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Swing Trading : The Speculator way |
ABone
White Belt
Joined: 12 Aug 2008
Posts: 20
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Post: #1801  Posted: Tue Jun 12, 2012 5:27 pm Post subject: |
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Hello everyone,
I m not good at english. and this is my first post here. Today I saw a typical example of TRENDING BEHAVIOUR of price in nifty.
In attached chart. At 11.30 candle close it crossed 34 ema and closed above it and RSI(5) above 70 i.e. OB[see POINT A and A1]. Then it came down towards 34 ema( gone below it ) , and again at 12.45 candle close it made new high and RSI(5) above 70 again i.e OB.[SEE POINT B AND B1] AT 2.30 candle same thing happen again suggesting trending move of price.[ SEE POINT C AND C1].
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amitkbaid1008
Yellow Belt
Joined: 04 Mar 2009
Posts: 540
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| Post: #1802 Posted: Tue Jun 12, 2012 6:34 pm Post subject: |
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| traderindian wrote: | | New USP at 5022 in 15-min as well as 30-min TF.. |
USP or DSP????
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sonila
Brown Belt
Joined: 04 Jun 2009
Posts: 1786
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| Post: #1803 Posted: Tue Jun 12, 2012 6:52 pm Post subject: |
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| Amarbandgat, i failed to understand,what exactly u want to tell. And how ur observation is related to ssps method.
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ABone
White Belt
Joined: 12 Aug 2008
Posts: 20
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| Post: #1804 Posted: Tue Jun 12, 2012 7:04 pm Post subject: |
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| sonila wrote: | | Amarbandgat, i failed to understand,what exactly u want to tell. And how ur observation is related to ssps method. |
I have just explained the probable movement of price after rejection.whether it will continue trending move or will go in sideways. here it continued its trending move. For aggresive traders , Point A is entry point. i.e. 5072.70. for others like me entry at POINT B. i.e. 5090
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sonila
Brown Belt
Joined: 04 Jun 2009
Posts: 1786
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| Post: #1805 Posted: Tue Jun 12, 2012 7:21 pm Post subject: |
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| I am trading rejections in the following way. Today i longed 2 lots on rejection at 5076. Booked 1st lot at 50 pts gain. Carried 2nd lot tomorrow. I will book 2nd lot at 100 pts gain or tsl. Normally i use 34ema in 5 tf as tsl. I request others to share how they are trading using ssps method, so that together we can learn more.
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sonila
Brown Belt
Joined: 04 Jun 2009
Posts: 1786
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| Post: #1806 Posted: Tue Jun 12, 2012 7:22 pm Post subject: |
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| I am trading rejections in the following way. Today i longed 2 lots on rejection at 5076. Booked 1st lot at 50 pts gain. Carried 2nd lot tomorrow. I will book 2nd lot at 100 pts gain or tsl. Normally i use 34ema in 5 tf as tsl. I request others to share how they are trading using ssps method, so that together we can learn more.
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #1807 Posted: Tue Jun 12, 2012 10:27 pm Post subject: |
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| sonila wrote: | | i think, if we keep sl as 5024, then risk will be v.high, around 51 pts, so i think 5041 as a much better sl. |
There cannot be any two version in SL while trading rejections. They are always lowest point BEFORE rejection candle. In this case, it was 5023.3.
Sonila, you have also mentioned in other post about TSL. Spec sir has explained it in a very lucid manner in his thread. I will try to summarize some of my learnings :
1.) Always first calculate no. of points you are putting on risk. For ex. 30 points in NF means Rs. 1500, so if your money management allows you to sacrifice 1500 on one trade, and if SL is within 30 points go for it.
But If the SL is big, there are workaround :
(a.) Suppose When Rej. candle closes the SL is of 40 points, so don't put a buy order above candle's high. Let there be a breach of rej. candle's high and then put a buy order(obviously at lower level) where your SL becomes 30 points. Many times price retraces before moving ahead and your order gets filled.
(b.) If the momentum is strong and you do not want to wait , then instead of NF you can buy Minifty for the same month (provided you have valid rejection in minifty also). This allows you to have a SL 2.5 times more than NF.
2.) Once u r in trade Don't think of moving up your SL unless you have 1:1 achieved. On 1:1 , you can shift it to your buy price, so that winning trade does not convert into loosing one.
3.) After that its upto you, Spec sir recommends to first book at 1:2 , and trail with low of previous candle MINUS 0.5 * ATR of that candle.
(above are for LONG trade, just reverse them for Short trades).
I suggest you to go through whole thread , Spec sir has given many useful insights for various scenario.
Regards,
Sumesh
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sonila
Brown Belt
Joined: 04 Jun 2009
Posts: 1786
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| Post: #1808 Posted: Tue Jun 12, 2012 11:15 pm Post subject: |
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| Thnx sumesh.
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chetan83
Brown Belt
Joined: 19 Feb 2010
Posts: 2037
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| Post: #1809 Posted: Tue Jun 12, 2012 11:53 pm Post subject: |
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| sonila wrote: | | I am trading rejections in the following way. Today i longed 2 lots on rejection at 5076. Booked 1st lot at 50 pts gain. Carried 2nd lot tomorrow. I will book 2nd lot at 100 pts gain or tsl. Normally i use 34ema in 5 tf as tsl. I request others to share how they are trading using ssps method, so that together we can learn more. |
Good going, excellent 
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sonila
Brown Belt
Joined: 04 Jun 2009
Posts: 1786
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| Post: #1810 Posted: Wed Jun 13, 2012 7:22 am Post subject: |
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| Chetan, can u share ur way,plz ?
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sonila
Brown Belt
Joined: 04 Jun 2009
Posts: 1786
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| Post: #1811 Posted: Wed Jun 13, 2012 9:30 am Post subject: |
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| Update:15 tf usp= 5024, 30tf usp=5024
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sonila
Brown Belt
Joined: 04 Jun 2009
Posts: 1786
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| Post: #1812 Posted: Wed Jun 13, 2012 11:34 am Post subject: |
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| sonila wrote: | | I am trading rejections in the following way. Today i longed 2 lots on rejection at 5076. Booked 1st lot at 50 pts gain. Carried 2nd lot tomorrow. I will book 2nd lot at 100 pts gain or tsl. Normally i use 34ema in 5 tf as tsl. I request others to share how they are trading using ssps method, so that together we can learn more. |
booked 2nd lot @ 5110 @ 11.20 am @ 13 june
as per my tsl method ( candle closed below 34-ema in 5 -tf) (+34 PTS)
THIS TSL IS NOT AS PER SPECULATOR.
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sonila
Brown Belt
Joined: 04 Jun 2009
Posts: 1786
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| Post: #1813 Posted: Wed Jun 13, 2012 12:23 pm Post subject: |
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can any senior comment on this, plz ?
in 15-tf, the candle, closed @ 12pm,can it be considered as a valid bullish rejection candle from 34-ema, with long above 5108 with sl as 5090 ???
if not, then why ??
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #1814 Posted: Wed Jun 13, 2012 12:25 pm Post subject: |
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| sonila wrote: | can any senior comment on this, plz ?
in 15-tf, the candle, closed @ 12pm,can it be considered as a valid bullish rejection candle from 34-ema, with long above 5108 with sl as 5090 ???
if not, then why ?? |
@1200 candle 8ema was NOT turning up, in 1215 it did.
So I shall go long abv 5117 ...
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sonila
Brown Belt
Joined: 04 Jun 2009
Posts: 1786
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| Post: #1815 Posted: Wed Jun 13, 2012 12:32 pm Post subject: |
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| sumesh_sol wrote: | | sonila wrote: | can any senior comment on this, plz ?
in 15-tf, the candle, closed @ 12pm,can it be considered as a valid bullish rejection candle from 34-ema, with long above 5108 with sl as 5090 ???
if not, then why ?? |
@1200 candle 8ema was NOT turning up, in 1215 it did.
So I shall go long abv 5117 ... |
thnx....sumesh
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