I will give you a surprise

[linkon7]

Hi Dan,

I am not feeling well after seeing your chart
I took printout and rotating it all sides to figure out what are those X and 0's...
Are those X and 0 are hugs and kisses? :lol:
Hope you are not kidding with those X/O's...If not, its really a BIG surprise
What is P&F by the way?
Get Well Soon !!!

Thanks,
...summasumma

You make it sound like ignorance is bliss.

When someone dangles something new in front of ur eyes, your eyes should lit up and mind should go on a knowledge hunt. Google, Investigate and find out as much as u can about it. Traders learn by theory of elimination.

let me give u a start.... this is nifty's PnF chart...!

upload gif

 

[summasumma]

You make it sound like ignorance is bliss.

When someone dangles something new in front of ur eyes, your eyes should lit up and mind should go on a knowledge hunt. Google, Investigate and find out as much as u can about it. Traders learn by theory of elimination.

let me give u a start.... this is nifty's PnF chart...!

Linkon-JI,
I think by asking questions about something which you have never come across before doesn't mean that they sound like ignorance is bliss ...

At the very beginning i was even surprised to see a normal nifty line charts and think whats are these zig-zag charts...but that doesn't stopped me in investigate further and study about that...

Anyways, i can understand the intentions of your message as a experience trader to bacha like me and thanks for the heads-up... I will explore more...

Thanks,
...summasumma

 

[kevin_shah]

Hi

Thanks ST and Linkon7. The solution is, that I will post charts from bigger time frames. The ones which are interested in it, will have enough time to watch it in slow motion. This will take out any stress from the thread.

The chart from today is a gold chart on a five day time frame. I show it with P&F. It is one of the oldest chart techniques. We then put in the S and R lines. Blue is one range and white is the other one. Hope it is not to simple.

Which one will hit ? How would you trade it ? What strategy would be good with what kind of money management ?

Tc

DanPickUp

Hi DAN
hope u are well
After watching this chart, i came to conclusion that
Since the chart shows an uptrend, we ay see pull backs resting at Trendlines as supports that u have drawn in white..
This is because in uptrend we should see higher Lows but not neccesarily higher highs..
So the trend line acts as a channel support here and one can buy at down channel with stop loss below the support (drawn as blue line)
I think that answer comes from just six-month experience from trading and guess seniors like Linkon, Smart trade would rectify if i am wrong
In my sense the trend line channel should hold good for going long as they say
"BUY THE DIPS AND SELL THE RIPS"

 

[linkon7]

Linkon-JI,
I think by asking questions about something which you have never come across before doesn't mean that they sound like ignorance is bliss ...

At the very beginning i was even surprised to see a normal nifty line charts and think whats are these zig-zag charts...but that doesn't stopped me in investigate further and study about that...

Anyways, i can understand the intentions of your message as a experience trader to bacha like me and thanks for the heads-up... I will explore more...

Thanks,
...summasumma

Intention was to poke u so that u investigate further. I like thinking traders like yourself. Best way forward is never to be dismissive of new ideas. We never know what might click for us.

 

[Kajaria]

Can anyone guide me how is the share NHPC worth buying @ 23.00 this is prevailing since last six months , how is the co any idea pl advic

 

[sibumajumdar]

Dear Linkon,,
Failing to post through yahoo chat....just for information plz....After recovery loss of 1400 + brk....now iam with net gain of 172...thanx for ur trust on me

SLMuncle

 

[linkon7]

Hi

Thanks ST and Linkon7. The solution is, that I will post charts from bigger time frames. The ones which are interested in it, will have enough time to watch it in slow motion. This will take out any stress from the thread.

The chart from today is a gold chart on a five day time frame. I show it with P&F. It is one of the oldest chart techniques. We then put in the S and R lines. Blue is one range and white is the other one. Hope it is not to simple.

Which one will hit ? How would you trade it ? What strategy would be good with what kind of money management ?

Tc

DanPickUp

Resistance is at double top at 1550. nearest support is 1470. White line channel is in a up trend and there is space for just 1 box for another O.

My trade would be buy 25% near 1500 as round figures provide some psychological support. If 1500 acts as support, then deploy 25%.deploy 25% if 1500 is broken, say in the region of 1490. If price takes support above the 1470 mark, then deploy balance 50%.

Stop loss below the 1470 mark.

Exit 50% at a distance equivalent to the stop loss from point of average entry, so that the balance free. if 1550 acts as strong supply, exit balance. If 1550 is taken out, then re enter 50%.

 

[AW10]

Very first principle of reading p&F chart is identify the Column type of the last column.
If it is column of X, then stock is in buy mode, if it column of 0, then it is in sell mode.

no body knows, where this last column of 0 will stop. It can very well drop below the low of prev 0 column, i.e. downtrend continues. But if it has to go up, very first thing u will see is that new column of X popping up, which has the potential to go up and take out the high of prev X column.

Trading thru P&F chart is very close to breakout trading i.e break of Pivot Highs or Pivot Lows. Anything in between is to test traders' patience (like Dan is testing here).

@Dan - get well sooner and faster.

Happy Trading

 

[DanPickUp]

Hi

Most of you trade only on very short time frames and many do not believe in bigger time frame trading. Bigger time frames can be traded as well as shorter time frames.

Linkon, AW10 and Kevin_shah talked about how they may would trade such a time frame. If others want to bring in any ideas, just do it. You have nothing to lose.

If you want to test your strategies, why not do it on big time frames with wide ranges. It will be less work on the screen, as you not have to sit there the whole time and it will be the same effort to learn it as you would do if for very small time frames.

If you talk about the profit then I ask you : How much do you make now ? and how many hours do you sit in front of your screen to make this profit ?

What I do here as a start, is just giving some ideas I not have seen here in Traderji. The thread is about S&R lines and about the s.., which will be posted when I think it is the time to do so.

AW10 posted important things about how to work with P&F. One trick or the difficulties is to find a match with the Box size and reversal amount. I only will show a few charts with P&F and then I will move on to other techniques. Todays chart is a follow up from chart one with an other view, as I did some little changes.

As you see, it is possible to set clear ranges with S & R lines. Today, we divided each range in in an upper range and and under range. A full range are 80 points and a half range is 40 point in the gold market. As you love numbers, you may figure out by your self, how much that is !

Here again : Where doe's the market head to and what kind of strategy with what money management would may be adequate to trade such a picture ?

Tc and do some sport to keep your buddy in healthy conditions.

DanPickUp

 

[ba8910]

Hi,

This is NIFTY EOD chart, but i really haven't understood anything in this chart... hope one day I will, following this thread...

@ Dan, Hope u r feeling better now. Best Wishes.