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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: #1   PostPosted: Wed Sep 01, 2010 9:24 am    Post subject: How to trade using iCharts Levels (Sep 2010) Reply with quote

NF is above BULL. I would look to trade a strong move away from here as my initial trade keeping an eye on the R1 level on the upside and LOC & 89 EMA on the downside.
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Post: #2   PostPosted: Wed Sep 01, 2010 9:41 am    Post subject: Reply with quote

Please add INDIAVIX to your JCharts scrip list. This is the NSE volatility index, a very valuable tool for both intraday trading and position trading/investing.

Will post more on this in the near future.

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dilesh
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Post: #3   PostPosted: Wed Sep 01, 2010 10:09 am    Post subject: Reply with quote

Hi ST sir,
I sincerely thank you for your August examples posts. I was able to pick up & learn many imp. skills from there and that has helped me improve my trades to a great extent.
Looking forward to learn more from you this month also.
Wishing you all the best for September!

Thanks & regards,
Dilesh Very Happy
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Post: #4   PostPosted: Wed Sep 01, 2010 10:14 am    Post subject: Reply with quote

dilesh wrote:
Hi ST sir,
I sincerely thank you for your August examples posts. I was able to pick up & learn many imp. skills from there and that has helped me improve my trades to a great extent.
Looking forward to learn more from you this month also.
Wishing you all the best for September!

Thanks & regards,
Dilesh Very Happy


Thanks for the compliments & wishes!!!

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dilesh
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Post: #5   PostPosted: Wed Sep 01, 2010 10:38 am    Post subject: SBIN Reply with quote

ST sir,
SBIN is made 3 to 4 closes below BULL. 89 EMA is just below BULL. So we wait for price to break 89 EMA and LOC also? Also the EMA is running almost flat, so should a trade be avoided now?

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Dilesh
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Post: #6   PostPosted: Wed Sep 01, 2010 10:42 am    Post subject: Reply with quote

Welcome to "How to trade using iCharts Levels" forum topic for the month of Sep 2010.

To reiterate....we use iCharts levels mainly as a supporting tool. Even though I am trying to show how to trade mainly using iCharts levels using only the 89 EMA as a tool, any levels you use should ideally be used as a supporting tool.

While developing iCharts levels, we have focused mainly on providing high probability support & resistance levels above/below which one can buy/sell or use those for SLs. You will be able to leverage iCharts levels better if you use these with a trading method like buying in trends, trading reversals, trading momentum indicator divergences, trading breakouts etc etc. When price moves above/below certain levels, it will be much better if you have confirmation from some other trading method or indicator or combination of indicators to support your signal. This is the way I mainly use these levels.

So if you have a favorite trading method or indicator, use it and use iCharts levels as a supporting tool. Example : Use MACD or DMI, turn on JCharts buy/sell signals. Once you get a buy signal, buy once the price goes above a level or if price has already just gone above a level little before you got your buy signal (do the opposite for sell signals). This way you have our high probability levels to support your trade.

One important point when using the above idea....I avoid going against 89 EMA. When I take the signal from above idea I want the 89 EMA supporting me or at least I want some distance between my entry and 89 EMA if I am taking a counter-trend trade....so I know I will at least get some profit between my entry and 89 EMA. I will make this clear when I post example charts.

Will post examples shortly thumbup1

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Last edited by SwingTrader on Wed Sep 01, 2010 11:00 am; edited 1 time in total
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Post: #7   PostPosted: Wed Sep 01, 2010 10:44 am    Post subject: Re: SBIN Reply with quote

dilesh wrote:
ST sir,
SBIN is made 3 to 4 closes below BULL. 89 EMA is just below BULL. So we wait for price to break 89 EMA and LOC also? Also the EMA is running almost flat, so should a trade be avoided now?

Regards,
Dilesh


For SBIN a break below LOC is a straight sell with SL above BULL.

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t.chatterjee
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Post: #8   PostPosted: Wed Sep 01, 2010 10:45 am    Post subject: Reply with quote

SwingTrader wrote:
Please add INDIAVIX to your JCharts scrip list. This is the NSE volatility index, a very valuable tool for both intraday trading and position trading/investing.

Will post more on this in the near future.


getting only one day indiavix on jchart, no historical data is there,is it due prb on my end? or no historical data available for now?
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Post: #9   PostPosted: Wed Sep 01, 2010 11:01 am    Post subject: Reply with quote

t.chatterjee wrote:
SwingTrader wrote:
Please add INDIAVIX to your JCharts scrip list. This is the NSE volatility index, a very valuable tool for both intraday trading and position trading/investing.

Will post more on this in the near future.


getting only one day indiavix on jchart, no historical data is there,is it due prb on my end? or no historical data available for now?


Sir,

We have added INDIAVIX just today, we do not have its historical intraday data. We will have some history to analyze intraday in the next few days as we collect data.

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Post: #10   PostPosted: Wed Sep 01, 2010 11:15 am    Post subject: Reply with quote

st sir i am ur admire and fan, u hv helped us greatly and doing a great job by posting various trading ideas,im too small before u in terms of age and experience, plz dont call me "sir", plz regard me as one of ur students
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Post: #11   PostPosted: Wed Sep 01, 2010 12:56 pm    Post subject: Reply with quote

t.chatterjee wrote:
st sir i am ur admire and fan, u hv helped us greatly and doing a great job by posting various trading ideas,im too small before u in terms of age and experience, plz dont call me "sir", plz regard me as one of ur students


Very Happy

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Post: #12   PostPosted: Wed Sep 01, 2010 12:58 pm    Post subject: Reply with quote

A break below 89 EMA would be bearish....watchout!!!

I have to leave for a meeting. I plan to post few examples of the idea I was talking about in my post below. Will try and do that later today.

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Post: #13   PostPosted: Wed Sep 01, 2010 7:03 pm    Post subject: Reply with quote

Wish I was there to take the long trade in NF today. Would have taken the long on a break above bull after NF got supported at 89 EMA. But well...I wasn't there, so opportunity lost.

INDIAVIX confirmed the breakout clearly....see attached chart.

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Post: #14   PostPosted: Wed Sep 01, 2010 7:15 pm    Post subject: Reply with quote

About INDIAVIX:

INDIAVIX is the volatility index for our market.

Speaking generally, when market is rallying, INDIAVIX (volatility index) falls. When market declines INDIAVIX rises.

It is built using implied volatility of options and is sort of estimate of "fear" in the market. If the INDIAVIX is high (relatively speaking with past values) then the fear in the market (of decline) is higher compared to previous period and vice versa. Low INDIAVIX values indicates complacency in the market which is associated with market tops.

To put things in perspective INDIAVIX is around historically low levels indicating market is complacent and that we may be nearer to a market top. How near? well that is a good question for which I don't have an answer.

To view EOD chart of INDIAVIX, enter INDIAVIX as the symbol in our EOD chart. Intraday INDIAVIX is also available now.

For more info about VIX (the original volatility index (based on S & P 500 stock Index options) based on which INDIAVIX has been designed) see here:

http://www.cboe.com/micro/vix/introduction.aspx

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Post: #15   PostPosted: Wed Sep 01, 2010 8:56 pm    Post subject: Reply with quote

Let me expand a bit on the idea of using other technical indicators in combination with iCharts levels for identifying trading opportunities:

Example below uses a MACD (13,34,13). The so called "Buy/Sell signals" are enabled in JCharts to view the green/red signals. On MACD these signals indicate a probable change of momentum. This change may or may not result in change of price trend. Any momentum indicator signals like change of momentum or divergence are valid ONLY after the price itself confirms them. The usual way to identify confirmation of price is by using some kind of levels or a simple trendline. Here we will be using iCharts levels to identify price confirmations of momentum indicator signals.

A confirmed buy signal is given when we get a buy signal from MACD followed (preferably within the next few bars) by price moving above an iCharts level or if price has moved recently above an iCharts level little before we get a momentum indicator buy signal. Now, one key thing is the importance I give to 89 EMA. If 89 EMA is just above (relatively near) the current price (or the icharts level just broken) then we will have to wait until price decisively breaks above 89 EMA. This is because there is a very good chance of a reversal from 89 EMA.

The opposite is true for sell signals.

In the chart below (today's NF 5 min chart) - at point Z marked on the chart we get a MACD momentum change signal (Sell). This has to be confirmed relatively soon by price. But this confirmation comes quite late at point A when price falls below the nearest icharts level. Two reasons why this sell should be ignored : 1. It has come too late after momentum change signal given by MACD 2. 89 EMA is just below the iCharts level just broken. So we will have to wait.

5 bars later at point B price broke below 89 EMA - this is also a standard icharts level sell signal - a reversal down from BULL-R1 level. If a short was taken here (I would probably have taken it) the SL would be a bit above BULL (as this would be the point where my reason to go short would have got negated). So the risk was not too high. I would have got stopped out a couple of bars later.

Then MACD gives a BUY signal (probable change of momentum), this is confirmed on the same bar as price closes above R1. A confirmed buy now.

A couple of bars later we also have standard icharts level buy signal of break above BULL-R1 band + 2/3 bar consolidation.

I hope you get the idea of combining MACD change of monentum signals by confirming these with price (icharts levels + 89 EMA which may/may not come into the picture).

NOTE: If we are in a counter-trend trade, 89 EMA should be sufficiently far away so the trade makes sense. If it is too near, the trade is not taken.

Will post few recent NF examples to make things more clear.

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