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NVK SET UP
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Author NVK SET UP
saikat
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Joined: 31 Mar 2008
Posts: 317

Post: #1   PostPosted: Wed Aug 05, 2009 5:11 pm    Post subject: NVK SET UP Reply with quote

hello all,

Few months back NVK sir hinted to me while discussing in late night that - he has observed that on intraday chart - price almost always make a Double bottom or Double top before reversal....

I observed that for a while and combined few extra rules of my own.
The result - I am naming as "NVK setup"

The set up for Long trade:

Price is making a double bottom or even slightly lower low.
RSI is rising.


1st Entry - near the 2nd low seeing the RSI +ve div
2nd Entry - when price Trendline is broken


SL - 5-8 points below that double bottom lows

So the first entry is only having SL of 5-8 points and 2nd one maximum around 15 points.

Profit Booking - My target is always a new days high or when we get closer to that.

For Short trade set up - it is just reverse......

The following points are also my observation and I suggest the trade should be ignored if otherwise

1) the double bottom/top should occur within max 1 hr.
2) the peak/trough in between shouldn't be a day's high/low.
3) In between the double bottom/top - there shouldn't be RSI crossover of 50


I am attaching 2 intra charts - my actual trades - one of todays; one earlier - one Long; one short.

Please ignore the EMAs on the chart - and focus only on the double bottom/top; RSI and price Trendlines - as drawn on the chart

One disclosure - I always use this setup with Yahoo RT chart and not tried with iChart 5 min TF.

Regards,

Saikat



NVT setup SHORT.gif
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NVT setup SHORT.gif



NVK SETUP - LONG.gif
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NVK SETUP - LONG.gif




Last edited by saikat on Wed May 05, 2010 7:17 pm; edited 2 times in total
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mitu tyagi
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Joined: 31 Mar 2009
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Post: #2   PostPosted: Wed Aug 05, 2009 6:08 pm    Post subject: Reply with quote

Hi! Saikat - Hope your boss is not calling u! Laughing

Tell me how u will determine new days high / low in advance.
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saikat
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Post: #3   PostPosted: Wed Aug 05, 2009 11:02 pm    Post subject: Reply with quote

Hi,

By "new days high / low" - I meant that NF might cross the high / low that it had made earlier in the day. Where was the confusion?

Like today NF made a high around 4711 in the morning - and after the NVK set up it crossed it to make a new day' high around 4721

Now clear?

Regards,

Saikat

mitu tyagi wrote:
Hi! Saikat - Hope your boss is not calling u! Laughing

Tell me how u will determine new days high / low in advance.
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shekharinvest
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Joined: 21 Dec 2007
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Post: #4   PostPosted: Thu Aug 06, 2009 10:20 am    Post subject: Reply with quote

Saikat,

You are quite right in this setup, that is exactly what I too have observed using icharts 4min and macd / sts. the price objective as suggested by you is certainly new to me and i hope it will allow us to take out full juice out of the nifty. Laughing

shekhar
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saikat
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Post: #5   PostPosted: Wed Aug 12, 2009 5:11 pm    Post subject: Reply with quote

Hello,

The set up rocked today again..... |xx

And I seriously didn't joke when I said 'tgt is near or a new day's high'

Place your SL and wait..............

Today I didn't shout delibarately in SB Smile

But the trade was great - 90 points profit with 15 points SL

I will post here in this thread, the days I trade this set up

Regards,

Saikat



120809 SETUP.gif
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120809 SETUP.gif


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shekharinvest
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Joined: 21 Dec 2007
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Post: #6   PostPosted: Wed Aug 12, 2009 5:35 pm    Post subject: Reply with quote

Saikat

good job,

next time it comes, I will enter with confidence.

SHEKHAR
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saikat
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Post: #7   PostPosted: Sat Aug 15, 2009 1:11 am    Post subject: Reply with quote

Hello,

Today the short trade worked cool (I couldn't take it as I was fighting with MS Java)

Later the Long trade wasn't a trade actually....

AS the RSI divergence was actually NOT there.

And also due to another fact that the double bottom happened 2 Hrs apart and the peak in between them was almost a day high.

My observation (which I forgot to mention in the first post) is that
1) the double bottom/top should occur within max 1 hr.
2) the peak/trough in between shouldn't be a day's high/low

Of course there can be exceptions, but very rare.

Regards,

Saikat



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140809NS.jpg


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altafghanchi
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Post: #8   PostPosted: Sat Aug 15, 2009 1:36 am    Post subject: NVK SETUP Reply with quote

sir, i think this setup works best in 60min TF.please check ORCHIDCHEM chart double top formed in 5day chart now going to form double bottom am i right? please guide me.
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saikat
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Post: #9   PostPosted: Sat Aug 15, 2009 9:29 am    Post subject: Re: NVK SETUP Reply with quote

altafghanchi,


For 60 mins TF there are many setups available which work well.

However for pure intraday, I found this useful.

I again mention - I use this only for intra, only for nifty and ONLY seeing from Yahoo chart.

And if you want to discuss any chart, please post it here, with proper markings. It will save all other people's time visiting forum.

Regards,

Saikat



altafghanchi wrote:
sir, i think this setup works best in 60min TF.please check ORCHIDCHEM chart double top formed in 5day chart now going to form double bottom am i right? please guide me.
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shekharinvest
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Post: #10   PostPosted: Sat Aug 15, 2009 11:35 am    Post subject: Reply with quote

Sakiat,



I am posting chart for NF as it appeared to me during trading hours. Please do comment on it and correct me.

I did not trade yesterday, due to my preoccupation.

I did fail to recognize the setup as posted by you. Although it is quite obvious now. Shocked


SHEKHAR



nifty Aug-14.png
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Nifty Futures Chart for Aug. 14, 2009
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nifty Aug-14.png


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saikat
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Post: #11   PostPosted: Sun Aug 16, 2009 12:03 am    Post subject: Reply with quote

Shekhar,

Your finding was absolutely tradable as per this theory, but it was not there on NS chart, so I couldn't see it.

But I did enter long at both 12:30 and 14:30 lows when it hit hourly 13 EMA Very Happy and snapped back. both trade closed at around 4690 as it was clearly a choppy day and any little profit seemed good to me.

Cheers!!!

Saikat
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r.dibya
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Post: #12   PostPosted: Sun Aug 16, 2009 12:25 am    Post subject: Reply with quote

dear shekar,
how can u paste THE CHRT
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nvksrinivas
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Post: #13   PostPosted: Sun Aug 16, 2009 1:18 am    Post subject: Reply with quote

Hello Saikat Sir,

Nice set up thx that u hv rembred me
gr8 going keep it up

nvksrinivas
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saikat
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Post: #14   PostPosted: Sun Aug 16, 2009 9:20 pm    Post subject: Reply with quote

Hello NVK Sir.

How are you? Hope going great..... Smile

Regards,

Saikat
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shekharinvest
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Joined: 21 Dec 2007
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Post: #15   PostPosted: Tue Aug 18, 2009 9:32 am    Post subject: Reply with quote

r.dibya

chart posting is quite simple.

use export chart as png button on the icharts and save it on your desktop with suitable name.

next write your post and at the end under add attachments give the file name for the chart you have saved above and press add attachment then submit the post.


SHEKHAR
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