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How to trade using iCharts Levels (Sep 2010)
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Author How to trade using iCharts Levels (Sep 2010)
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Post: #106   PostPosted: Wed Sep 15, 2010 2:33 pm    Post subject: Reply with quote

The MACD buy signal on 13:35 bar negated by the MACD sell signal on 14:10 bar. A sell now if NF closes below R1. I would be very careful...would think twice before shorting now because just below R1 is the 89 EMA and a bit below that is the BULL level. As of now only below BULL is real opportunity for profits in shorts.
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Post: #107   PostPosted: Wed Sep 15, 2010 2:53 pm    Post subject: Reply with quote

The MACD buy signal on 14:45 bar negates the previous sell signal. A long is now indicated if NF closes above R2.

I will not be initiating any trade now, for rest of the day....the above is just for your info.

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Post: #108   PostPosted: Thu Sep 16, 2010 10:26 am    Post subject: Reply with quote

Sideways move until NF breaks either above bull or below bear.

We got a MACD buy signal this morning but it was not confirmed as NF did not close above BULL. We have a MACD sell signal on 9:55 bar, it will be confirmed when NF closes below BEAR. A short would be indicated at that time with SL just above LOC.

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Post: #109   PostPosted: Thu Sep 16, 2010 1:24 pm    Post subject: Reply with quote

What a move!!!

The initial break below BEAR was a nice fake...a short here would have been with SL above LOC. After that there were two signals for longs:

1. Standard iCharts level long signal on a reversal from BEAR-S1 followed by close above 89 EMA.

2. MACD buy signal on 12:30 bar confirmed on a close above LOC (12:40 bar). This was a bit late.

My long entry was based on #1 above on the bar after the bar that closed above 89 EMA. I was short on close below BEAR but I did have in mind that it was also a reversal zone (BEAR-S1 band). Reversed the position on close above 89 EMA, added to it above LOC. Closed off much of the position at R1, will trail the rest until it gets stopped out.

This post is quite late as there was no time to post...I was in semi-shock mode Very Happy

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jjm
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Post: #110   PostPosted: Thu Sep 16, 2010 3:53 pm    Post subject: Reply with quote

Dear ST

Do we have to wait for candle to close below any levels for initiating trade or once the price crosses the pivots then take position...

In today's 1st short sell trade in NF candle crossed the bear level and did closed below Bear level by that time it has gone down 10 pts below Bear pivot of 5838...

there is very less diff in levels for stocks... and this is creating problem for me.. As I am taking position based on CC( Candle Close)

So do you suggest to initiate trade once it crosses level or to wait for CC

Regards,

JJM
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Post: #111   PostPosted: Thu Sep 16, 2010 10:18 pm    Post subject: Reply with quote

jjm wrote:
Dear ST

Do we have to wait for candle to close below any levels for initiating trade or once the price crosses the pivots then take position...

In today's 1st short sell trade in NF candle crossed the bear level and did closed below Bear level by that time it has gone down 10 pts below Bear pivot of 5838...

there is very less diff in levels for stocks... and this is creating problem for me.. As I am taking position based on CC( Candle Close)

So do you suggest to initiate trade once it crosses level or to wait for CC

Regards,

JJM


JJM,

You can try just crossing of a level for stocks. I have tested these levels very well for NF & BNF and it is best to wait for a close above/below the levels. For stocks it can be totally different. I too will check and post what I find.

Frankly, in my trading I actually sometimes wait for 2-3 bars after a close above/below a level as usually reversals happen this way. How long I wait or if I enter early or late depends on too various things. The idea I want to give you is that, the rules are guidelines that you can change to suit your trading style.

Will try and post more info on usage of levels on stocks...

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Post: #112   PostPosted: Fri Sep 17, 2010 9:39 am    Post subject: Reply with quote

Sorry...I will not be able to post much today as I am tied up with some work.
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Post: #113   PostPosted: Mon Sep 20, 2010 9:27 am    Post subject: Reply with quote

NF between LOC & BULL. A break above day's high would continue the ongoing trend. A break below LOC would start a consolidation/down move.

Market stats are bullish as of now.

Watching for now...

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Post: #114   PostPosted: Mon Sep 20, 2010 9:36 am    Post subject: Reply with quote

The next resistance is BULL, a close above that will take it to a critical resistance at R1. BULL-R1 band is the key where reversal can happen. If NF manages to move beyond R1 then we may see more higher prices. Consolidations may happen in the bull-r1 band which could be positive.
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Post: #115   PostPosted: Mon Sep 20, 2010 11:46 am    Post subject: Reply with quote

BULL is the first support, if it goes then it is a sell (in this case it could just be a consolidation). Below BULL we can quickly go to LOC. But if we can consolidate above bull it would be very bullish. So watching closely...
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Post: #116   PostPosted: Mon Sep 20, 2010 1:35 pm    Post subject: Reply with quote

Next resistance is 5974 and after that R2 (5992). 6000 coming today? Looks like it...who knows?
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Post: #117   PostPosted: Mon Sep 20, 2010 5:02 pm    Post subject: Reply with quote

hi st,
the hi quoted on daily chart in case of suzlon do not match with hrly as the same is collected from nse official website. but in that case the volumes on the eod chart should match with official data.but in case of amtek auto , i find data on i chart and that given by moneycontrol.com vary considerably. i m confused.
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Post: #118   PostPosted: Mon Sep 20, 2010 6:55 pm    Post subject: Reply with quote

girishhu1 wrote:
hi st,
the hi quoted on daily chart in case of suzlon do not match with hrly as the same is collected from nse official website. but in that case the volumes on the eod chart should match with official data.but in case of amtek auto , i find data on i chart and that given by moneycontrol.com vary considerably. i m confused.
regards


Two things:

1. Intraday data & EOD data will never match as intraday data will not include pre-market block deal quotes and quotes from adjustment trades done by NSE's systems. Intraday data is from NSE's charting/website dessimination data feed which currently does not provide this info. There is talk about providing this data also as part of the charting data feed. Until then this is how it will be. This info is directly from NSE.

2. About EOD volumes, I am not sure where you checked but AMTEK AUTO's EOD volume is 220836 both in iCharts & MoneyControl. Check volume in JCharts (EOD) or JCharts (Premium) where you can view exact volume. Our EOD data is from NSE's official bhavcopy, there is no question of it not matching with NSE.

NOTE: The volumes in Charts (Premium) will be displayed in millions, there is a rounding applied too. For AMTEK AUTO it will display 0.221 million (2.21 Lakhs - rounded from 220836).

I hope this makes things clear.

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Post: #119   PostPosted: Mon Sep 20, 2010 9:39 pm    Post subject: Reply with quote

hi st,
sorry, imade gadbad in amtek india and amtek auto.
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Post: #120   PostPosted: Tue Sep 21, 2010 12:35 pm    Post subject: Reply with quote

Hi ST Sir,
Managed to get a good counter trend Short trade in morning in NF.
Currently there is an MACD buy signal in NF. So it can be a Buy above Bull only and a Sell below 89 ema & LOC. Hope I am thinking correct.

Thanks,
Dilesh
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