A new Life, A new Career, A new Dream - I am a Trader

[Taiki]

Taiki,

Just felt to post some Nifty projection for you.Please note this is my own observation hence you to have to perform analysis at your own end for any trading.Will appreciate seniors to give their views for same.

Above image shows formation of Diagonal Triangle and hence it has to complete its last Wave which is coming close to 5600.In order to achive this it has to break today's low which was 5780 which was support level 1 (Big Horizontal line).If it breaks that tomorrow then chances of Nifty approaching 5600 would brighten.

Thanks Prabhsingh. but the image posted by you is not available.

 

[DanPickUp]

Entries are relatively simple and mechanical...but proper exits which are not too early, not too late are very important in daytrading. But there are some techniques which help us achieve "just in time" exits. Techniques like TDST,Power of 9,earlier S/R and VWAP bands will give us perfect exits 80-85 % of the time.

Smart_trade

@ST

As you know me now in the mean time very well and my support and respect to your future trading, here I have to jump in as an option trader.

What you post now is valuable to 100% for a future trader, but is is not necessarily valuable for an option trader. Why?

An option is not a future. An option offers so much more varieties to trade with, that people never should compare any top comments made on futures with any kind of option trading. That is a trap new options traders can fall in (and even more experienced once)

If future trading is compared with option trading ( and I do not say you did so, I just make now a diversification to be recognized) then it has to be done in a way where the definition to take the option trade has do be done in conjunction to the varieties an option offers and not on what the future offers.

Two different worlds in the same cosmos.

DanPickUp

 

[jagankris]

Entries are relatively simple and mechanical...but proper exits which are not too early, not too late are very important in daytrading. But there are some techniques which help us achieve "just in time" exits. Techniques like TDST,Power of 9,earlier S/R and VWAP bands will give us perfect exits 80-85 % of the time.

Smart_trade

ST Da,

What is power of 9 ?

Thanks.

 

[jagankris]

Thanks Prabhsingh. but the image posted by you is not available.

Taiki,

TA is not a science..
Views differ.For me markets has almost reached its downside and downside is limited from here.My target for downside is 5760.A reversal is due.

I will cover my shorts and go long tomorrow.
I may be wrong.

So don't have these kind of fixed notions.Don't let long term target projections(Noise of TA) affect your mind since you are a day trader.
Strictly adhere to rules of your system.

My hearty prayers for you to become a successful trader.
Good luck.

 

[prabhsingh]

Thanks Prabhsingh. but the image posted by you is not available.

http://imageshack.us/photo/my-images/825/nifty11thjune.jpg/

 

[shashank yadav]

EOD Summary



Loss occurred today is 1150.00

Thoughts and Lessons

- Need tremendous discipline to do what is right when something goes out of hand (Missed opportunity / Wrong trade etc).
- Need to act as per the system rather than listening to heart and mind.
- Repeating the same mistake from lack of discipline is not excusable.

ditto happened to me yesterday loss made me think today from heart and mind.To recover my losses today I doubled the lot size of put but went in loss. Again heart and mind told to buy put wid 4 times lot size in margin .........went in loss.
thanks for ur lessons now I can remember it very well........

 

[Taiki]

ditto happened to me yesterday loss made me think today from heart and mind.To recover my losses today I doubled the lot size of put but went in loss. Again heart and mind told to buy put wid 4 times lot size in margin .........went in loss.
thanks for ur lessons now I can remember it very well........

Thankfully, i have never done this so far, revenge trading with double size. I am going through by my money management plan, just lacking on the discipline of executing the trade.

 

[Taiki]

EOD Summary

Another loss day, where I lost 16 points, Only one trade was done in early hour. My trade entry and exit was marked in the image.

At 9:15 AM, a closing Marubozu appears, which is then followed by a short rally to 5788, and then it retraced back to 5770, followed by another long shaven white candle. That is where I entered with my long strategy with stop loss at Low of the day. And it got stopped out.

I could not trade after this as some relatives and friends came over to house.

Thoughts and Lessons

- As I was analysing my trades for last few days, one common pattern i observed, that is either I have entered the trade too early, before the candle closes, or I have exited them early. And this is because I got bothered with intermediate fall/bouncing candles.
- Even though few good entries are made, but so many patterns are appearing in 5 min chart, and i think you need to act fast in order to trade properly.
- So I am asking this open question to all senior members, Will it be wise to switch to larger time frame (say 30 min/ 1 hour) for deciding my entry and exit, in this early phase of my career ??

 

[timepass]

Try with 15/30 min, try both NF and BNF, but set your SL according to your risk appetite i.e. don't go by candle high/low because there can be many false flags that way.

Rajsumi21 had a thread for 30min candle + 21ema. That looks a good strategy.

BTW, which strategy are you following ?? Try to read Vjay's posts and Raghav's thread (mentioned in Vjay's signature).

 

[Taiki]

Try with 15/30 min, try both NF and BNF, but set your SL according to your risk appetite i.e. don't go by candle high/low because there can be many false flags that way.

Rajsumi21 had a thread for 30min candle + 21ema. That looks a good strategy.

BTW, which strategy are you following ?? Try to read Vjay's posts and Raghav's thread (mentioned in Vjay's signature).

Thank TP Bhai,

I will check those thread. By the way I am trading with option. When I get bullish signal, i am selling in the money PUT contracts and buying out of money PUT. And when I get bearish signal, I sell in the money Call option, and buying out of money call. If situation favours, i initiate some intraday naked option trade in the direction of the main strategy.