iCharts Discussions

[Speculator]

vvsp,

I like it when people explain their question as clearly as you did.

I think you perfectly executed your trade and i see nothing wrong with it. I would give it a 10/10.

As for you question on you getting exited on your trade early, it's to do with your TSL. In my post i have clearly said both Stop losses and TSL are guidelines and not rules. Each has to design them according to their comfort -account size and leverage. Some prefer using rejection pivot as SL (which i mostly do), some like to use candle high/lows, some would just use 2*ATR. It's all their personal preference based on their risk tolerance. I would not advice anyone, which one to use.

Again as for TSL, 0.5*ATR above candle high/low is just a guideline. You could use 1*ATR, 1.5 * ATR or even 2*ATR. The smaller your TSL is, you get stopped out quickly, but you preserve your open profits. The larger your TSL is, you can ride larger moves, but you risk giving away all your open profits. It's a tradeoff.

Do what you are comfortable with. Don't ask what others are doing (that includes me) or influenced by what others are doing. My SL size or TSL may not be suitable for you. So it's no use following my trades or anyone's trades for that matter. Following others' trades is only counterproductive. Experiment with a TSL based on how big a move you want to ride and how much open profits you are willing to give. Money management is one area, where there are no fixed rules and one should do some homework of their own to come up with their own rules.

That does not mean one trade arbitrarily i.e use arbitrary stops or TSL. No no no. What i am saying is use the guidelines that i have stated and come up with rules based on what fits you best.

- Speculator

[Speculator]

nkiran,

Good catch.

Satya,

As nkiran stated, you are using 34 SMA. It should be 34 EMA.

[sathya999]

will make it 3ma.
Spec u r agree with vvsp chart and my chart?
Because vvsp, is using previous low break for entry, not pivot break.
But rest of his explantion as you said is very well explained.

[vvsp]

Dear Spec,
Thanks a lot for the reply.
I am delighted to realise that I have progressed from trading in haphazard manner(no system, no MMR) to systematic(using system but no MMR) to disciplined(using system + MMR). Hope I will be successful trader soon.
Your system and trade management guidelines made this possible.
Thank you once again.
Prabhakar.
MMR=Money management rules

[rainbow]

Prabhakar:

The nature of your questions confirm the fact that you are surely on
your way. best of luck. btw, hope the rest of us also
catch up.

have a nice weekend

[enroute]

according to me,new pivot point for downtrending,
NiftyF-1M,15mins is 5971..

[vvsp]

Rainbow,
Thanks for your wishes.
I think you and few others are ahead of me. This was my first interaction with Spec.
Under the guidance of good-hearted persons like Spec, let us all become successful traders.
Prabhakar.

[girishhu1]

bank nifty 1m, 60m 13 ema, downswing, swingpivot=11882
Kindly confirm
regards
girish

[Speculator]

Nifty:

On Friday, we finally broke the Upswing pivot at 5871, which caused a trend reversal. So Nifty is now in a downtrending mode.


15-min: Downtrending, Downswing Pivot 5971
30-min: Downtrending, Downswing Pivot 5971


Copper:

30-min: Uptrending, Upswing Pivot 429.95

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[sathya999]

5971

[Speculator]

satya,

Perfect. Keep marking it for one complete uptrend and one downtrend. By the end of it, you will master it.

[tripathi_manu]

[diwakar]

Dear Spec,

What EMA to use for Daily Charts. Hope 34 will not fit in it.

Also how to tune EMA according to the time frame.

Please do reply.

Awaiting for your valuable reply.

Regards,
Diwakar R

[Speculator]

diwakar,

My method is mean't for timeframes from 15-min to 60-min max, based on my original backtesting. But recently i have found that 10-min TF also works great with my method. Jai2000 and a couple of others have been successfully using it on 5-min as well.

I do not use my method for EOD charts. Unless someone can prove it works well, based on backtest with sufficient sample or by real account trades, i would say, do not use my method on EOD charts. There are other simple methods to trade EOD.

Nifty:


15-min: Downtrending, Downswing Pivot 5971
30-min: Downtrending, Downswing Pivot 5971


Copper:

30-min: Uptrending, Upswing Pivot 429

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[shekharinvest]