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

[DanPickUp]

Haan ji, intention toh wohi hai..

Currently my setups are -
Breakout pullback (BPB)
Breakout failure (BOF)
Test of resistance and supports level (TST)
pullback (PB)/Complex pullback (CPB)

Regards
Taiki

Hey, slowly. To many setups will bring you in trouble. Beside that you even think to start to trade in options.

Is every thing ok with you?

 

[TraderRavi]

Raj Ji,

May be you did not get it correctly, That was the ideal trade which I should have taken but could not. I got this type of trade while analysing my trades during post market analysis. In actual I did 3 trades and got only 10 points. It is in previous page. I am failing in such execution part,

Regards
Taiki

actually we all thought this was ur today's trade, anyway as they say, any profit is better than loss........:thumb:

 

[Taiki]

Trade Setup for 13 Aug 2013

30 Min Chart

S/R Lines -
On upside resistance are at 5620, 5660, 5680-5700, 5750
On downside supports are at 5600, 5550-5560, 5515

3 Min Chart

Yesterday price opened high, failed to sustain above 5600 and made a low at 5560 and then made a high at 5660 and again fell down to close at 5608. All the premiums are eaten away and NF is at discount now. Both bulls and bears were in action today. Yet since last 3 days price is continuously making higher high and higher low indicating more strength in bulls. Price has shown some upward acceleration above 5620.

Trade Area

1. BPB/BOF at 5620
2. BPB/BOF/TST at 5660
3. BPB/BOF at 5600
4. BPB/BOF/TST at 5550-5560

Global Index Update

Overnight US, UK market closed miixed to flat. Asian markets are trading in green today with SGX Nifty up by 0.13%. It indicates a slow to positive opening in nifty, and it may retest the 5600-5620 boundary.

I will have to be strict on exit part. Looking forward to follow TSL in every trade today. If no minor pivot is formed in between break-even point and day's high/low, I will be happy to give away the profits and exit at breakeven, but following the rules are must.

Regards
Taiki

 

[Taiki]

Hey, slowly. To many setups will bring you in trouble. Beside that you even think to start to trade in options.

Is every thing ok with you?

Nope brother, right now no plans of option so far.. Need to practice my system setups more and have an edge over future first..

Regards
Taiki

 

[DanPickUp]

Nope brother, right now no plans of option so far.. Need to practice my system setups more and have an edge over future first..

Regards
Taiki

@Taiki

I have seen you asking certain questions about option trading in other threads and that made me posting that comment.

If I was wrong, men I excuse my self in front of you to do so.

If I not was wrong, then learn first to trade one derivative to perfection, concentrate on that and then try to trade with two derivatives. In the most bad case you may cross a pro which know how to trade both and god save you from that, as you will start again with nothing you achieved now. Your choice, your live, your money. And do not forget: Any body here which has this knowledge could be that bad guy. So keep your eyes open. Hope you got that.

Take care / DanPickUp

 

[Happy_Singh]

I will have to be strict on exit part. Looking forward to follow TSL in every trade today. If no minor pivot is formed in between break-even point and day's high/low, I will be happy to give away the profits and exit at breakeven, but following the rules are must.

Hello

Try to include some way of partial profit booking into your system/method.
Try to introduce a target based on the setup/entry type and book 1/3 or 1/2 at that point . . .

It requires multiple lots, but it is surely worth doing so as the learning curve improves drastically . . .

But as you have rightly said, keep at least 1 lot till the TSL is hit . . .

At end of 20+ trades, when you compare the actual trade data,
your confidence will grow in holding the position for long periods . . .


Happy

 

[jain.er]

@Taiki biradar aap resistance levels kaise find karte ho?

For ex. you said on the upside resistance for today is 5620, then 5660 etc etc.

 

[Vertigo_1985]

Haan ji, intention toh wohi hai..

Currently my setups are -
Breakout pullback (BPB)
Breakout failure (BOF)
Test of resistance and supports level (TST)
pullback (PB)/Complex pullback (CPB)

Regards
Taiki

From my personal experience it's not suitable to begin trading with all the setups. PB, TST are comparatively low probability trades and should be avoided initially as it needs very good skill set to trade them. BOF, CPB, BPB are relatively easier to trade and are higher probability trades.

Even if one is trading all the setups he has to take into account the over all market environment. Have you considered what type of setups is suitable for which type of environment ? like, are you able to identify whether it will be a strong trend day(Pb are suitable) or a trend day involving multiple pb.

Just my opinion, with no intention to digress you, just thought that you should know .

Regards

 

[Taiki]

@Taiki

I have seen you asking certain questions about option trading in other threads and that made me posting that comment.

If I was wrong, men I excuse my self in front of you to do so.

If I not was wrong, then learn first to trade one derivative to perfection, concentrate on that and then try to trade with two derivatives. In the most bad case you may cross a pro which know how to trade both and god save you from that, as you will start again with nothing you achieved now. Your choice, your live, your money. And do not forget: Any body here which has this knowledge could be that bad guy. So keep your eyes open. Hope you got that.

Take care / DanPickUp

Hello Dan bro,

Yes I have been trying to study the option chain analysis, OI, FII activity. I have started keeping track of these data EOD basis for one week. The Idea is to learn how OI, FII activity and Option chain together are giving direction to Nifty, or making it to stay in a range. I just tracking them without any directional bias as I have not framed any rules for using them. So the intention is to just observe them for 2/3 months and their impact on Nifty's movement.

There is no intention of trading option now. As i have mentioned I have to get the edge in FUT first, need to leran a lot of discipline etc.

Regards
Taiki

 

[Taiki]

Hello

Try to include some way of partial profit booking into your system/method.
Try to introduce a target based on the setup/entry type and book 1/3 or 1/2 at that point . . .

It requires multiple lots, but it is surely worth doing so as the learning curve improves drastically . . .

But as you have rightly said, keep at least 1 lot till the TSL is hit . . .

At end of 20+ trades, when you compare the actual trade data,
your confidence will grow in holding the position for long periods . . .


Happy

Hello Happy brother,

Yes you are right. But as per my rules I am trading with only 1 lot. And I believe it is not that difficult to follow the TSL exit strategy with single lot also. Just need to be disciplined in following my rules. In the worst case I may exit a trade at breakeven, after being in profit for some points. But this will be thousand times better than booking profit at 10/15 points and watching nifty move another 70/80 points after that.

But yes, your suggestion is one of the best solutions for this case. I may take some more time in trading with multiple lots/ scaling in/out etc.

Regards
Taiki