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

[prabhsingh]

If somebody is carrying overnight position and if there is Gap-up/Gap-down,then what should be the strategy.Get nervous and close-out the position ASAP or bear the losses and still hold the position.

Seniors,who are carrying over-night positions kindly can you tell how you behave under such circumstances and whats your risk:reward ration on gap-up/gap-down days please.

 

[TraderRavi]

Yes I started trading with proper system and plans from June Series i:e after 27 may, before to that I was doing it randomly with no defined system and everytime I was defining any rules I was violating them

by th way what is FTT ??

Regards
Taiki

yes FTT = full time trader......, so this is ur 4th series as FTT......

 

[Taiki]

yes FTT = full time trader......, so this is ur 4th series as FTT......

Yes, This is my 4th month going on

Regards
Taiki

 

[Tlahuicole]

Awesome bro 4 months ftt and always in green

 

[Mr.Perfect]

Taiki, how was your day? hope everyone is in green today with Nifty making some moves.

 

[Taiki]

Awesome bro 4 months ftt and always in green

Nope brother, my 1st month was breakeven, and 2nd month was no gain and no loss but loss of fixed brokerage. So little loss. And 3rd month got 5% profit. and Also in profit in this month so far. Lets see where it is going by the end of the series

Regards
Taiki

 

[Taiki]

EOD Summary

A bad day, started the week with loss.

Got whipsawed many times before the inflation data comes out. And have lost 16 points in 5 trades. Could not pick the short trade early (though chance was there) during the fall at 5930. Rest of the day was only watching nifty falling with frustration..

All the whipsaws and loss accounts to my bad trade execution and reacting to market situation. I found only intention in my mind during the market hour was to get in the trade early, but when I analysed my trades and chart during post market analysis all the signals were clear in the chart in this beautiful day. Need to keep a blank and relaxed mind during the market hour.

Rest, just moving on and keeping points from my mistakes today, hoping for a better day tomorrow.

Regards
Taiki

 

[akrsrivastava]

Thanks.

I have also noted that you place your S/R lines at round numbers. Does it make a difference having a support line at 5620, when the actual support line should pass through may be 5615. Your views please?


Just like you, I am also following Lance Beggs, but currently I am having trouble identifying setup areas.

Taiki,
Please respond to my above query.

Also, thanks for your post on pullback trade setups in one of the previous pages. I fine tuned my entries based on your post and finally had a green day today.:clap:

 

[Taiki]

Taiki,
Please respond to my above query.

Also, thanks for your post on pullback trade setups in one of the previous pages. I fine tuned my entries based on your post and finally had a green day today.:clap:

Sorry bro, Dont know how I missed the post..

While drawing S/R lines I not only look at the prev day chart, but also I add few other past sessions. Lets say prev session has the resistance at 5615, but scrolling through prev charts, few other days had resistance at 5618, 5619 etc. So i just take the rounded number i:e 5620 for current session.

On another instance, where lets say previous day's resistance is 5615, but the candle touching 5615 got closed below 5610 with a upper leg extending to 5615. In this case I take 5610 as resistance line and treat the prev candle as a breakout faiulre.

And statistically too price responds better to rounded number.

Glad to hear that my inputs worked for you.. Enjoy the profit and practice the right thing. :thumb::thumb:

Regards
Taiki

 

[Taiki]

Trade Setup for 17 Sep 2013

30M chart

On upside S/R lines are at 5900, 5950, 5990
On downside S/R lines are at 5820, 5770, 5700

3M Chart

Nifty fell down with very strong bearish momentum and took support from its suport region at 5820 and bounced to 5900. Below 5820 nifty may fall to 5770 and 5700 levels, but 5820 may act as a strong support.

Global Index Update
In US market DOW and S&P 500 closed in green while Nasdaq ended in red. EU markets are up. Asian markets are mixed with SGX nifty down by 0.02%. We may see a flat to negative opening today in nifty

Trade Area
1. BOF/BPB/TST at 5820
2. BOF/BPB/TST at 5900
3. BOF/BPB at 5950 and 5770

Regards
Taiki