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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: #16   PostPosted: Wed Sep 01, 2010 9:15 pm    Post subject: Reply with quote

NF 5 mins chart for 30.08.2010

Example for the MACD change of momentum + icharts levels confirmation idea

*** FOR THE SAKE OF SIMPLICITY I AM CALLING THE MACD SIGNALS AS BUY/SELL SIGNALS. THEY ARE ONLY CHANGE OF MOMENTUM SIGNALS THAT HAVE TO BE CONFIRMED WITH LEVELS ***


Below is the explanation for points marked on the chart:

A : A sell signal but price did not move below an iCharts level after this signal so signal negated.

B : A buy signal and price moves above icharts level BUT 89 EMA is just above so we have to wait until price moves above it. Price hits 89 EMA and moves back below the icharts level it cleared recently negating the buy signal.

C : Sell signal, price also has recently dropped below an icharts level. So a valid sell signal.

D : Buy signal, price moves above icharts level but fails to clear 89 EMA which is just above it. Falls back below the icharts level negating the buy signal. The next sell signal also confirms the negation of this buy signal.

E : Sell signal, price has just moved below icharts level. A valid sell signal.

F : A buy signal, price does not move above any icharts level. The next sell signal negates this buy signal.

G : Sell signal, price falls below bull level. A valid sell signal.

H : Buy signal, price moves above LOC, 89 EMA far enough to take this trade - a valid counter-trend trade buy signal.

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t.chatterjee
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Post: #17   PostPosted: Wed Sep 01, 2010 9:35 pm    Post subject: Reply with quote

brilliantly explained sir, but i hv a question, in case of 30th aug example, what is the significance of 34 ema? as we r judging validity of a signal wid respect to 89 ema, does the 34 ema has any significance in case of judging?

and 2ndly, nf generally moves wid a good volatile range, but will this method be applicable in case of stocks? i mean because of comparatively low volatility will we be able to have such kinds of confirmations in case of stocks?
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Post: #18   PostPosted: Wed Sep 01, 2010 9:45 pm    Post subject: Reply with quote

NF 5 mins chart for 31.08.2010

*** TO GET A BETTER IDEA OF WHAT I AM TALKING HERE, FIRST GO THROUGH THE IDEAS I HAVE EXPLAINED IN MY POSTS BELOW, THEN READ THIS EXAMPLE ***


Explanation follows for points marked on the chart:

A : A sell signal, price falls below icharts level. A confirmed/valid sell.

B : A buy signal, price did not move above icharts level, it reversed from the icharts level above. Not valid buy. Signal also negated by the sell signal below.

C : A sell signal, price falls below icharts level few bars later but we probably are still in the short initiated at point A above. In any case a valid sell signal.

*** Confusion starts now as we get three quick signals ***

D : A buy signal and price rallies above icharts level soon, a valid buy as 89 EMA is reasonably far away. SL will usually be below the previous icharts level.

E : Sell signal and price has dropped below icharts level. SL of the previous trade is not hit so this trade will probably be ignored. But if taken SL will be above the icharts level above (maybe above 34 EMA).

F : A buy signal, price moves above icharts level. 89 EMA far away so valid buy.

*** The problem above would be if short trade at E was taken. The SL of trade D was not hit so there was no reason to go short at E. But if short was taken then we would have to exit at F (and reverse to long) for the same reason as we exited trade D at E signal. So in any case long at D or long at F would have been taken based on these signals ***

G : Sell signal but price did not move below icharts level. The next buy negates this sell too. We continue to be long from D/F.

H : Buy signal but 89 EMA near, price moves above 89 EMA and icharts level a bar later confirming the buy.

Any questions on this...please ask. Will continue to post examples from previous days and days that follow for these signals.

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Post: #19   PostPosted: Wed Sep 01, 2010 10:02 pm    Post subject: Reply with quote

NF 5 mins chart for 27.08.2010

*** PLEASE GO THROUGH MY POSTS BELOW FOR EXPLANATION ON WHAT I AM POINTING OUT ON THIS CHART ***

A : Buy signal, price moves above icharts level on the same bar but is at 89 EMA resistance. This signal is confirmed at point B and a long trade is taken.

C : Sell signal but price is just above 89 EMA and has not gone below iCharts level. Few bars later it goes below 89 EMA, few bars after that below icharts level to confirm the sell, and we are then short at point D.

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Post: #20   PostPosted: Wed Sep 01, 2010 10:17 pm    Post subject: Reply with quote

t.chatterjee wrote:
brilliantly explained sir, but i hv a question, in case of 30th aug example, what is the significance of 34 ema? as we r judging validity of a signal wid respect to 89 ema, does the 34 ema has any significance in case of judging?

and 2ndly, nf generally moves wid a good volatile range, but will this method be applicable in case of stocks? i mean because of comparatively low volatility will we be able to have such kinds of confirmations in case of stocks?


1. You can safely ignore 34 EMA. I use it for gauging the strength of a trend and few other things which I will explain at a later date....don't want to confuse people too much Very Happy It is not critical for this strategy.

2. This strategy will work fine on volatile scrips. I will have to check for stocks and see. The basic idea behind is sound - confirmation of change of momentum signals with price so it should technical work on stocks too but I have not checked using icharts levels + 89 EMA. Will do it and post examples. Currently I am testing these on NF/BNF & commodities.

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Post: #21   PostPosted: Wed Sep 01, 2010 10:22 pm    Post subject: Reply with quote

again im here, in case of 27th, point c, should we wait upto point d? the reasons for which im asking are:
1. point d is quite far from point b, as u mentioned the price confirmation should come preferably within next a few bars, but point d is lil bit far.
2.loc is not as imp as s1 or r1,(atleast wht i understood)
3.should a break down from 89+34 ema cross over with a macd sell signal be considered a go and short be initiated at point b instead of waiting upto a break down from loc?
plz clear my confusion
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Post: #22   PostPosted: Thu Sep 02, 2010 9:25 am    Post subject: Reply with quote

NF is around the BULL level. BULL-R1 is going to be a stiff resistance.
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Post: #23   PostPosted: Thu Sep 02, 2010 9:37 am    Post subject: Reply with quote

t.chatterjee wrote:
again im here, in case of 27th, point c, should we wait upto point d? the reasons for which im asking are:
1. point d is quite far from point b, as u mentioned the price confirmation should come preferably within next a few bars, but point d is lil bit far.
2.loc is not as imp as s1 or r1,(atleast wht i understood)
3.should a break down from 89+34 ema cross over with a macd sell signal be considered a go and short be initiated at point b instead of waiting upto a break down from loc?
plz clear my confusion


1. No...I am fine with it. It just needs to be preferably near but in this case point D is a standard icharts level sell signal (price breaking below 89 EMA and then breaking below LOC. So no issues for me as I have double confirmation - change of momentum + conf. from price and icharts levels signal.

2. Most of the time BULL/R1 and BEAR/S1 are more important. But there are times when only LOC comes into play, especially during sideways moves when price stays between bull & bear level.

3. You can consider it to be a sell signal. I would sometimes take it but if there is a level nearby then I usually wait for a break of that level.

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Post: #24   PostPosted: Thu Sep 02, 2010 9:50 am    Post subject: Reply with quote

thank u sir, now its clear, today im going to apply wht i learnt from ur post abt ichart levels and macd,and then i will b back here to disturb u again Very Happy
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Post: #25   PostPosted: Thu Sep 02, 2010 10:29 am    Post subject: Reply with quote

BULL-R1 continues to be a stiff resistance. We have got a MACD momentum sell signal on NF around 9:45 AM. A break below LOC would give a short signal.

Market stats are positive at the moment, INDIAVIX is sideways...a breakout in this index may confirm the future near term direction for the market.

*** NOTE :
A momentum indicator sell signal does not mean a confirmed sell signal. It just indicates a change of momentum which needs to be confirmed by the price action like a break of icharts level or pivot level or a trendline. Only then a short would be indicated. See my posts below for examples posted yesterday. Here we will be using icharts levels as confirmation of change of momentum signals. ***

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Post: #26   PostPosted: Thu Sep 02, 2010 10:41 am    Post subject: Reply with quote

hello sir, how to attached chart in nifty future and indiavix plz give me sir[/b]
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Post: #27   PostPosted: Thu Sep 02, 2010 10:49 am    Post subject: Reply with quote

mohan.g wrote:
hello sir, how to attached chart in nifty future and indiavix plz give me sir[/b]


You want to view NF & INDIAVIX chart together in JCharts OR do you want to attach and post the chart here?

If you want to view NF & INDIAVIX chart together. Just open NF chart in jcharts first. Then type INDIAVIX in the small text box just below the scrip list and press ENTER.

Later to remove the indiavix chart, delete the indiavix symbol you typed in the text below scrip list and press enter.

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Post: #28   PostPosted: Thu Sep 02, 2010 11:21 am    Post subject: Reply with quote

Our levels computation program is computing levels for INDIAVIX too Very Happy It is probably silly/meaningless but levels are levels and INDIAVIX is stuck in the BEAR-S1 band at the moment. A break below S1 could result in an upside move in the market and a break above BEAR could result in a decline.
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Post: #29   PostPosted: Thu Sep 02, 2010 12:48 pm    Post subject: Reply with quote

We will need a break below LOC & 89 EMA for a short (confirmation for the MACD sell signal). A break below 89 EMA is also necessary because it is just below LOC.

Do note that we see whipsaws around 89 EMA....a close below 89 EMA and then the next bar is above it. So let price settle down below 89 EMA...just 1-2 closes below it....unless we get a strong/big down bar below 89 EMA in which case taking the short there itself is fine.

Currently NF & INDIAVIX still in ranges.....so still waiting.

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Post: #30   PostPosted: Thu Sep 02, 2010 1:46 pm    Post subject: Reply with quote

NF MACD has given a change of momentum buy signal at 13:45, this will get confirmed if we get a close above BULL.
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