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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: #91   PostPosted: Tue Sep 14, 2010 9:47 am    Post subject: Reply with quote

This morning we have the MACD signal + iCharts level confirmation on the same 09:15 AM bar as NF closed above bull level. SL for this long trade is below LOC.

Yesterday I did not post the details of trade as I was too tied up. Yesterday we got the MACD buy signal on the 1st bar of the day (as it usually is with gap up opens). This got confirmed on close of the 1st bar when NF closed above R2. After that it was all the way up trailing SLs. Of course, I did not trade in the morning yesterday as we had a major data feed issue. There was one MACD sell signal which did not get confirmed, so no issues.

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Post: #92   PostPosted: Tue Sep 14, 2010 10:00 am    Post subject: Reply with quote

If NF continues to move above R3, there is a key resistance between 5857-5863, if NF can clear that it will move towards R4 (5884). Of course, it will have to clear R3 first.
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Post: #93   PostPosted: Tue Sep 14, 2010 10:35 am    Post subject: Reply with quote

We have a MACD sell signal on the 10:30 bar, this will get confirmed if NF closes below BULL level.
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Post: #94   PostPosted: Tue Sep 14, 2010 12:34 pm    Post subject: Reply with quote

If you are stopped out (like I am) of the morning's long trade, a close above R2 will put us back into long mode. Around this area MACD also will probably give us a buy signal which would be confirmed by the close above R2. A good SL will be below BULL in this case.

Please observe the above and act accordingly, if you wish, if it happens as described above...I will be out for little while so I am posting this info before I step out.

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Post: #95   PostPosted: Wed Sep 15, 2010 9:14 am    Post subject: Reply with quote

Strong open....BULL-R1 is going to be the key resistance. The continuing signal from previous day is macd buy signal, this got confirmed when NF closed this morning above BULL. If you buy here the SL goes below LOC.
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Post: #96   PostPosted: Wed Sep 15, 2010 10:22 am    Post subject: Reply with quote

how to trade in idfc,pfc, rec today?
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Post: #97   PostPosted: Wed Sep 15, 2010 10:32 am    Post subject: Reply with quote

girishhu1 wrote:
how to trade in idfc,pfc, rec today?


IDFC has almost hit R5. One should have entered early today for a better trade but if you looking to trade it at this point then you might want to go long here with a SL below its R3 (196.34). Just trail stops from here.

PFC is currently in BULL-R1 band, one can go long on a break above R1 with SL below Bull.

REC - I am assuming this is RECLTD. It has just broken above R1. One can go long with SL below BULL.

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Post: #98   PostPosted: Wed Sep 15, 2010 10:38 am    Post subject: Reply with quote

thanks,st.
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Post: #99   PostPosted: Wed Sep 15, 2010 10:47 am    Post subject: Reply with quote

NF long SL move up to just below BULL as price moved above R1.
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Post: #100   PostPosted: Wed Sep 15, 2010 11:03 am    Post subject: Reply with quote

Unloaded major part of the position and moved SL for the rest to just below R1. I am not recommending you to do this...if you have the patience, just trail the SL. My patience is inversely proportional to the size of my position Very Happy Relatively large position today so not much patience....
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Post: #101   PostPosted: Wed Sep 15, 2010 11:55 am    Post subject: Reply with quote

Long position for remaining qty closed. We have MACD sell signal on the 11:45 bar, this will get confirmed on a close below R1, a short will be initiated at that point.
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Post: #102   PostPosted: Wed Sep 15, 2010 12:16 pm    Post subject: Reply with quote

NF closed below R1 on the 12:15 bar. Currently in short mode with SL just above R2.
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Post: #103   PostPosted: Wed Sep 15, 2010 12:30 pm    Post subject: Reply with quote

SL moved down to just above R1 as NF had dropped down to BULL level (almost). 89 EMA is also here so overall good support here.
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Post: #104   PostPosted: Wed Sep 15, 2010 12:34 pm    Post subject: Reply with quote

Will not be able to post for an hour or so as I have work....exited the position for now.
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Post: #105   PostPosted: Wed Sep 15, 2010 1:55 pm    Post subject: Reply with quote

Just came back....would have got stopped out of the short position anyway (just above R1).

We have MACD buy signal at 13:35 bar which would get confirmed on a close above R2.

BTW...just for info...this recent bounce off the BULL level and then a close above R1 itself is an iCharts level signal to go Long. As I said below BULL + 89 EMA confluence is usually a good support level.

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