iCharts Discussions

[Jaii]

Amol,

10 Feb 10.59 candle is a valid rejectin.But price didnt move below that candle, how u enter a trade???????

Jai

[Jaii]

Nilay,

Ys 862.55 is 15TF DSP.Will answer abt rej little later.Tks

Jai

[Nilay]

[amolghodekar]

[Jaii]

Amol,

My TSL got hit now,no swing pos wth me at present.I'l re-enter if i get 15TF uprej and my SL should be day's low,not swing Pivot.Sameway for 5TF rej too......

Jai

[amolghodekar]

[Jaii]

Amol,

hi, i was explaining the way how i'm trading this system.Instead of 5TF ,you can use Risk:Reward ratio or follow ATR rules for TSL.Pls dont confuse wth this 5Tf stuff.

Ys once yr SL hit by days'low/high, wait for next rejection.

Same day if yr SL doesn't hit ,you can carry wth yr risk.Next day if price trading againt your sl (say above pre day's high/low)wait for first 5Tf candle to close & exit if it crose against yr pos.

Jai

[amolghodekar]

[smartcancerian]

Hi amol, hope this conversation might help...


' Jaii
White Belt



Joined: 11 Sep 2007
Posts: 49

Posted: 14 Feb 2012 19:42 Post subject: Re
Smart,

Fine!!!! One important thing about trading 5TF rej is,once the rej happend in 5Tf, the price may retrace to 15TF 34ema,or 30Tf 34ema(like last few days nifty doing) so always enter 50% of yr qty @5TF. Sometimes we can get best entry @5Tf(like ystrday Nickel trade) ,sometimes may not.........

For rej entry 8 ema can be anywhere either abv 34 ema or below.We need just close above/below 34 & 8ema and precandle as always!........

(btw Thank you, i've traded Nickel today after seeing yr query)

Jai
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smartcancerian
White Belt



Joined: 07 Apr 2010
Posts: 125

Posted: 14 Feb 2012 18:42 Post subject:
Thanx for detailed & nice answer to my query..
Few things i would like to confirm again..
1. We may take 5tf rejection in the direction of 15tf trend..& use 5tf pivot as SL..(instead of rejection candle hi/lo...& this & that)

2. Conditions for rejection..lets say short trade
a) 8ema should be below 34ema
b) rejection candle should "close" below the low of previous candle
c) & rejection candle "close" should also be "below 34" & "below 8" as well..
Reverse conditions for long rejection..
Hope, my understanding is correct..'

[Jaii]

Amol,

yr chart not opening for me.If u r asking the same query abt 10th feb 14.54/14.59 hrs candle (5TF) then i've already answerd!

Jai

[amolghodekar]

[Jaii]

Amol,

Still i'm not getting yr point.

Hi Jai,

Going with above example.. why 10-Feb 14:59 candle is not valid rejection as it satisfies all 3 rules:
1) Candle close below 34 ema
2) Candle close below previous low
3) 8ema was below than previous 8ema

plz explain... reason for considering Feb 13th, 14.54-14.59 hrs candles are valid down rej...

..Amol

Amol,

10 Feb 10.59 candle is a valid rejectin.But price didnt move below that candle, how u enter a trade???????

Jai

wat else u need? really not getting you.........

Jai

(correction-Feb 14.59)

[amolghodekar]

[Jaii]

Amol,

There's no such rules like that! ys it should be better if u follow the way, as u explaind! But it's not good to talk abt that....!It will create over confussion here! As per rules "one tick above below pivot is valid trend change "

On 10th feb- Axisbank did same way......

Jai

[amolghodekar]