trade..

For Buy reversal we wait for RSI[5] to get overbought and price to go above 34 EMA..Then we will buy above that point..(highest)

Similarly, for Sell reversal, we wait for RSI[5] to get oversold and price to go comfortably below 34 EMA..Then we will sell below that point..(lowest)

For example, we are in a bullish trend in 5 min TF..The trend is going good
with USPs regularly getting updated..

After 1 or 2 days, the latest USP is broken..This implies that the trend has changed..
1) Now we exit the trade but donot reverse...
2) We check the RSI[5]..If it is oversold and price is below 34 EMA, we open short positions below that point (lowest point)..
3) If RSI is not oversold and price is not comfortably below 34 EMA,we wait for RSI to get oversold and price to go comfortably below 34 EMA then short below that point..

is my understanding correct..?

Thanks Again !

[Jaii]

traderindian,

Ys fine! On 7th above the 5TF DSP (61783), there's nonstop move upto 64000. The retracement was after 64000 only. I hd enter 64000 level with SL of 63588.New high 64612 & my TSL shifted to 63765 and got hitted too.Now new trade below 63762 only with recent high as sl(64207 as of now)

Traderind i'm more comf with 5TF, pls backtest before you enter.

Jai

[smartcancerian]

[Jaii]

Smart ,

hello, i'm not getting you clearly..........! Anyway will try .......63762 is not coz of Pivot breakout candle's low.It's after retracement .I've little modified my trading style explaind here too. This kind of trade gives clear SL.I dont enter @rejection in Silver & gold. When we enter @rejection placing SL is a confussion one whetr to place high/low of the candle or day's/high/low, ATR etc., But there should not be any confussion when we enter below/abv the recent low/high after retracement, our SL is fixed, even God cant change it .So i'm doing in this way, it'l save us from sideway market too.Just my ideas.....But for INR pair, i enter 50% above the pivot breakout candle and 50% at rejection on 5TF(USDINR,EURINR).

At silver ystrday my TSL got hit @63766 still no trade for me, placing Sl order below 63750.Same in Gold my tsl got hit ystrday @ 31874 and waiting for the entry below 31860.

Hope i'm not confussing you
Jai

[smartcancerian]

Ok..got it.. Since rejections in 5tf can do lot of whipsaws(because of candle hi/lo, atr, etc etc)..you prefer to play with definite SL(within MM limits).
. Earlier you used to exit 75% of your positions on getting new hi/lo( entry was thru rejection)..but now you prefer to enter with the breach of new hi/lo...

Thanx..

[Jai2000]

Silver again into damn sidewayssss . New pivot in gold today....

Jai

[chetan83]

[Jai2000]

Chetan,

hi! After 13/09/'12 no trade in silver for me.I'l wait untill it break 61912 or 65722. On 13th i've enterd at the rejection & booked closer to low-nearly 1000 points, final lot's TSL hit @63550. On Gold same on 13th entered on rejection & booked closer to low closer to 200 points, @31976 final lot's TSL got hit.17th one SL hit for 100 points.On 18th sep USP broken in Gold, on 20th sep i've entered the 15Tf rej @31880 again bookd near low around 31600. Holding only one lot now. will add if i get rejection again else will wait untill TSL get hit. What about you???

Jai

[Jai2000]

Chetan,

My TSL @Gold is as usual 5Tf Pivot 31597.

Jai