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

[DanPickUp]

- 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 exits?

@ Taiki

Think about the following: As you say you have worked out your trading plan, then there must be some rules you follow, even in difficult moments. What ever they are, market will test it to its hardest some times. Not only yours. Every body's so called hipper, super, best and sure thing plan which not can fail will be tested from the market at certain times. Surviving those times mentally and technically with live trades in the market will make you finally a real great trader.

I am not sure if you should change your trading plan, but when needed, do so. But here you can fall into the trap to be again in the situation to start again or search for new strategies, instead of following your rules and planes and improve them.

I know the threads mentioned from TP, but I am not sure if it is worth to spend all that time to read them. I mean, I also could recommend you the thread from ST about "Thoughts on day trading", but working on live trades, instead of spending again hours and hours on theory, specially in your situation, may brings you much more success compare to go again for theory. Your choice and your time.

Coming to your question: My two cents to it in which you not even have to change your trading plan. Just go bigger on TFs.

Yes. Try to enter the market when different, bigger time frames conform the entry zone. As I see, you try to enter on a 2 min TF on Candle analyzes. That is your choice, but absolute out of question for me. No way, not even in my darkest dream when I would shout for help. Only in absolute conjunction with the big picture. But that is me.

Hey, take care and good luck for tomorrow and sorry for my English / DanPickUp

 

[timepass]

Coming to your question: My two cents to it in which you not even have to change your trading plan. Just go bigger on TFs.

Yes. Try to enter the market when different, bigger time frames conform the entry zone. As I see, you try to enter on a 2 min TF on Candle analyzes. That is your choice, but absolute out of question for me. No way, not even in my darkest dream when I would shout for help. Only in absolute conjunction with the big picture. But that is me.

:thumb:

Yes, that's a point I missed mentioning. Maybe use 5 min TF for the buy/sell signals in the direction of 30 min TF.

 

[Taiki]

@ Taiki

Think about the following: As you say you have worked out your trading plan, then there must be some rules you follow, even in difficult moments. What ever they are, market will test it to its hardest some times. Not only yours. Every body's so called hipper, super, best and sure thing plan which not can fail will be tested from the market at certain times. Surviving those times mentally and technically with live trades in the market will make you finally a real great trader.

I am not sure if you should change your trading plan, but when needed, do so. But here you can fall into the trap to be again in the situation to start again or search for new strategies, instead of following your rules and planes and improve them.

I know the threads mentioned from TP, but I am not sure if it is worth to spend all that time to read them. I mean, I also could recommend you the thread from ST about "Thoughts on day trading", but working on live trades, instead of spending again hours and hours on theory, specially in your situation, may brings you much more success compare to go again for theory. Your choice and your time.

Coming to your question: My two cents to it in which you not even have to change your trading plan. Just go bigger on TFs.

Yes. Try to enter the market when different, bigger time frames conform the entry zone. As I see, you try to enter on a 2 min TF on Candle analyzes. That is your choice, but absolute out of question for me. No way, not even in my darkest dream when I would shout for help. Only in absolute conjunction with the big picture. But that is me.

Hey, take care and good luck for tomorrow and sorry for my English / DanPickUp

Thanks a lot Dan Bhai,

Your post is an absolute boost to moral. Yes I am not considering of changing my system, I will surely take points for improving it though, but I am thinking of switching to higher TF.

As I have found myself going scared on intraday opposite move, and again trend resuming in the direction of hourly and daily. Thats why I asked if it will better if i stick to only hourly or 30 min TF.

I am analysing my charts for previous day and comparing them with bigger TF too. Thanks again for your support.

 

[Taiki]

Is it the bearish Elliot Wave in formation for Nifty in hourly Chart !!!

W1, the first leg had the range from 6229 to 5936. i:e a range of 293 points
W2, the second leg bounced back to 61.8 % i;e approx to 6117.
Then predicted target for the third leg W3 will be
5866 (23.6%), 5824 (38.2%) and 5790 (50%).

Lets see, But 6040 - 6060 seems to have strong support for Nifty, So no short above 6040.

Currently Nifty is at 61.8% retracement level i:e at 5754. Next support is seen at 5712. If nifty takes supports from 5755, then W4 will start.

And the possible target for w4 will be 5830(23.6%), 5890 (38.2%), 5935 (50%), 5980 (61.8%).

Lets see if this prediction is holding true or not.

Right now when i see my above post from past, I wish i would have traded as per my findings

 

[Taiki]

EOD Summary

I switched to hourly TF today. No Signals, and No trades for today.
It has already been 2+ weeks with 5 min timeframe, I had few good trades, few bad trades. I will stick to hourly time frame for atleast 2, 3 weeks and will check the result afterwards.

Thoughts and Lessons

- Need to be more patient as candles are moving quite slow in hourly chart as compared to 5 min.
- Many times i found the urge to get back to 5 min chart and jump to a trade, catching the 5 min moves. But I controlled my urge.

 

[Bewinner]

EOD Summary

I switched to hourly TF today. No Signals, and No trades for today.
It has already been 2+ weeks with 5 min timeframe, I had few good trades, few bad trades. I will stick to hourly time frame for atleast 2, 3 weeks and will check the result afterwards.

Thoughts and Lessons

- Need to be more patient as candles are moving quite slow in hourly chart as compared to 5 min.
- Many times i found the urge to get back to 5 min chart and jump to a trade, catching the 5 min moves. But I controlled my urge.

Use dual timeframe strategy as mentioned by TimePass...

 

[timepass]

EOD Summary

I switched to hourly TF today. No Signals, and No trades for today.
It has already been 2+ weeks with 5 min timeframe, I had few good trades, few bad trades. I will stick to hourly time frame for atleast 2, 3 weeks and will check the result afterwards.

Thoughts and Lessons

- Need to be more patient as candles are moving quite slow in hourly chart as compared to 5 min.
- Many times i found the urge to get back to 5 min chart and jump to a trade, catching the 5 min moves. But I controlled my urge.

Check 30 min too. Just for the heck of it.

 

[DanPickUp]

Bigger time frames give less amount of entries. As you trade mostly futures, you could add some more markets to your portfolio you could watch. Also here: No need to change your basic strategy as long as it shows results.

If you watch some more markets on bigger time frames, you will see more chart pictures on bigger time frames. Educational effect.

Depending on your platform, you can make different taps with a system recommended by TP or you add one more time frame to that, that you have three charts per market. Endless variations on that.

But as always: Your choice and your time.

Take care / DanPickUp

 

[Taiki]

Bigger time frames give less amount of entries. As you trade mostly futures, you could add some more markets to your portfolio you could watch. Also here: No need to change your basic strategy as long as it shows results.

If you watch some more markets on bigger time frames, you will see more chart pictures on bigger time frames. Educational effect.

Depending on your platform, you can make different taps with a system recommended by TP or you add one more time frame to that, that you have three charts per market. Endless variations on that.

But as always: Your choice and your time.

Take care / DanPickUp

Thank you Dan bhai,

You just spoke the word of my mind. I was just thinking the same after today's hourly chart observation.

On smaller time frame I was trading with option, but with hourly frame, since charts are moving too slow, i was thinking about future and few more markets, May be Banknifty (as most of time Nifty and BNF follow each other) and some Nifty movers like SBIN. But I was not sure if that will be wise to do that.

And you just came with that point. All who are following this thread can see, how experience is showing path to beginners. Awesome. Loving it

 

[Taiki]

Check 30 min too. Just for the heck of it.

As I was checking hourly frame today, i found If i would have followed 5 min even today, i would have taken few entries, which were confirmed on 5 min chart.

So what i saw is, when a true signal comes, it gradually gets developed from smaller time frame, maintains itself and then shows itself on hourly frame. But many times this signals from smaller frame fails too.

So I am studying more on these, how to mix two time frames and how i can play with my strategy on that.

Thanks a lot for your support and suggestion bro.