iCharts Discussions

[shekharinvest]

Posted below are charts for

i) BNF 20 min with 21 ema

ii) Tatamotors - 1M 15 min with 34 ema

Which appears to fit nicely into spec. swing trading methodology.

Please share your veiws.

SHEKHAR

[shekharinvest]

Hi,

Price got rejected from 34 hence short once the candle closed below 34. Please note that mid range shorts are only for Intraday purposes, and needs to be carried over only once it is in decent profits - price went on to make new low hence the new swing pivot is formed at 4935.


One necessary correction suggested by Speculator while going for type 2 entry.

Whenever the price moves above 34 and comes back to 34 for rejection the green candle must close above the previous candle's high, to initiate longs. Reverse for shorts.

In todays case this did not happen hence we were saved from going long @ 4912-20 range. Marked in black circle.

SHEKHAR

[shekharinvest]

Hi,

Posted below is chart for BNF.

RSI has come out of oversold area and price did not make new low hence sideways movement. Shorts to be closed if not already booked.

Probably we might get type 2 entry in BNF, although swing pivot is far off at 8747.5

SHEKHAR

[Speculator]

I created another thread which discusses the Entry, Exit and Stop loss guidelines for my swing pivot system. Here's the link...

http://www.icharts.in/forum/entry-exit-and-stop-loss-guidelines-swing-pivots-system-t2269.html

- Naveen Swamy
a.k.a Speculator

[shekharinvest]

Speculator,

Thanks for recent updates.

I have placed all these updates at the end of the original document and attached the file with the post.

Hope ppl will find it convenient to go through all this at one place.


SHEKHAR

[shekharinvest]

Hi,

Posted below are charts.


NF: Price has moved above 34 ema, yet swing pivot is to be taken out, which is now at 4912.

BNF: After the Rejection price failed to make new low hence the pivot is still at 8747.5 Here also price has moved much above the 34 ema but swing pivot still intact. wait and watch.

Tatamotors has barely moved above 34 ema and went below 34 again here the swing pivot is at 727.7

All the three needs to be watched if they can give us an entry on the long side on Monday. Until then we are in the downtrend.

SHEKHAR

[kingrahman]

hi friends,keep up the good ,hankyoutwork wonderful post

[shekharinvest]

Hi,


Today all the three gave entry as type - 2, i.e. after price rejection from 34 EMA.

We are long on:

NF from 4860
BNF 8570
Tatamotors 698

Although, previous swing pivots are not taken out yet except NF which later surrendered the gains. After conquering the pivots uptrend will be confirmed and it will be buy on dips to 34.

Swing pivots on the lower side - for reversal to shorts - has been made today as shown in charts. ( Speculator I need confirmation on that from you. This is how I have understood.)


SHEKHAR

[sandew]

At around 0930 today Feb 1st, low was made around 4822, the 34 ema conquered and later a high surpassed the past Swing high of 4912. As i understand, (a) we fell below 34, (b) conquered it and (c) finally surpassed last Swing High of 4912 = Thus, 4822 now becomes the New Swing Low. Is my reading of Swing Low correct?

[shekharinvest]

Thnx Sandew,

Yes that is the clear pivot, but I have taken the view that prices have moved above 34 EMA and got the fresh rejection at 4859 and then went on to make new high hence the pivot.

On Tatamotors I am wrong the pivot I have shown is not a pivot since prices have not moved much beyond 34 ema at that point of time, therefore there is no pivot to reverse on tatamotors that could at best be a point to fix as SL.

SHEKHAR

[Speculator]

Yesterday we took out the prior downswing pivot at 4912.90. Typically when a prior downswing pivot is taken out with a bullish candle, we see huge price acceleration to the upside. We did not see that happen yesterday, instead we closed back below the swing pivot. The fact that we did not see price acceleration was an indiaction that that we are in a sideways range.

Today we made another attempt to take out the 4912.90 pivot and failed to hold the gains. That was a warning to get cautious on the longs. I posted a few times in SB today to trail the stops on the longs as the market was not showing trending behaviour. Finally today we had a rejection from the 34 ema on both 15-min and 30-min, which was a signal to go short. The signal had follow thru and finally broke the upswing pivot at 4822.50, which means the swing signal is now back to down again.

[shekharinvest]

Thnx Speculator for the writeup.

Poted below the charts for BNF and Tatamotors, with todays action.


SHEKHAR

[smsmss]

thanx again spec and shekhar for charts and descriptions.......this thread is rocking with ur inputs...

[girishhu1]

Hi speculatorji,
very nice strategy. Thanks for sharing.

also thanks due to shekharinvest for his interpretations with examples.

[shekharinvest]

Hi,

Nothing much to write home about. Whips only.

Posting chart for NF only today. Story is almost same everywhere.

Here are the views of Speculator on today's event and actions taken.

4934.95 to 4807 is one swing. It broke the prior pivot at 4822 yesterday. So 4934.95 is the new downswing pivot. When you have multiple pivots as a part of the same swing, then choose the highest one. In this case 4934.95.

Hourly NF closed below the 4935 swing pivot. Not a good sign
I closed my swing position for break even.
We came close to a confirmation today, but failed on the hourly


Right now it's a trading range mess. Rewarding for intraday guys and whipsaws for swing guys.


By all means trade the 34 ema rejections, but do not carry overnight positions, unless you can handle 50-100 point risks. The time to carry overnight positions is when we get swing reversal confirmation.


SHEKHAR