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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: #31   PostPosted: Thu Sep 02, 2010 1:58 pm    Post subject: Reply with quote

We have a NF buy confirmed based on the MACD signal + icharts level confirmation we have been discussing. The SL is just below LOC (89 EMA is also at LOC) on a closing basis / strong down bar.
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Post: #32   PostPosted: Thu Sep 02, 2010 2:06 pm    Post subject: Reply with quote

We will have to see how this goes as BULL-R1 is a major resistance area according to iCharts levels and we have bought into it. I am currently doing back testing to see the effects of these major sup/res on the macd + icharts levels signals.

Will post more info when I have it.

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Post: #33   PostPosted: Thu Sep 02, 2010 2:25 pm    Post subject: Reply with quote

INDIAVIX continues to move within its BEAR-S1 band still indicating no clear trend.
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Post: #34   PostPosted: Thu Sep 02, 2010 2:38 pm    Post subject: Reply with quote

NF gave change of momentum sell signal at 14:35. We are already long with SL below LOC. We will stay long and will reverse the position on a close below LOC until this MACD sell signal stays. In the meantime if we get a MACD green then the sell will get negated.

If I have confused anyone, I will explain with chart after market hours anyway Very Happy

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Post: #35   PostPosted: Thu Sep 02, 2010 3:12 pm    Post subject: Reply with quote

Out of NF long. Tomorrow will be interesting...hopefully Very Happy
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Post: #36   PostPosted: Fri Sep 03, 2010 9:22 am    Post subject: Reply with quote

NF around LOC, market stats are neutral with a bullish bias.
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Post: #37   PostPosted: Fri Sep 03, 2010 10:41 am    Post subject: Reply with quote

It looks like NF is still not out of yesterday's slumber. It is like it is continuing yesterday's move...slow long consolidation.

About the MACD signals that we confirm with price (breaking icharts levels)....for the start of the day, yesterday's last signal is taken. Trades can then be taken on break of icharts levels in the direction of MACD. But this is to be done only if there is no major gap up/down. In case of gaps, market is allowed to consolidate/digest the gap and then subsequent MACD signals + icharts level breaks are traded.

So for today, yesterday's last signal on MACD was a sell. So currently we are in sell mode, trade will be initiated only if BEAR level is broken. NF did go above LOC and then broke below it during first few bars after market open but since 89 EMA was just below the signal was ignored. Short could have initiated once price closed below 89 EMA but, at least, I did not.

I have not posted yesterday's chart as there was no point doing it. It wouldn't have been educational as there were no clear signal. One failed signal yesterday that I traded, I have already posted info on it yesterday.

More later...

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t.chatterjee
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Post: #38   PostPosted: Fri Sep 03, 2010 11:12 am    Post subject: Reply with quote

st sir, ichart levels along wid macd signals are doing well for stock also, off course, its doing well for volatile stocks, i hv tested it yesterday and today, though only 2 days of testing is nothing, but i felt that i should inform u, yesterday i shorted hindalco at 176 and booked at 173, and today i bought ndtv at 112 and existed at 114.75, in this kind of choppy market (and yesterday i had a power cut also, so could not stay for long in the market) i thought 2-3 rupee is ok,

and one more thing, which is quite irrelevant but u may rem tht once i posted a chart wid high 89 and low 89 and u, while commenting, recommended me to use adx to confirm the trend, i hv found 10 ema high /low, its good for positional trades, and its not working in choppy trend, only if adx shows strength, then it works
thank u very much for introducing macd wid ichart levels, the whole thing now become more meaningful.
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Post: #39   PostPosted: Fri Sep 03, 2010 11:20 am    Post subject: Reply with quote

t.chatterjee,

Ok, nice to know your finding. I am also doing this testing (macd + icharts levels) on stocks. I will post what I find in the next few days.

About EMA(10) of high/low, yes, this might work for positional. But yes, some kind of trend strength identification/confirmation is necessary to reduce whipsaws. ADX is one of the tools that can be used.

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Post: #40   PostPosted: Fri Sep 03, 2010 1:49 pm    Post subject: Reply with quote

Nothing much going on..NF stuck in LOC-BEAR range, 89 EMA is flat.

Attached is NF 5 min chart.

A : A possible short in the morning...did not take it as I had not thought about it before. The sell from previous day active this morning as there was no gap. Price broke above LOC at market open and then went down below LOC. That was the point to take it but still have to decide if such signals should be taken or not as moves are volatile around market open.

B : MACD buy signal not confirmed by price (price did not break above an icharts level)

C : MACD short signal not confirmed by price

D : MACD buy signal...not yet confirmed by price....still watching.

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Post: #41   PostPosted: Fri Sep 03, 2010 2:41 pm    Post subject: Reply with quote

NF 5min MACD buy signal will be confirmed if the next bar closes above LOC. INDIAVIX seems to be confirming the upmove as of now.
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Post: #42   PostPosted: Fri Sep 03, 2010 2:55 pm    Post subject: Reply with quote

SwingTrader wrote:
NF 5min MACD buy signal will be confirmed if the next bar closes above LOC. INDIAVIX seems to be confirming the upmove as of now.


The buy got confirmed on close of 14:55 bar.

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Post: #43   PostPosted: Fri Sep 03, 2010 3:24 pm    Post subject: Reply with quote

This NF long too looks like the small losing trade like yesterday's single trade, will be closing out this trade now.

I will, anytime, take such trades to find out if it is going to result in a big trade. I am not going to do thinking about if this trade is going to be a loser or winner. I get the signal, I take the trade. Period. The idea is to be consistent with the rules.

Next week will show how it goes for these signals. Any big trend and these signals will put us right into the trade and for finding out if the next trade is this big trade, these small trades are the price one has pay.

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hbanerji
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Post: #44   PostPosted: Sun Sep 05, 2010 2:42 am    Post subject: Reply with quote

hi ST,
one MAJOR problem... we don't get to see ur notes except when we steer back to the "home" section and therefore, we miss most of ur recommendations in real time. veerappan has devised a nice way to counter this... whenever he has something to say, he opens a note in the "forum" section and he posts a link in sb.
this creation of a link will be a very useful way for us sbwatchers, to follow your trades. also, please think of a way to clear the clutter in sb, if you may
thanks,
in anticipation, of course...
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t.chatterjee
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Post: #45   PostPosted: Sun Sep 05, 2010 8:18 am    Post subject: Reply with quote

st sir, plz provide historical ichart levels, i think this will be useful for back testing, at least 7 days historical level is needed, plz think abt it
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