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

[DanPickUp]

Hi Taiki,
1) in your post #553, in 1 minute chart you say you missed the first short at 5550. Please tell me if 5550 was a resistance level from previous days on 30 min.

2)Also in the area between 1 and 2 pm, 5550 seemed to have offered good resistance. Why did you not enter short there?

3)In post 554, you say on 30 min chart:
"From 30 min chart, on upside resistance stays at 5600 - 5620, 5680.
On downside support lines are at 5515, 5480."
From the 30 min chart you have given, the only value I can find out is support at 5515. Were the other values from previous days or is there something in the chart that I havent learned yet?

By the way: Nothing personal.

Regards
Krist.

Yes, you did not learn to trust your own way of analyzing and taking trades, so you ask others to give there clues to your thoughts to have a better feeling when must or maybe try to take a trade. Or did I miss interpret that?

 

[krist]

NF 1 min trend is becoming up slowly, with 3 min chart still maintaining a sideways range of 5545 to 5575. I expect high of the day (5575) will be taken out in later part But need to get the confirmation of that form my chart first. Lets see.

No trades are done so far.

Regards
Taiki

Hi taiki,
it seems I am misunderstanding something again. You above post was at 11.03, and nifty never touched 5575 until then, so how do you call 5575 as high of the day?
I am really sorry to bring this up, but I am very confused.

Regards
Krist.

 

[krist]

Yes, you did not learn to trust your own way of analyzing and taking trades, so you ask others to give there clues to your thoughts to have a better feeling when must or maybe try to take a trade. Or did I miss interpret that?

Well Dan,
I joined the forum long back, but am still a beginner as I cant find time to study TA or sit in front of screen watching markets. So as of now, I have no way of analyzing and taking trades. Now I seriously think that I should not ask too many questions until I start studying full time, as my asking questions based on incomplete knowledge might disturb the flow of the thread.
Btw, when I did have some time, I spent it in studying and applying some ideas here which I found out didnt work. Even you had commented on the quality.
But as Edison said, I only take it as:
"I have not failed 1,000 times. I have successfully discovered 1,000 ways to NOT make a light bulb."
So I say I only successfully discovered couple of ways not to trade the markets.
Regards
Krist.

 

[DanPickUp]

Well Dan,
I joined the forum long back, but am still a beginner as I cant find time to study TA or sit in front of screen watching markets. So as of now, I have no way of analyzing and taking trades. Now I seriously think that I should not ask too many questions until I start studying full time, as my asking questions based on incomplete knowledge might disturb the flow of the thread.
Btw, when I did have some time, I spent it in studying and applying some ideas here which I found out didnt work. Even you had commented on the quality.
But as Edison said, I only take it as:
"I have not failed 1,000 times. I have successfully discovered 1,000 ways to NOT make a light bulb."
So I say I only successfully discovered couple of ways not to trade the markets.
Regards
Krist.

Well, Edison was as clever as you. Never mind about some joking, as I know that you come back and I have you in good remembering in a positive way.

Asking is never wrong, but do not expect others to lead you on TA. As you analyses his charts, what about analyzing your personal charts, coming up with them and asking what could be missed in those once? Believe me: That is the better way to do instead of finding out what others do.

Take care good guy / DanPickUp

 

[krist]

what about analyzing your personal charts, coming up with them and asking what could be missed in those once? Believe me: That is the better way to do instead of finding out what others do.

Thank you Dan sir. This is exactly what I ought to do.

 

[Taiki]

Taiki, do you trade only in line with EMA-50 at 3min TF? Can you summarize your rulebook here? (sorry, if you have done in previous posts somewhere)

Regards,
Gaur_Krishna

Hello Gaur Krishna,

Here is my rule book -

1. I use the 30 min timeframe to check the major S/R levels. They are the levels where price had changed the directions, Swing high/Sing low etc.
2. 3 min chart is my trading frame, where I check the price trend. Up trend (higher swing high, higher swing low) and vice versa for a down trend.
3. Next I try to find out the strength/weakness, projection/depth, acceleration/deceleration in price with in the S/R levels or as it is approaching the S/R levels.
4. Then I look for possible trade setups, assume the future price movement and make my plans to trade each of those assumptions.
5. My trade setups are basically
- Breakout Pullback/Breakout failure near S/R lines
- Pullback/Complex pullback (1-2-3 pattern) - If price is trending in 3 min
- Testing of sideways range
6. 50m EMA is there to give me a visual indication of long term trend. Recently I have added 200 EMA. They are telling me the hourly/daily trend respectively.


So to summarize

- I define my setup areas and wait for price to come in and develop the setups, I try to idenify the weakness in the trend and trade against the weakness.

Regards
Taiki

 

[Taiki]

dear taiki u sud aim to earn 5 percent per month instead of 10. after achieving this goal u sud tri for more aggressive strategies of 10 or 20 percent.even 5 pc compounded monthly wud give 72 pc returns annually.

Hi Sachin,

I think this I had told in the start of July. But now I am not keeping myself bound in some target, as I am not in a position so far to set a target, achieve that and stay away from the market for the rest of the month. This is the beginning of my career and I have to learn every aspects of it. Every day is bringing something new to learn.

So here I am not much focused on target, rather than I am trying to be more process oriented, My goal for Aug is execute my plans, process perfectly. Must be disciplined and trade my pre-defind setups, avoid counter trend tardes, avoid reacting to price (jumping into some sudden spikes/crash for quick gan) etc. etc. I know when I will master all these aspects perfectly, profit will unfold itself.

SO learn, learn, learn, practice, practice, practice is my goal so far.

Regards
Taiki

 

[Taiki]

Hi Taiki,
1) in your post #553, in 1 minute chart you say you missed the first short at 5550. Please tell me if 5550 was a resistance level from previous days on 30 min.

Yes, 5550 is my S/R levels for that day. Also 5545-5550 was the support level from previous day. But S/R lines are not necessarily to be the support/resistane from previous day, they are the levels in 30 min chart where price has changed directions. In other word you can simply mark the swing high/low in 30 min chart as S/R lines. But remember supports and resistances are not lines they are areas.

2)Also in the area between 1 and 2 pm, 5550 seemed to have offered good resistance. Why did you not enter short there?


You are right. During 12-1 PM nifty was facing resistance at 55540-5550 and NF was at 5570-5575. There bulls were getting weak and selling pressures were coming in. As per my rules I should trade against the weakness and a short setup was definitely there. But you can see, my setup was present near 5550, not near 5575. Plus price was in uptrend in 3min chart. So a short was a counter trend and less probable trade. It might have just fell to 5550 and taken support again. So my short setup was below 5550 which was a break below my S/R lines(5550).

But yes, your observation was right, and a sort setup was there, and that would have been a aggressive short.


3)In post 554, you say on 30 min chart:
"From 30 min chart, on upside resistance stays at 5600 - 5620, 5680.
On downside support lines are at 5515, 5480."
From the 30 min chart you have given, the only value I can find out is support at 5515. Were the other values from previous days or is there something in the chart that I havent learned yet?

Yep, 5480 was the low made on 10th April in FUT chart, it was marked in 30 min chart, but was not visible as it was lying blow the visible horizontal levels

Regards
Krist.

Hello Krist,

Please check the answers in blue.

Regards
Taiki

 

[Taiki]

Hi taiki,
it seems I am misunderstanding something again. You above post was at 11.03, and nifty never touched 5575 until then, so how do you call 5575 as high of the day?
I am really sorry to bring this up, but I am very confused.

Regards
Krist.

Hello Krist,

I think you are getting confused with Nifty anf Nifty future chart. You can see I have mentioned NF there which means it is Nifty Future. The future chart has made a high of 5573.9 at 9:50 am

Regards
Taiki

 

[Taiki]

Well, Edison was as clever as you. Never mind about some joking, as I know that you come back and I have you in good remembering in a positive way.

Asking is never wrong, but do not expect others to lead you on TA. As you analyses his charts, what about analyzing your personal charts, coming up with them and asking what could be missed in those once? Believe me: That is the better way to do instead of finding out what others do.

Take care good guy / DanPickUp

Hello Dan brother,

Nice to see you again
Truly a wise advice from a very wise trader

Before leaving my job i was also thinking the same that many successful systems are out there, just learn any one, and implement them and you are done. But only after dedicating my full time to trading I realised this - "No matter how sucessfull a system is, or no matter how much big profit other has made using that system, You have to make here your own path. You have to learn what suits best to your style"


Thanks again Dan bhai

Regards
Taiki