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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)
SwingTrader
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Post: #121   PostPosted: Tue Sep 21, 2010 12:41 pm    Post subject: Reply with quote

dilesh wrote:
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


Great!!! I too took the same counter trend trade : MACD sell signal + break below bull level. Exited as NF hit 89 EMA...was expecting significant support.

The buy signal on MACD is probably going to get negated now as MACD is ready to give a sell. The buy signal was not confirmed as NF hit resistance at BULL.

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Post: #122   PostPosted: Tue Sep 21, 2010 12:51 pm    Post subject: Reply with quote

One thing to keep in mind is that we are in a strong uptrend on most timeframes so until 89 EMA breaks on 5 mins & a higher timeframe than 5 mins (example: 15 mins), shorts are going to be risky.

All shorts initiated should be treated as counter trends and should be managed carefully with relatively tight stops. Profits should be booked aggressively.

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Post: #123   PostPosted: Tue Sep 21, 2010 1:57 pm    Post subject: Reply with quote

Now LOC is critical support as 89 EMA is nearby. A break below LOC can be bearish in the near term....maybe only until BEAR level (89 EMA on 15 mins chart is near BEAR).
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Post: #124   PostPosted: Wed Sep 22, 2010 9:33 am    Post subject: Reply with quote

NF has opened in BULL-R1 band and has found resistance here. A break below BULL means sideways to down.
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Post: #125   PostPosted: Wed Sep 22, 2010 9:38 am    Post subject: Reply with quote

ST Sir,
Pl. give your observations regarding ADANIENT. I took a short below 89EMA & LOC with a Stop at 691, above BULL. Does the flattening EMAs indicate sideways move?

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Dilesh
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Post: #126   PostPosted: Wed Sep 22, 2010 9:44 am    Post subject: Reply with quote

dilesh wrote:
ST Sir,
Pl. give your observations regarding ADANIENT. I took a short below 89EMA & LOC with a Stop at 691, above BULL. Does the flattening EMAs indicate sideways move?

Regards,
Dilesh


Looks like sideways to down for now...as long as it stays below 89 EMA. Above BULL things can change for this scrip.

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Post: #127   PostPosted: Wed Sep 22, 2010 10:17 am    Post subject: Reply with quote

NF - 89 EMA is at LOC...watch for significant support at LOC.
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Post: #128   PostPosted: Wed Sep 22, 2010 10:30 am    Post subject: Reply with quote

NF below LOC now...if it consolidates below LOC for even few bars then we may see the BEAR-S1 band soon.
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Post: #129   PostPosted: Wed Sep 22, 2010 10:49 am    Post subject: Reply with quote

NF in a hurry Very Happy watch for a reversal in the BEAR-S1 band as we have significant support at S1. If S1 goes...well... Very Happy
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Post: #130   PostPosted: Wed Sep 22, 2010 10:49 am    Post subject: Reply with quote

SwingTrader wrote:
dilesh wrote:
ST Sir,
Pl. give your observations regarding ADANIENT. I took a short below 89EMA & LOC with a Stop at 691, above BULL. Does the flattening EMAs indicate sideways move?

Regards,
Dilesh


Looks like sideways to down for now...as long as it stays below 89 EMA. Above BULL things can change for this scrip.


Thanks Sir, booked small profits & exited in ADANIENT below BEAR & also got a small short trade in NF Very Happy

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Dilesh
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Post: #131   PostPosted: Wed Sep 22, 2010 3:32 pm    Post subject: Reply with quote

Dilesh,

Good work on the trades.

Have been busy trading today. Very good trades both - short in the morning and long in the afternoon. Finding easier & bigger trades these days after the low volatility moves a while ago.

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Post: #132   PostPosted: Wed Sep 22, 2010 3:38 pm    Post subject: Reply with quote

I might not post detailed stuff everyday, maybe I will be able to do it on weekends...if you have doubts, please let me know here and I will post in detail and clarify those. For everyday, I will post key stuff as and when I get time...I can't post realtime stuff here as I need full attention on my terminal for my trading.

I am not sure how many have realised the usefulness of iCharts levels. They work splendidly when used with just moving averages or any trend indicator. Trending moves are indicated when price moves beyond one of the bands or reverses from a band. Sideways moves are indicated when price reverses and stays between bull & bear. Just these concepts are more than enough to capture both small & large trades consistently. Of course, practice, dedication & discipline are necessary.

Good Luck!!!

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Post: #133   PostPosted: Wed Sep 22, 2010 9:14 pm    Post subject: Reply with quote

A Swing/Position trading system based on iCharts Levels

The attached chart (generated in Excel using iCharts levels for the past little more than 1 year) shows NF daily closing price (blue line) plotted with SMA(10) of R1 (green line) and SMA(10) of S1 (red line). The red circles marked on the chart are whipsaws.

The idea is based on R1 & S1 being the key levels of support & resistance, breaks above/below which change trends for a while.

LONG : Go long at open the day after NF closes above SMA(10) of R1 in the chart). SL will be a close below the SMA(10) of S1.


SHORT :
Go short at open the day after NF closes below SMA(10) of S1. SL will be a close above the SMA(10) of R1.

Interesting Points to note :

1. There were only 5 whipsaws in the previous 1 year.

2. The idea behind the system is sound as it is based on iCharts levels that have been developed by me through long research.

3. Risk-to-reward ratio is very good....around 1:5.

NOTE : This is just an idea. Prudent risk management is necessary to trade this system. Ample trading capital must be allocated to trade this system. Average SL is around 80-100 pts. So one trading this system on NF should be able to comfortably take a loss of Rs. 5000 per lot in case he is stopped out. There could be two or more whipsaws close to one another so some buffer capital is necessary.

Disclaimer : The chart shown indicates past prices & statistics. Something as good as this may not happen in the future....of course...there is a high probability that it may Very Happy

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Post: #134   PostPosted: Wed Sep 22, 2010 10:13 pm    Post subject: Reply with quote

SwingTrader wrote:
A Swing/Position trading system based on iCharts Levels

The attached chart (generated in Excel using iCharts levels for the past little more than 1 year) shows NF daily closing price (blue line) plotted with SMA(10) of R1 (green line) and SMA(10) of S1 (red line). The red circles marked on the chart are whipsaws.

The idea is based on R1 & S1 being the key levels of support & resistance, breaks above/below which change trends for a while.

LONG : Go long at open the day after NF closes above SMA(10) of R1 in the chart). SL will be a close below the SMA(10) of S1.


SHORT :
Go short at open the day after NF closes below SMA(10) of S1. SL will be a close above the SMA(10) of R1.

Interesting Points to note :

1. There were only 5 whipsaws in the previous 1 year.

2. The idea behind the system is sound as it is based on iCharts levels that have been developed by me through long research.

3. Risk-to-reward ratio is very good....around 1:5.

NOTE : This is just an idea. Prudent risk management is necessary to trade this system. Ample trading capital must be allocated to trade this system. Average SL is around 80-100 pts. So one trading this system on NF should be able to comfortably take a loss of Rs. 5000 per lot in case he is stopped out. There could be two or more whipsaws close to one another so some buffer capital is necessary.

Disclaimer : The chart shown indicates past prices & statistics. Something as good as this may not happen in the future....of course...there is a high probability that it may Very Happy


Hi ST Sir,
Many thanks for sharing this great system! Your levels & strategies have a tremendous edge in Intraday trading. So I would like to start using this system for Positional also. Kindly explain how can I plot this chart. Do I need to copy the levels of past days to an Excel sheet and generate the chart on Daily basis.

Regards,
Dilesh
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Post: #135   PostPosted: Thu Sep 23, 2010 6:57 am    Post subject: Reply with quote

ST, I am thinking of making this as a paid forum secret

--PT
Loot liya Nifty ko dilwaalo ne..iCharts ke laalo ne chat.
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