iCharts Discussions

[ConMan]

Hi All

Crude EoD charts attached. You can see that 3345-3350 zone acts as a crucial demand zone. If this time this support is broken ... next support is 3260 for this month ....

I couldnt make 100 points when crude closed above pivot point monthly ... it hit my TSL ... reversal below Pivot point close gave more than 100 points ...

INVESTING IS A MIND GAME ....

[chrome]

PUNJ : facing stiff resistance @ 50 EMA and Monthly Pivot point...surprisingly, Monthly pivot S1 is very deep @ 90 !!!!

[ConMan]

Chrome

The S1 is deep because of one freak trade that we had in the previous month ...as PP/S1/R1 is derived frm previous month high/low and close...the S1 is deep for PUNJ.

[smith06]

Hi Chulbul,

Your strategy is an excellent one. However, I have one question regarding the S/L. You said, the S/L should be taken on EOD basis and you do not take
a risk of more than 40 points. But if at the end of the day, Nifty closes at about 100 points against your position, then what would you do? If you wait till the end of the day, you will suffer a big loss. I would appreciate if you kindly explain this point. Also, regarding reversal of position, do you take a
reverse position on EOD basis if the S/L is more than 40 points or skip the
trade?

Regards,
smith06

[ConMan]

Hi Smith

Good question. Yes the SL is basis EoD close. You might have an occasion or two when your loss can be huge. But pl bear in mind that the probability of such an event is not high in case of monthly PP levels.

You reverse your trade if you trade around PP & exit at 5%-10% gains. If you trade near S1/R1 for a new trade and not reversal. So, if around 3.15 pm you see that NF has retraced back from R1...you short with R1 as SL ... if the next day it closes above then reverse.

Trades around the PP are generally the best, you make your 5%-10% (basis your leverage) in max 5-6 days and relax the whole month.

I shall post weekly pivot point trading strategy soon which can keep you active all day.

Hope this solves your query, if not please write back.

Regards

[smith06]

Hi Chulbul,

Thanks for your quick response. It will be very helpful for people like me if you post your monthly PP based trades in this thread. Also, looking forward to your posts regarding trading strategy with the weekly pivots.

Regards,

[ConMan]

Yes Smith...I shall post the same in the coming months...this month all the tgt are achd. So we nothing to share.

Regards

[ravionlinek]

ChulbulPandey

any update 4 this month

.................................................

chek out nmdc & polaris

give ur view on that............

[ConMan]

Hi Ravi

Nifty pivot point is quite above my SL range so not taking any position yet.

NMDC is already close to R1..you may look at booking profits at R1 and wait for candle close above R1 to go long again. No shorts advised

You can go long in Polaris with SL at PP (EoD)

I shall update the day I take position in Nifty basis the Pivot Points

[ravionlinek]

[chandrujimrc]

Hi chulbulpandey,
Expecting the release of your weekly system.




chandru.

[ravionlinek]

ChulbulPandey

hey i booked nmdc @profit

now holding polaris n Indiabulls

chek with pivot , STS , macd

looking strong..................

[ravionlinek]

polaris n Indiabulls

chek with pivot , STS , macd

looking strong.................. Smile Smile
..........................................................................

indibulls given high of 152.95

[ravionlinek]

book profit in polaris 175
.............................................................................

[ConMan]

Good work on Polaris Ravi ... u seem to have exited at R1... but if you look at the contraction it has gone through ... we may see higher levels...so dont forget to long again above R1

Chandru, ill update on weekly in the coming days.