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Examples
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Author Examples
SwingTrader
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Post: #1   PostPosted: Wed Jul 07, 2010 3:48 pm    Post subject: Examples Reply with quote

From now will post examples in this thread. Beginning with today's (07.07.2010) NF chart :

NF opened this morning in the BEAR-S1 band and clearly indicated the inability to breakout above this area. This indicated weakness. Price then broke down below the S1 level indicating further weakness. A short was indicated on breakdown below the BEAR-S1 area with a SL above BEAR level, targets being the levels below. After consolidating for most of the day between S1 and S2 it broke below S2 in continuation of the day's downtrend.

The thing to note as I post examples is the early morning action with respect to the key sup/res bands. This action sets up my bias for the next 1 hr or so. After that it is based on what the price does. This I do almost everyday, the exceptions being days on which market breaks out/down huge...on these days the strategy is different. Will post that when I have an example.

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Post: #2   PostPosted: Wed Jul 07, 2010 5:45 pm    Post subject: Examples Reply with quote

Sir,
Thanks a lot for briefing, it will be very helpful for lot of traders.


Sharath
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Post: #3   PostPosted: Fri Jul 09, 2010 9:24 am    Post subject: 08.07.2010 Update Reply with quote

Well...nothing much to do. NF open above R3. In such cases the main thing to look out is if price breaks below R3 indicating weakness. But it did not, it just kept going up and hit R4 and by the end of day came back down to R3 again.

On such days there is, as I said, nothing much to do other than initiate a long based on the initial support around R3 and place a stop below R3 and manage the trade based on which levels are hit.

Also, on such big gap days I do not even bother to look at any technical indicator for the first 1-2 hrs as they just don't work. One has to exclusively rely on levels, price based support/resistance or technical price patterns.

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Post: #4   PostPosted: Fri Jul 09, 2010 9:31 am    Post subject: 09.07.2010 - Morning Update Reply with quote

Something similar going on today too. NF opened around R1 and is now just going up. Open above Bull-R1 band is, of course, bullish. The scenario will change if price hits a level then reverses and breaks a level below it. Until then it is up or sideways from here.
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Post: #5   PostPosted: Fri Jul 09, 2010 10:46 am    Post subject: Examples Reply with quote

Great going ST. Smile Some of the things regarding the levels already started clearing up. Thanks for the update. Keep coming them on. Smile
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Post: #6   PostPosted: Fri Jul 09, 2010 10:52 am    Post subject: Thanks Reply with quote

Dear ST Sir,
Many thanks for your recent posts with examples. They are very helpful.
Your levels are the most important tools in my day trading setup.
These levels are UNIQUE

Regards,
Dilesh

Very Happy
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Post: #7   PostPosted: Wed Jul 14, 2010 8:36 am    Post subject: Reply with quote

Didn't get time to post for last three trading days. Here are the charts:

Will post/update comments later today.

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Post: #8   PostPosted: Wed Jul 14, 2010 9:00 am    Post subject: Reply with quote

SwingTrader wrote:
Didn't get time to post for last three trading days. Here are the charts:

Will post/update comments later today.

Thanks a lot dear ST sir for your new initiative, this will give confidence to the followers.
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Post: #9   PostPosted: Wed Jul 14, 2010 9:28 am    Post subject: Reply with quote

Hi Swing Trader,

Quite an interesting way of doing trading. I have been observing your thread for long.

If you are comfortable could you please enlighten as what all "Moving Averages" are you using? As i use only MA is my trading I got curious after seeing your charts.

Regards,
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Post: #10   PostPosted: Thu Jul 15, 2010 5:48 pm    Post subject: Examples Reply with quote

Dear ST

Today nifty NF was hovering around LOC ...what was the strategy you would have applied??

Was a rest day or you would have traded???

Will like to have your valuable inputs for today's trade..

Regards,

JJM
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Post: #11   PostPosted: Thu Jul 15, 2010 8:23 pm    Post subject: Reply with quote

dear st ji,
i think the weekly levels also can be posted which will be useful to positional traders also.
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Post: #12   PostPosted: Thu Jul 15, 2010 10:41 pm    Post subject: Re: Examples Reply with quote

jjm wrote:
Dear ST

Today nifty NF was hovering around LOC ...what was the strategy you would have applied??

Was a rest day or you would have traded???

Will like to have your valuable inputs for today's trade..

Regards,

JJM


I was tied up with some other work so I did not trade. If I am trading then I take all trades that match most of the criteria that I am looking for. There would have been two trades today:

1. Breakdown from consolidation around LOC (marked A on the chart)

I usually do not have strong feeling about such trades because there is usually strong support/resistance around bear/s1 area if price breaks down from LOC. So the move will be limited...at least initially. I usually take this trade but with caution. As it proved, it would not have given much as price found support around bear area.

2. Reversal from Bear/S1 area (marked B on the chart)

These are the trades that I usually look for. Reversals from bear/s1 or bull/r1 are usually good. But today it was not to be. If I would have been trading I would have taken this trade with confidence. Even though it would not have given much in profits it does match the criteria I look for. Such trades usually work well for me from my experience, but today was a day when it did not....which is perfectly fine...can't expect profits everyday.

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Post: #13   PostPosted: Thu Jul 15, 2010 10:43 pm    Post subject: Reply with quote

dcs2247 wrote:
Hi Swing Trader,

Quite an interesting way of doing trading. I have been observing your thread for long.

If you are comfortable could you please enlighten as what all "Moving Averages" are you using? As i use only MA is my trading I got curious after seeing your charts.

Regards,


The main moving averages I use in any timeframe are EMA(34) and EMA(89). You can ignore the rest of the moving averages on one of the chart I had posted below...those were for giving an example to someone and I took the snapshot with those in place.

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Post: #14   PostPosted: Fri Jul 16, 2010 9:50 am    Post subject: Reply with quote

Dear Swing Trader,

Thanks for the quick reply.

Regards,
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Post: #15   PostPosted: Sun Jul 18, 2010 12:43 pm    Post subject: Reply with quote

Posting NF chart for 16th Jul :

Was a sideways day with an upward bias indicated by price staying above LOC for most of the day.

Point A : Price hitting resistance at 89 EMA (dark blue) which is always on my chart. A probable trend continuation short trade that I took. A scratch trade as I got stopped out as price moved above LOC & 89 EMA.

Point B: Next point of interest when price indicated that it might be reversing from the bull-r1 zone. This is my high confidence trade, I took it. Later EMA 34 moved above EMA 89 indicating a change of bias. My stop for this short trade was above the high at point B (and not above R1 which is the usual SL), this was due to overall slightly positive bias. Did exit the trade just before market close, it would have anyway got stopped out.

Point C : This happened during my short trade. This just confirmed my slightly positive bias - market finding support at LOC and then moving back agove 89 EMA. I did not make any change to the trade like reversing to long etc...I just continued the short with SL in place.

Point D : Reversed again from bull-r1 area. This indicated a probable sideways move from this point until market close.

Point E : Just confirms the overall slightly positive bias and a continuing sideways move.

The above is as close as it is possible to my thought process during the day. Usually I pay more attention to the chart only when price approaches such points where the control can shift or where such points just confirm the current bias.

Looking back now I realise that the mistake I made on this day was not to realise that the overall bias was bullish from the morning itself as price could not breakdown below LOC. It tried to drop down to bear-s1 area twice but failed and moved above LOC/89 EMA. Well....life goes on.... Very Happy

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