Anybody ever used any trading system for NIFTY?

NSE NIFTY - 60 Minute Chart Pivot Based Trading System

Following is the system I learned from another forum, they use it with further refinements (looking at 30 min charts also when a big Black or white candle shows up!, to time their exit and entry), but I backtested it to keep things simple by just looking at 60 Min chart only.

- This is a ALWAYS in trade kind of system.
- I am currently paper trading it, before I actually enter in live action!
- I back tested the system, by eye balling it, since 01-Jan-2008 till today and Total Profit = 136000/-

Following are simple rules to follow!

1. Once you begin trading, you cannot take LONG positions only OR Short positions only.
2. You have to trade all the time and both LONG as well as SHORTS!
3. Look for Pivots on 60 min chart.
4. Go SHORT when LP1 Breaks and Stoploss = PH1
5. Move StopLoss to PH2 once it is made.
6. Move Stoploss PH3 once it is made.
7. Once PH3 is broken, reverse to LONG and Stoploss LP4
and keep moving and reversing positions...so on


This keeps you in trade, with few whipsaws but catches most of the big ticket trades.

Definition of Pivots



I will post statistics of back testing later! if anybody interested.

Alchemist/ Forum members is it possible, you guys! can also back test it through your automated system you use and give some feedback and suggestions?

alchemist..ive used this many times and I think it is a good system..i have used 15 min pivots for trading as well..ive made profits using this but it is not a guarantee...ive incurred losses as well..but most of the time you will come out a winner if you play the system just long enough...


if you look at it, this same logic is applied to any type of trading, not just intra day...

Alchemist any comments from your experience? Any feedback on above system?

well, the market trends only 3 times out of 10 times and Pivot system fails in the bracketing market. Choice is yours. I had done the backtesting sometime back.

Nitin

I don't know how you back tested it. This system belongs to 60 min charts!

Here we see more of trends!

Well I am currently trading this system with profits for past 2 months !

i know the system...called saint's system. You got to be moderator on that forum to see what goes behind the scene.
Best of luck.

Nitin