Day Trading Futures

[Smart_trade]

Smart trade can you explain your trades in nifty for the day

There was a short trade in the morning and a long trade in the afternoon session. I did not trade morning session as I had gone out for some urgent work and came back to trading around 2:00-2:15 just before the upmove started. Took long trade in NF and ICICI Bank , both were successful trades.

Smart_trade

 

[Somatung]

There was a short trade in the morning and a long trade in the afternoon session. I did not trade morning session as I had gone out for some urgent work and came back to trading around 2:00-2:15 just before the upmove started. Took long trade in NF and ICICI Bank , both were successful trades.

Smart_trade

Sir Smart_trade

What was your stop loss range for your todays trades in Nifty? and what is in general your stop loss level for your Nifty trades? (When ever your time permits and you are in a mode to post)

Wish you a happy and nice time over the weekend.

 

[LondonVisitor]

Correct, but I need to reach my target before I quit my job in terms I need to make my monthly income from job by part time trading before I quit the job. This needs to be consistent for 6 months thats my target.

This is the way to go. Well said. Part time trading income should exceed the salary income and consistently for few months before becoming a full time trader.

 

[Smart_trade]

Sir Smart_trade

What was your stop loss range for your todays trades in Nifty? and what is in general your stop loss level for your Nifty trades? (When ever your time permits and you are in a mode to post)

Wish you a happy and nice time over the weekend.

Yesterday initial stoploss was about 18-20 points away because there is no pivot in between due to volatility. But that is the initial stoploss just to protect us in case the market suddenly reverses after our entry. But I practice something called " early exits" meaning if any 5 min bar closes below the level which put us in long trade and the low of that bar is violated, it means that the breakout is not sustaining and hence I get out of the position even though my stoploss is not hit because in 70 % situations it gets hit eventually.This way most of the bad trades are exited in 7-10 points . But this has a danger of false exits and one should be prepared to re-enter if the market continues in the direction of the breakout. It also dilutes the success rate to nearabout 50 % which is a tradeoff I have to accept for getting high reward low risk trades.

Smart_trade

 

[amitrandive]

There was a short trade in the morning and a long trade in the afternoon session. I did not trade morning session as I had gone out for some urgent work and came back to trading around 2:00-2:15 just before the upmove started. Took long trade in NF and ICICI Bank , both were successful trades.

Smart_trade

Sir

On what basis you caught these trades?
There was a similar opportunity in LT

 

[Smart_trade]

Sir

On what basis you caught these trades?
There was a similar opportunity in LT

Yes LT,Banks like ICICI bank are high beta stocks so when the market rallies, they rally by higher percentage but when market falls, these high beta stocks get hammered badly.

There were many reasons for the long trade. Inspite of world markets in very bad shape, Nifty was holding remarkably and it was holding 6465-70 level which is -2SD of VWAP where it was taking support.Market tried to break this level 3 times but the support held firmly.( This support holding I did not see in the market as I was away till late afternoon session but could see on the charts on my return ) It was also in between -1SD and -2 SD band of 2day VWAP where it is supposed to take support in most cases.

But inspite of these support, in really bad markets, nothing holds so it is dangerous to get in and trying to hold a falling knife.So when market was not able to crack till the late afternoon session, it was due for a strong bounce and reversal.It is like the proverbial falling knife has stuck in the ground and stopped shaking and it is a time to hold it. With this background when the market broke a important pivot high at 6492 that was a good trade.

How the market reacts to good/bad news gives very strong clues about the course of its future actions.

Smart_trade

 

[starscream]

Yes LT,Banks like ICICI bank are high beta stocks so when the market rallies, they rally by higher percentage but when market falls, these high beta stocks get hammered badly.

There were many reasons for the long trade. Inspite of world markets in very bad shape, Nifty was holding remarkably and it was holding 6465-70 level which is -2SD of VWAP where it was taking support.Market tried to break this level 3 times but the support held firmly.( This support holding I did not see in the market as I was away till late afternoon session but could see on the charts on my return ) It was also in between -1SD and -2 SD band of 2day VWAP where it is supposed to take support in most cases.

But inspite of these support, in really bad markets, nothing holds so it is dangerous to get in and trying to hold a falling knife.So when market was not able to crack till the late afternoon session, it was due for a strong bounce and reversal.It is like the proverbial falling knife has stuck in the ground and stopped shaking and it is a time to hold it. With this background when the market broke a important pivot high at 6492 that was a good trade.

How the market reacts to good/bad news gives very strong clues about the course of its future actions.

Smart_trade

Thanks a lot smart_trade . Your trading Wisdom is like gold !
Also would like to ask you do u still trade the ambush method u had taught on tsf

 

[manishchan]

Friends : Does anyone know/have used any free screen video recorder an editor ? I hv win 7.

 

[LondonVisitor]

Finally I have switched from ZT to NOW.. Let's see how it goes. I love the NOW Mobible App.. pretty cool

Did you mean an App in a mobile phone? There is a Browser App which works in Google Chrome and other browsers app.mobile.nowonline.in which is very colourful.

 

[manishchan]

Did you mean an App in a mobile phone? There is a Browser App which works in Google Chrome and other browsers app.mobile.nowonline.in which is very colourful.

Yes.. exactly the same thing in mobile phone/tablet.