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Analysing NF using iCharts levels - Aug 2011
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Author Analysing NF using iCharts levels - Aug 2011
satishboda
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Post: #31   PostPosted: Wed Aug 10, 2011 10:53 am    Post subject: Reply with quote

Hello ST.. thanks for helping us in understanding the levels. How do you decide "If R2 breaks significant support is there in BULL-R1 band"
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SwingTrader
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Post: #32   PostPosted: Wed Aug 10, 2011 11:10 am    Post subject: Reply with quote

satishboda wrote:
Hello ST.. thanks for helping us in understanding the levels. How do you decide "If R2 breaks significant support is there in BULL-R1 band"


Satish,

BULL-R1 and BEAR-S1 are the key support/resistance bands. One can always expect significant support/resistance here. If price is above one of these bands (like now it is above BULL-R1) then one can expect significant support when price falls into this area. If price is rising into one of these bands from below then one can expect significant resistance in this area. How price reacts to this sup/res is important as it will give important clues to the near term direction.

Example....now if price falls into BULL-R1 band and it gets support there and then moves up again, we can expect higher prices in the near term. If, on the other hand, BULL-R1 area does not support the price and it breaks below BULL then we can quickly see price falling to LOC and BEAR-S1 areas where price will test support. Same analysis will have to be done there for further clues on near term direction.

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Srikanth Kurdukar
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Post: #33   PostPosted: Wed Aug 10, 2011 11:13 am    Post subject: Reply with quote

satishboda wrote:
Hello ST.. thanks for helping us in understanding the levels. How do you decide "If R2 breaks significant support is there in BULL-R1 band"


Also, I referred to R2 because R2 was the level where price found support after open and price rallied from there to the upside, so R2 is important for now as long as it does not break. Once it breaks we turn our attention to BULL-R1 area for support.

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guru.july
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Post: #34   PostPosted: Wed Aug 10, 2011 11:29 am    Post subject: Reply with quote

Hi ST,

Is my study right when R3 was major resistance to the price, and the RSI was making negative divergence to price? Now the price is going down..
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Post: #35   PostPosted: Wed Aug 10, 2011 11:46 am    Post subject: A trading method Reply with quote

The following method is based on "Multiple timeframe momentum" ideas by Robert Miner. This particular trading method is a variation of his idea.

The attached chart shows a 15 mins NF chart on the left and a 5 mins NF chart on the right. The idea is to trade in the direction of higher timeframe momentum. The higher timeframe chart has one indicator - STS (8,3,3). The lower timeframe chart has one indicator - CCI(3).

Long Setup : in higher timeframe STS must be trending up (the blue line must be above the red line). Once this condition is satisfied, switch to lower timeframe chart and wait for CCI to touch -100. After this once CCI turns up and goes above 0 go LONG. Don't worry about the CCI level after this.

Short Setup : in higher timeframe STS must be trending down (the blue line must be below the red line). Once this condition is satisfied, switch to lower timeframe chart and wait for CCI to touch +100. After this once CCI turns down and goes below 0 go SHORT. Don't worry about the CCI level after this.

ADVANCED SIGNALS :
You will observe that some times it gives late signals especially when STS is at extreme on higher timeframe (STS is either overbought or oversold). These are the areas when there are possible reversals of trends. Here one has to anticipate reversals and take signals on lower timeframe in the opposite direction. But this has to be done based on some other important reason like price hitting support/resistance in key bands - BULL-R1 / BEAR-S1 or important fibonacci retracements etc. Some confluence has to be there hinting at a possible reversal.

The advanced signals are for experienced users only and should be avoided by beginners. Just taking standard long & short signals given above is enough. It just has to be done consistently following the rules given. Even though reversals are not caught, high probability trades are taken using the standard signals. For reversals (advanced signals) anticipation is necessary which requires some experience.

*** Will update later on initial & trailing stop loss

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Srikanth Kurdukar
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Post: #36   PostPosted: Wed Aug 10, 2011 11:50 am    Post subject: Reply with quote

guru.july wrote:
Hi ST,

Is my study right when R3 was major resistance to the price, and the RSI was making negative divergence to price? Now the price is going down..


Yes, your idea is fine. If one sees a divergence when price is encountering sup/res, it is a probable trade signal IF the divergence is confirmed by price following it and giving the actual signal.

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Post: #37   PostPosted: Wed Aug 10, 2011 1:52 pm    Post subject: Reply with quote

NF in BULL-R1 band....a key support/resistance area. Below BULL we can quickly head to LOC & BEAR-S1.
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sherbaaz
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Post: #38   PostPosted: Wed Aug 10, 2011 1:59 pm    Post subject: Re: A trading method Reply with quote

SwingTrader wrote:
The following method is based on "Multiple timeframe momentum" ideas by Robert Miner. This particular trading method is a variation of his idea.

The attached chart shows a 15 mins NF chart on the left and a 5 mins NF chart on the right. The idea is to trade in the direction of higher timeframe momentum. The higher timeframe chart has one indicator - STS (8,3,3). The lower timeframe chart has one indicator - CCI(3).

Long Setup : in higher timeframe STS must be trending up (the blue line must be above the red line). Once this condition is satisfied, switch to lower timeframe chart and wait for CCI to touch -100. After this once CCI turns up and goes above 0 go LONG. Don't worry about the CCI level after this.

Short Setup : in higher timeframe STS must be trending down (the blue line must be below the red line). Once this condition is satisfied, switch to lower timeframe chart and wait for CCI to touch +100. After this once CCI turns down and goes below 0 go SHORT. Don't worry about the CCI level after this.

ADVANCED SIGNALS :
You will observe that some times it gives late signals especially when STS is at extreme on higher timeframe (STS is either overbought or oversold). These are the areas when there are possible reversals of trends. Here one has to anticipate reversals and take signals on lower timeframe in the opposite direction. But this has to be done based on some other important reason like price hitting support/resistance in key bands - BULL-R1 / BEAR-S1 or important fibonacci retracements etc. Some confluence has to be there hinting at a possible reversal.

The advanced signals are for experienced users only and should be avoided by beginners. Just taking standard long & short signals given above is enough. It just has to be done consistently following the rules given. Even though reversals are not caught, high probability trades are taken using the standard signals. For reversals (advanced signals) anticipation is necessary which requires some experience.

*** Will update later on initial & trailing stop loss


Hi ST,

This strategy works quite well even on eod charts too combining both higher TF and lower TF (weekly, EOD) STS.

The anticipate signal marked by you also had a bearish engulfing pattern at key resistance area with STS over bought.

Regards,
Sherbaaz

PS: is it possible to have weekly icharts levels?
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Post: #39   PostPosted: Wed Aug 10, 2011 2:08 pm    Post subject: Re: A trading method Reply with quote

sherbaaz wrote:


Hi ST,

This strategy works quite well even on eod charts too combining both higher TF and lower TF (weekly, EOD) STS.

The anticipate signal marked by you also had a bearish engulfing pattern at key resistance area with STS over bought.

Regards,
Sherbaaz

PS: is it possible to have weekly icharts levels?


Very true....works on various combinations of EOD/intraday timeframes.

Currently do not have weekly levels, I have to devote time to work on it and finish it. At the moment I don't have time to do it. Will see....

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Srikanth Kurdukar
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Post: #40   PostPosted: Wed Aug 10, 2011 2:27 pm    Post subject: Reply with quote

BULL-R1 providing good support as expected. Now if we consolidate and reverse to upside from here then we can move up to R3, if we go down below bull then, as I said before, we can quickly move to LOC / BEAR-R1.

There is a another key level at 5100 that I call "Buy Above"....will be adding this to iCharts levels in the near future. More on this later....there is a chance of reversal from "Buy Above" also...if that breaks then we go down fast.

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girishhu1
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Post: #41   PostPosted: Wed Aug 10, 2011 4:11 pm    Post subject: Re: A trading method Reply with quote

SwingTrader wrote:
The following method is based on "Multiple timeframe momentum" ideas by Robert Miner. This particular trading method is a variation of his idea.

The attached chart shows a 15 mins NF chart on the left and a 5 mins NF chart on the right. The idea is to trade in the direction of higher timeframe momentum. The higher timeframe chart has one indicator - STS (8,3,3). The lower timeframe chart has one indicator - CCI(3).

Long Setup : in higher timeframe STS must be trending up (the blue line must be above the red line). Once this condition is satisfied, switch to lower timeframe chart and wait for CCI to touch -100. After this once CCI turns up and goes above 0 go LONG. Don't worry about the CCI level after this.

Short Setup : in higher timeframe STS must be trending down (the blue line must be below the red line). Once this condition is satisfied, switch to lower timeframe chart and wait for CCI to touch +100. After this once CCI turns down and goes below 0 go SHORT. Don't worry about the CCI level after this.

ADVANCED SIGNALS :
You will observe that some times it gives late signals especially when STS is at extreme on higher timeframe (STS is either overbought or oversold). These are the areas when there are possible reversals of trends. Here one has to anticipate reversals and take signals on lower timeframe in the opposite direction. But this has to be done based on some other important reason like price hitting support/resistance in key bands - BULL-R1 / BEAR-S1 or important fibonacci retracements etc. Some confluence has to be there hinting at a possible reversal.

The advanced signals are for experienced users only and should be avoided by beginners. Just taking standard long & short signals given above is enough. It just has to be done consistently following the rules given. Even though reversals are not caught, high probability trades are taken using the standard signals. For reversals (advanced signals) anticipation is necessary which requires some experience.

*** Will update later on initial & trailing stop loss


hi st,
how to combine the 2 timeframes in a single screen?
you say stoch should be trending up/down. do u mean to pay attention to slope of stoch?
regards,
girish
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SwingTrader
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Post: #42   PostPosted: Wed Aug 10, 2011 4:16 pm    Post subject: Re: A trading method Reply with quote

girishhu1 wrote:


hi st,
how to combine the 2 timeframes in a single screen?
you say stoch should be trending up/down. do u mean to pay attention to slope of stoch?
regards,
girish


You will need to use JCharts (Plus-Premium) for this....or just switch timeframes in single chart window.

About stoch trending up/down....just blue line & red line crossover is enough...

Will post more examples later.

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Shahii
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Post: #43   PostPosted: Wed Aug 10, 2011 7:10 pm    Post subject: Reply with quote

SwingTrader wrote:
BULL-R1 providing good support as expected. Now if we consolidate and reverse to upside from here then we can move up to R3, if we go down below bull then, as I said before, we can quickly move to LOC / BEAR-R1.

There is a another key level at 5100 that I call "Buy Above"....will be adding this to iCharts levels in the near future. More on this later....there is a chance of reversal from "Buy Above" also...if that breaks then we go down fast.


Very True ST Sir, nifty bounced back from Bull-R1 band and make an exact high of 5178(R3), ur levels works like magic .. thanks Sir Smile
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amitkbaid1008
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Post: #44   PostPosted: Wed Aug 10, 2011 7:32 pm    Post subject: Re: A trading method Reply with quote

SwingTrader wrote:

*** Will update later on initial & trailing stop loss


Waiting for you updates on Stop Loss
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SwingTrader
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Post: #45   PostPosted: Wed Aug 10, 2011 8:11 pm    Post subject: Re: A trading method Reply with quote

amitkbaid1008 wrote:
SwingTrader wrote:

*** Will update later on initial & trailing stop loss


Waiting for you updates on Stop Loss


Sure...I am going to re-post the strategy in a separate topic so I can continue it there. It will get lost if I post it here. There is another missing piece in the strategy that I need to add, will also add initial & trailing stop loss to it.

Will post here once I post the strategy separately.

Regards.

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