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

[Tlahuicole]

Nifty futures is better in getting in and out without much slippage compared to Bank Nifty, but bank nifty is better in getting high probability entry signals compared to Nifty futures, have been watching these two for last three years and have traded on them since last year, I track and trade only these two. So same pinch Taiki

 

[Taiki]

Trade Preparation for 2nd Aug 2013

30 M Chart (S/R Levels)

From 30M chart my important S/R lines are as follows

On upsides resistance are at = 5815, 5840, 5900
On downside supports are at = 5720, 5700.

5700-5720 is acting a major support line, and break of this may create more downside.

3 M Chart (Trading Frame)

In 3 Min chart, NF has made lower high and lower low i:e in a contracting triangle where buyers are coming in at the support line and sellers are coming from the top. It is sideways in a wide range of 5720 - 5820.

Yesterday NF rejected the lows and maintained to stay above 5740 level. The yellow line indicates the swing high/low in trading chart.

Trade Areas

European, US markets are strongly up. SGX Nifty is 0.6% up. So today NF will open with a gap up, and will come out of the narrowing triangle marked in the trading frame. On upside major S/R line stays at 5815. So my trade setups are as follows -

1. Test of Resistance (TSTR)/ Breakout-pullback-Buy (BPB) / Breakout failure (BF) at 5815
2. Test of Resistance (TSTR)/ Breakout-pullback-Buy (BPB) / Breakout failure (BF) at 5840
2. Test of Support (TSTS)/ Breakout-pullback-Sell (BPS) / Breakout failure (BF) at 5720

And above all, need to patient and focused in reading the charts, candles, and taking the trades.

Regards
Taiki

 

[Taiki]

A bad day, did only one trade and that went into loss, net loss for the day is 14 points, Violated few major rules today. So had to close the terminal. Will post the charts in night.

Regards
Taiki

 

[Taiki]

EOD Summary and Trade Details

Trade Area on 3 min chart

NF was in clear downtrend from day's opening making lower high and lower low, marked with 1, 2, 3, 4, 5 and 6. I anticipated a support and reversal at 5740, which was the support line frome yesterday's swing low.

Details in 1 min chart

The are marked on red circle made me believe that 5740 support line will hold, and my buy order was at 5745 with a SL at 5738. Buy order executed. But the 6th and 7th candle was clearly indicating a resistance at 5745 and this was my early opportunity to come out of my counter trend trade. But I waited to see if it takes support again near 5740. (was depending on hope here)

The price fell suddenly below 5738, SL triggered but sell order did not executed. Waited to see if a bounce will occur and give me chance for better exit. But price fell to 5731. Exited at market price of 5731. :annoyed:

Net loss for the day = -14 points + Brokerage

Lessons

1. Even though trade was taken in anticipation, I had chance for exit with minor loss. But I did not hear what market was trying to say, and paid the price for that.

2. Market was in clear downtrend from morning, IN that place consider of going long only after market shows sign of strength and changes is trend. (-Ves of anticipation)

it hurts a lil more when loss is made on friday.

Regards
Taiki

 

[sachin928111]

taiki why only 1 trade. is ur strike rate is 100 percent? if it is not then it is logical to trade more than once

 

[DanPickUp]

taiki why only 1 trade. is ur strike rate is 100 percent? if it is not then it is logical to trade more than once

No as MM and margins are more important.

 

[Taiki]

taiki why only 1 trade. is ur strike rate is 100 percent? if it is not then it is logical to trade more than once

Yes sachin, It is part of my MM. Basically with my style of trading there is room for 2 trades witn in my MM limit. If both of the trades are going wrong then
either some thing is wrong with me or with my market analysis. Yesterday it was bad luck my SL did not get executed and there was some bigger mistakes from my side as well like ignoring the market's language and staying overconfident on self analysis. So after that I had to stay away from market.

Regards
Taiki

 

[Taiki]

Dear 403 ,

I tried to PM you, but seems like your PM is disabled. SO writing my thoughts here. I saw these charts, but did not get you clearly what are you trying to say. It will be better if you have some words about them.

And brother you are always welcome to post your view in my thread. No need to hesitate

Regards
Taiki

 

[403.forbidden]

Dear 403 ,

I tried to PM you, but seems like your PM is disabled. SO writing my thoughts here. I saw these charts, but did not get you clearly what are you trying to say. It will be better if you have some words about them.

And brother you are always welcome to post your view in my thread. No need to hesitate

Regards
Taiki

Dear Taiki,

It is enabled at my side. I think i am not in your contacts list.
You can send me a PM by selecting the check box at the bottom.

That is just EMA - short/intermediate/long term - 8,21/34,50/89,200

I use that as a confirmation. Switch to any TF and see if there are any cross overs in any of the two panes and check those trades Higher the TF,you can see sometimes the trend continuation in the next day. Just do a random check on any scrip and you don't have to follow as a system.

 

[Gaur_Krishna]

@403, can you post the link of these charts that are being discussed.

Regards,
Gaur_Krishna

Dear Taiki,

It is enabled at my side. I think i am not in your contacts list.
You can send me a PM by selecting the check box at the bottom.

That is just EMA - short/intermediate/long term - 8,21/34,50/89,200

I use that as a confirmation. Switch to any TF and see if there are any cross overs in any of the two panes and check those trades Higher the TF,you can see sometimes the trend continuation in the next day. Just do a random check on any scrip and you don't have to follow as a system.