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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)
dilesh
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Post: #136   PostPosted: Thu Sep 23, 2010 9:04 am    Post subject: Reply with quote

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

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


Hi PT sir,
I will be happy to subscribe to this forum the day you make it paid. Very Happy

Regards,
Dilesh
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SwingTrader
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Joined: 11 Aug 2006
Posts: 2884
Location: Hyderabad, India

Post: #137   PostPosted: Thu Sep 23, 2010 10:03 am    Post subject: Reply with quote

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

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


Very Happy

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Srikanth Kurdukar
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SwingTrader
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Post: #138   PostPosted: Thu Sep 23, 2010 10:05 am    Post subject: Reply with quote

NF consolidating below 89 EMA and BEAR level....currently in BEAR-S1 band. Clear cut stuff....a break below S1 will continue & accelerate the intraday downtrend. A break above bear will put NF in sideways mode.

Bullish moves now possible only on a break above 89 EMA & LOC.

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dilesh
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Post: #139   PostPosted: Fri Sep 24, 2010 9:19 am    Post subject: Reply with quote

Hi ST Sir,
GM.. Had a query regarding the reversal trades from BEAR - S1 Band. Can AXISBANK stand for a reversal if now it comes above BEAR and takes support for 2-3 bars or that the first 5 min bar indicates negative?

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Dilesh
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SwingTrader
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Post: #140   PostPosted: Fri Sep 24, 2010 9:25 am    Post subject: Reply with quote

dilesh wrote:
Hi ST Sir,
GM.. Had a query regarding the reversal trades from BEAR - S1 Band. Can AXISBANK stand for a reversal if now it comes above BEAR and takes support for 2-3 bars or that the first 5 min bar indicates negative?

Regards,
Dilesh


Yeah....if it closes above BEAR and consolidates there then it is okay for a counter-trend trade upto 89 EMA or BULL-R1 band.

A break below S1 will, of course, continue the current downtrend.

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dazling
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Post: #141   PostPosted: Fri Sep 24, 2010 9:32 am    Post subject: Hi sir, can orchidchem increase Reply with quote

SwingTrader wrote:
dilesh wrote:
Hi ST Sir,
GM.. Had a query regarding the reversal trades from BEAR - S1 Band. Can AXISBANK stand for a reversal if now it comes above BEAR and takes support for 2-3 bars or that the first 5 min bar indicates negative?

Regards,
Dilesh


Yeah....if it closes above BEAR and consolidates there then it is okay for a counter-trend trade upto 89 EMA or BULL-R1 band.

A break below S1 will, of course, continue the current downtrend.
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SwingTrader
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Post: #142   PostPosted: Fri Sep 24, 2010 9:49 am    Post subject: Reply with quote

dazling,

Yes, ORCHIDCHEM is a buy above 210 with SL below LOC (207.65).

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Srikanth Kurdukar
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dilesh
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Post: #143   PostPosted: Fri Sep 24, 2010 10:54 am    Post subject: Reply with quote

SwingTrader wrote:
dilesh wrote:
Hi ST Sir,
GM.. Had a query regarding the reversal trades from BEAR - S1 Band. Can AXISBANK stand for a reversal if now it comes above BEAR and takes support for 2-3 bars or that the first 5 min bar indicates negative?

Regards,
Dilesh


Yeah....if it closes above BEAR and consolidates there then it is okay for a counter-trend trade upto 89 EMA or BULL-R1 band.

A break below S1 will, of course, continue the current downtrend.


Got a good trade in AXISBANK! Thanks Very Happy
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SwingTrader
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Post: #144   PostPosted: Fri Sep 24, 2010 8:11 pm    Post subject: Reply with quote

Super day today....on such days not much analysis is necessary...on such trending days absolutely any decent trending strategy will work. DMI, MACD, TRIX you name it will give decent trades. The problem days are the range days or not-so-trending days.

This morning the first trade in NF was the strong break to the upside from LOC also breaking the 89 EMA with it - an iCharts level signal to those who have followed my old examples in other threads. After that it was auto pilot as no bearish signal was given by iCharts levels. MACD did give a sell signal which had to be ignored according to the rules discussed earlier as 89 EMA was just below the broken level after MACD sell signal. Even if this sell/short was taken it would have got negated quickly and would have had to be reversed to long.

There were no trades after that first long in the morning, only stops were required to be trailed until the position would be closed just before market closed.

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Post: #145   PostPosted: Mon Sep 27, 2010 9:17 am    Post subject: Reply with quote

NF has opened in BULL-R1 band. As long as it stays above BULL we could see higher prices once it breaks above R1. A break below BULL can take NF easily to BEAR-R1 band/89 EMA.
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jjm
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Post: #146   PostPosted: Mon Sep 27, 2010 12:26 pm    Post subject: Reply with quote

Dear ST

One Doubt..

attached a chart of Axis_1M .Macd gave a sell signal but price did not move out of band Bull LOC and 34 EMA was just below price..hence did not short...

But price crossed in opposite direction and currently it is in R1 Bull band...in such case can we short if it once again drops in BULL LOC band


As earlier sell signal given by MACD still active..

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JJM
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jjm
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Post: #147   PostPosted: Mon Sep 27, 2010 12:49 pm    Post subject: Reply with quote

Dear ST

Another doubt..

Some times candle closes from one band into another band and the same time we get buy/sell signal from MACD..

shld we wait for nt candles to move out of existing band or we can take position ..

I am trading stocks based on your system hence it happen many time

Regards,

JJM
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Post: #148   PostPosted: Mon Sep 27, 2010 2:03 pm    Post subject: Reply with quote

jjm wrote:
Dear ST

One Doubt..

attached a chart of Axis_1M .Macd gave a sell signal but price did not move out of band Bull LOC and 34 EMA was just below price..hence did not short...

But price crossed in opposite direction and currently it is in R1 Bull band...in such case can we short if it once again drops in BULL LOC band


As earlier sell signal given by MACD still active..

Regards

JJM


Ideally you will have to wait for the level below to break (the nearest level that was below the price when sell was given). But from the other point of view - a break below bull is a reversal from BULL-R1 so it is good for a short. Now given such signals, look for other clues like current trend, trend in higher timeframe, oscillators in higher/current timeframe to see if a short is indicated or atleast overbought conditions are there. Then it makes sense to short on a break below bull itself instead of waiting for a break below LOC.

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Post: #149   PostPosted: Mon Sep 27, 2010 2:04 pm    Post subject: Reply with quote

jjm wrote:
Dear ST

Another doubt..

Some times candle closes from one band into another band and the same time we get buy/sell signal from MACD..

shld we wait for nt candles to move out of existing band or we can take position ..

I am trading stocks based on your system hence it happen many time

Regards,

JJM


It is a valid signal and you can take action on the same bar itself, there is no need to wait for an additional level to be broken.

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jjm
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Post: #150   PostPosted: Mon Sep 27, 2010 3:31 pm    Post subject: Reply with quote

Dear ST

Thanks

Very Happy

Regards,

JJM
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