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

[jagankris]

Taiki,

I was reluctant to give the following comments.

I am still not sure if you have decided your strategy yet.
How switching to hourly time frame will help you in day trading ?
Are you planning to become a swing trader ?
Which shorter time frame you are planning to use for timing your entries and stop ?
Yesterday you said 30 minutes now hourly.
Are u just planning to stick with trade set ups in hourly tf.
There could be lots and lots of range days in hourly tf's.

I suggest you to take practice trading in any MT4 platforms with your strategy(ies) before risking your hard earned money.

 

[trump]

Higher time frame, well every tf has its pros and cons.
One has to take into account ones own risk taking ability, account size and style of trading.
Lower time frames offer many trades, but has scalping bias, rarely a big move comes along.But if the setup is not suited for lower tf then its hazardous.
On higher tf, one gets less opportunities, but has to see for himself after paper trading both tfs.

 

[trump]

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.

A small pullback in the lower tf may be just an range candle in the higher tf.
Yeah, on smaller time frame trends are actually micro trends on higher tf charts.

 

[DanPickUp]

@Taiki

Jagankris is a friend of mine and he is also a friend of Swing King. Just that you know who you deal with. He trades options and futures directly in India and he is a very helpful person. So any post coming up from him is to watch.

 

[Taiki]

Taiki,

I was reluctant to give the following comments.

I am still not sure if you have decided your strategy yet.
How switching to hourly time frame will help you in day trading ?
Are you planning to become a swing trader ?
Which shorter time frame you are planning to use for timing your entries and stop ?
Yesterday you said 30 minutes now hourly.
Are u just planning to stick with trade set ups in hourly tf.
There could be lots and lots of range days in hourly tf's.

I suggest you to take practice trading in any MT4 platforms with your strategy(ies) before risking your hard earned money.

You are right jagan and your comments are welcome

I was trading intraday on 5 min charts, but as the time passed i found little uneasy with intraday ups/downs and later trend resuming in the direction of bigger trend.

Yesterday i had asked if switching to longer time frame (30 min/Hourlly) would help, and today I was with hourly frame.

And in all those past days, where i had used 5 min charts, when yesterday i put my strategies to hourly chart, the entry's were clear, although they are lesser in number. I have no problem in switching to swing trading if that suits my style the best. So now for 2/3 weeks i am planning to stick to hourly time frame and will analyse the performance afterwards.

I am also considering TP bhai's suggestion of keeping 2 timeframes. I am yet to decide on that, and now i am doing more research and analysis on mixing 2 time frames for better setups.

Thank you

 

[Taiki]

Higher time frame, well every tf has its pros and cons.
One has to take into account ones own risk taking ability, account size and style of trading.
Lower time frames offer many trades, but has scalping bias, rarely a big move comes along.But if the setup is not suited for lower tf then its hazardous.
On higher tf, one gets less opportunities, but has to see for himself after paper trading both tfs.

You are right Trump, May be thats why TP bhai has suggested for keeping a watch on 2 TF, I am not ignoring his suggestions. I am currently analysing my setups on this issue, and watching how sometimes a trend starts developing from smaller time frame and establishes itself on bigger chart, and how the a counter trend starts but fails and finally resumes in the directions of bigger frame..

Thank you

 

[DanPickUp]

Higher time frame, well every tf has its pros and cons.
One has to take into account ones own risk taking ability, account size and style of trading.
Lower time frames offer many trades, but has scalping bias, rarely a big move comes along.But if the setup is not suited for lower tf then its hazardous.
On higher tf, one gets less opportunities, but has to see for himself after paper trading both tfs.

Yeap.

and

5 Min / 15 min / one hour

one hour / three hours / one day

one day / three days / one week

and so on with any combination which is loved.

 

[Taiki]

EOD Summary

A good day. With hourly time frame, got my first buy call at the opening hour today at 5745 today. But exited the trade too early, without exit signal appearing on the chart. So for rest of the day only watched Nifty making new intraday high.

Trade
Bought Nifty fut at 5750, Stop loss = 5735, Target = 5790, 5820.
Exited the trade at 5786. Gain of +36 points

Thoughts and Lessons

1. Need to learn patient and let the profit run. When we are waiting so patiently with out entry setup to form and to get entry at desired level, we need to be patient and disciplined to stay in the trade and proper exit signal to appear.

2. As per my strategy exit signal appeared during last hour of the day at around 5805 level, So i missed 15 more points.

3. I am quite enjoying the day with hourly frame, It is giving much more flexibility and time to analyse the setup at every an hour. Plus I was watching BNF along with the NF today. Although similar setup was there in BNF too, i had not traded that.

4. I am now not concerned about 5 - 10 points intraday ups/downs which was bothering me when i was with 5 min chart. I was still watching 5min/15 min chart with reference to hourly chart. Need to frame some sets of rules to miz any one smaller timeframe along with hourly frame. Thats my task over this weekend.

 

[ryan4ucar]

EOD Summary

A good day. With hourly time frame, got my first buy call at the opening hour today at 5745 today. But exited the trade too early, without exit signal appearing on the chart. So for rest of the day only watched Nifty making new intraday high.

Trade
Bought Nifty fut at 5750, Stop loss = 5735, Target = 5790, 5820.
Exited the trade at 5786. Gain of +36 points

Thoughts and Lessons

1. Need to learn patient and let the profit run. When we are waiting so patiently with out entry setup to form and to get entry at desired level, we need to be patient and disciplined to stay in the trade and proper exit signal to appear.

2. As per my strategy exit signal appeared during last hour of the day at around 5805 level, So i missed 15 more points.

3. I am quite enjoying the day with hourly frame, It is giving much more flexibility and time to analyse the setup at every an hour. Plus I was watching BNF along with the NF today. Although similar setup was there in BNF too, i had not traded that.

4. I am now not concerned about 5 - 10 points intraday ups/downs which was bothering me when i was with 5 min chart. I was still watching 5min/15 min chart with reference to hourly chart. Need to frame some sets of rules to miz any one smaller timeframe along with hourly frame. Thats my task over this weekend.

Hey Taiki its good to see that youve left your job to become a trader , thats awsome i always like gutsy people like you but i have to warn you if you truly want to achieve something as a trader forget about making a bunch of money at the start and alays think about protecting your capital at first .. see what works for you and do more of the same, every day is not the same so dont take the mentality that you are daily wages worker and you deserve a daily wage , trading a single product every day leads to overtrading in a no edge environment and overtrading will lead to losses which will lead to reduced confidence , you need a lot of energy to trade so make sure your emotionally and mentally fit for the task in the end most important when u are winning something make it count as losses will always be there to hold you also about losses anything that doesnt kill you will only make you stronger

 

[Taiki]

Hey Taiki its good to see that youve left your job to become a trader , thats awsome i always like gutsy people like you but i have to warn you if you truly want to achieve something as a trader forget about making a bunch of money at the start and alays think about protecting your capital at first .. see what works for you and do more of the same, every day is not the same so dont take the mentality that you are daily wages worker and you deserve a daily wage , trading a single product every day leads to overtrading in a no edge environment and overtrading will lead to losses which will lead to reduced confidence , you need a lot of energy to trade so make sure your emotionally and mentally fit for the task in the end most important when u are winning something make it count as losses will always be there to hold you also about losses anything that doesnt kill you will only make you stronger

Thanks a lot for your supportive and inspiring words Mr Ryan. I will keep them in mind for sure