iCharts Discussions

[smsmss]

hi Spec, thanx for your inputs as always. Both technicals and fundamentals are looking very weak at the moment. Greece bailout announced but Spain and Portugal are still in line. Lets see what next week holds for us.and one more thing, Lets not worry about others' laughter but enjoy the trading.have a nice weekend. cheers.

[shekharinvest]

Speculator,

Thnx for the post and your view on the fundamentals.

SHEKHAR

[optimist]

Hi Spec,

Thanks for your views which are always invaluable

Shiva

[Speculator]

Last week the 30-min gave a swing buy which only produced a anemic bounce. The 60-min however, has remained on a sell. Needless to say, higher timeframe charts are more reliable. I will try to post both the 30-min and 60-min swing pivot charts.

I personally trade the 30-min charts, since the SL is smaller. I use the 60-min to determine the overall trend.

[Speculator]

The downswing pivot now moves to 5218. The 60-min Stochastic is oversold. So we have another bounce to releive the oversold condition. Volatility and range has come back to Nifty and it has become very tradeable now, with good profit potential.

I got a PM asking me to show the chart of setups rather than just the pivots. The answer has been and will remain the same. Check the trade Entry, Exit and Stop guidelines topic. Trade entry is either based on break of swing pivot or rejections. Nothing new there. Break of swing pivot happens once in a month or two. So one cannot rely on that alone. Rejections are the bread and butter of swing pivot trading system.

For those new to swing pivots, for Nifty 15-min and 30-min timeframe use rejections from 34 ema and for 60-min use rejections from 13 ema. For 30-min and 60-min, we don't get true rejections like in 15-min. So one has to just use a cross of the ema rather than rejection. Also don't forget that rejection candles need to have a close below the prior candle low for bearish rejections and a close above the prior candle high for bullish rejections. I have marked the 60-min chart with all the rejection setups over the last 15 days.

For exits, one can book 50% profits on 80-100 nifty points. The rest half can be closed on a swing reversal (if one is trading from swing entry to swing reversal) or trail the hourly candles (if one trading only a section of the swing). It's a personal preference.

I will be on a vacation and will be back on June 1. Won't be posting any updates until then.

Good luck trading !

-Speculator

[sandew]

Hi Spec,

1. Your post of May 17th. In the 60 min chart the 5207 high was taken-out by subsequent upshot of 5218, thereby establishing a new uptrend. (it later on reversed though, still the previous 5207 was taken out first).
2. I for one, see similar taking out of 5207 on 30 min chart as clearly.
3. So, in what manner using this 60 min chart more effective & different than the given 30 min chart, for purpose of determining the trend? The ignorant me is unable to comprehend the differentiation you are trying to highlight. Please elucidate.

Thank You

[smsmss]

Today we got our new swing pivot as 5107.NF made a new low of 4901. We can still hold our shorts with partial bookings at every 80-100 points.Lets see till where the downtrend continues, a bounce back is expected as all the indicators on higher time frame are oversold but will it be able to take out 5107?....only time will tell.

Enjoy.

[smsmss]

Hi all. Thanx to weak European market today a new swing pivot has been confirmed which is 5023.Two days are left for expiry. Let us see if the market can hold on from here or there are new lows to come.

Enjoy Swing Trading. (currently shorters).

[smsmss]

Hello all. Swing pivot was taken out today with the gap up confirming the reversal.as the first candle was red i waited for intra pull back and got in trade at 5025. but as the day progressed the follow through simply was not there. i was not comfortable with holding a weekend position. so got out at 5040.

i will look for a rejection from 34 ema or an intra breakout to get back in again. many stocks like sterlite and tatamotors have also broken their swing pivots. Lets hope that with the confirmation of good monsoon will make june a good month for us.

Happy Trading.

[Speculator]

Back from my vacation. Thanks smsmss for all the updates, while i was on vacation.

As smsmss pointed out, we got a swing reversal with the break of swing pivot at 5023. We are in a uptrending mode now. Yesterday's pullback and subsequent close above 13 ema was a buy signal to get in. It remains to be seen as to how long this rally sustains. As usual, keep booking those 80-100 points on partial positions.

Happy trading !
- Naveen Swamy

[optimist]

Hi Spec,

Thanks for your valuable insights. Please keep updating this thread whenever possible for others to benefit

[optimist]

Hi Spec,

What time frame do you follow usually. I saw you following 15 mins sometimes and 30 mins some times .

I know tht u take 60 mins to know the trend though you dont take decisions based on that

[sandew]

Hi Spec,

1. Entered long on break of 13 ema on June 2. Nifty had a sharp rise, so took profit and exit. No overnight position.
2. June 3 opened gap up and stayed that way all day long. How would one trade on June 3, i.e. today, if we had no overnight position. what set-ups , what time frames, what targets and what SLs for trade on June 3.

Will delete this post after yr reply to avoid clutter.

Thank You

[Speculator]

optimist,

2009 was a dynamic bull market with a nice range. I traded only 15-min charts in 2009. With drop in volatiltity this year, i switched to 30-min and 60-min, which i mentioned on this forum sometime back. I trade both timeframes, depending on where i get the best setup. Lately, 60-min has been giving the best setups.

Sandew,

I had marked the setup with a circle yesterday, which was the close above 13 ema on 60-min. If you didn't take the setup, you didn't make money. After the gap-up, there was nothing to do but sit and watch or take partial profits. SL should be below the hourly bar (NF 4975). There is no need to delete your reply as it's a legitimate question related to swing pivot trading.

- Speculator

[smsmss]

Spec, according to the system there were only two ways for entering in a position.the setup which u r mentioning is in neither of the two.if you consider the 30 min tf then u will notice that , the candle on 2nd june also made the RSI overbought without making the new high which was a weak signal. so i too got out of trade and got in again the next day with the gap up which broke the swing pivot again of 5023, and made the new swing pivot of uptrend at 4933. i am in the trade from 5072.

if there are any new observation or learnings regarding the 60 min tf kindly let us know.

cheers.