A new Life, A new Career, A new Dream - I am a Trader
- Thread starter Taiki
- Start date
What happened bro ??
You deleted them, I was yet to understand the meaning of those lines
Regards
Taiki
You deleted them, I was yet to understand the meaning of those lines
Regards
Taiki
DanPickUp
EOD Summary for 14 August 2013
A range bound day. I did only 1 trade and missed the another entry opportunity. NF managed to stay above 5700. Over all a decent day.
Trades in 3 min chart
Trades in 1 min chart
NF opened near yesterday's close and immediately broke yesterday's high and made new high at 5725. And then fell down to 5700 which was my S/R line. Took a long trade when NF took support at 5700. The trade was trailed and got stopped out at 5721. Net gain for the day = +12 points
Regards
Taiki
A range bound day. I did only 1 trade and missed the another entry opportunity. NF managed to stay above 5700. Over all a decent day.
Trades in 3 min chart
Trades in 1 min chart
NF opened near yesterday's close and immediately broke yesterday's high and made new high at 5725. And then fell down to 5700 which was my S/R line. Took a long trade when NF took support at 5700. The trade was trailed and got stopped out at 5721. Net gain for the day = +12 points
Regards
Taiki
Hello Jain brother,
Yesterday was okay. Market was lacking action and day was little dull. Did only one trade. So far I have been trying to TSL my SL and exit only when TSL hits. But I have been failed to do so.
Yes your are right - some times TSL works well and sometimes fixed points target works good. But in trending days with fixed point target we miss the big move. I was working more and backtested few things on my exit rule today. (Now the modification has both fixed point target + TSL). Looking to implement this from tomorrow and see how things will go on.
Exit rules
- 70% times price is staying in a range and rest 30% time it is trending. The trending phase comes after a breakout of previous 2/3 day's of range.
- During the range days it is better to stick with fixed points target.
- So before taking the trade. we need to decide the following things. - Entry price, SL and Price Rest Area (RA)
- Basically in a range, RA will lie near the upper boundary of the range where price will take a pause/breath, but not necessarily reverse.
- This will act as our target price if price decides to stay in the range.
- As soon as price reaches RA, we will move the initial SL to breakeven, and need to follow the price action setup near RA.
- On sign of a reversal we will exit from the trade there itself. No need to wait and see our profit trade becoming into a loosing one.
- Else if price breaks out of the range we will simply trail our SL to desired level and follow the trend.
- In case We have exited the trade at RA, seeing a sign of weakness and price breaks the range after our exit, we can always take the breakout trade and entry on a pullback.
In my next post (Ideal trade for 14th Aug) the 2nd trade uses this exit strategy.
Regards
Taiki
Yesterday was okay. Market was lacking action and day was little dull. Did only one trade. So far I have been trying to TSL my SL and exit only when TSL hits. But I have been failed to do so.
Yes your are right - some times TSL works well and sometimes fixed points target works good. But in trending days with fixed point target we miss the big move. I was working more and backtested few things on my exit rule today. (Now the modification has both fixed point target + TSL). Looking to implement this from tomorrow and see how things will go on.
Exit rules
- 70% times price is staying in a range and rest 30% time it is trending. The trending phase comes after a breakout of previous 2/3 day's of range.
- During the range days it is better to stick with fixed points target.
- So before taking the trade. we need to decide the following things. - Entry price, SL and Price Rest Area (RA)
- Basically in a range, RA will lie near the upper boundary of the range where price will take a pause/breath, but not necessarily reverse.
- This will act as our target price if price decides to stay in the range.
- As soon as price reaches RA, we will move the initial SL to breakeven, and need to follow the price action setup near RA.
- On sign of a reversal we will exit from the trade there itself. No need to wait and see our profit trade becoming into a loosing one.
- Else if price breaks out of the range we will simply trail our SL to desired level and follow the trend.
- In case We have exited the trade at RA, seeing a sign of weakness and price breaks the range after our exit, we can always take the breakout trade and entry on a pullback.
In my next post (Ideal trade for 14th Aug) the 2nd trade uses this exit strategy.
Regards
Taiki
Ideal Trade for 14th August 2013
The 1st trade is same as the trade that I have taken in real.
Summary after the exit of 1st trade is as follows -
- After the exit of my 1st trade price took support at 5717 and made a new high at 5744. A very high volume bar is made at 5744 and for subsequent 20 min price failed to cross 5744 indicating active sellers in the area.
- As expected, after the WPI inflation result price fell bck to 5700, took support at 5700 and reversed. No reliable setup was formed to catch the 1st reversal. Here this was the TST setup of 5700 (test of support/resistance)
- But price again came back to 5700 and on seeing the weakness in bears, my 2nd trade setup is formed.
- 2nd Trade, SL = 5705, Buy above = 5714, RA (Target 1) = 5740.
- Long initiated at price went to 5740 (RA) in next 1 hour.
- SL should be moved to breakeven. And need to watch the price action thoroughly.
- A bearish harami pattern appears and our exit is confirmed. Exit at 5733.
In total 2 trades for the day, Net gain = +31 points
After exit from 2nd trade took support near 5720, and finally broke the range (5700-5740) at 3:10.
Regards
Taiki
The 1st trade is same as the trade that I have taken in real.
Summary after the exit of 1st trade is as follows -
- After the exit of my 1st trade price took support at 5717 and made a new high at 5744. A very high volume bar is made at 5744 and for subsequent 20 min price failed to cross 5744 indicating active sellers in the area.
- As expected, after the WPI inflation result price fell bck to 5700, took support at 5700 and reversed. No reliable setup was formed to catch the 1st reversal. Here this was the TST setup of 5700 (test of support/resistance)
- But price again came back to 5700 and on seeing the weakness in bears, my 2nd trade setup is formed.
- 2nd Trade, SL = 5705, Buy above = 5714, RA (Target 1) = 5740.
- Long initiated at price went to 5740 (RA) in next 1 hour.
- SL should be moved to breakeven. And need to watch the price action thoroughly.
- A bearish harami pattern appears and our exit is confirmed. Exit at 5733.
In total 2 trades for the day, Net gain = +31 points
After exit from 2nd trade took support near 5720, and finally broke the range (5700-5740) at 3:10.
Regards
Taiki
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