Day Trading Futures

[niftytaurus]

Hi
ST sir & other senior members..please advice on a small & stupid problem regarding sl entries & exit...
ex.we are trading on 5 min chart..& we are in long position .If our sl is on 6550..so markets can do 2 things...a) 5 min candle just touches your sl..it goes down till 6545...& comes up & closes above 6550...& then market resume its upward journey...b) markets goes down 6550...6545..6540..6535..means continue its downward jouney & closes down to your sl...
Now my queston is when we put our sl...what should we considered..should we wait for candle closing to exit..or should we exit just on touching the sl? we have to face problems in both condition..if we just put sl on system..& when it touches but candle didnt close under that level..& we are out ..& market resumes its original journey...& in 2 condition,if we wait for candle close...then we dont know that particular candle can go how much low..& in that conditon if fall down is deep..its not good for our risk management..
same problem with entries only..ex if we decide to enter long on particular pivot high break break...& we put sl-m order...then market can just touch our level & we get the fill & we are in..but after 1-2 minutes that candle starts going down & close below our level..or if we choose 2 option..means we wait to candle close ..& if that candle go higher & higher ...so now we are very far from our entry point & sl is far ...so not comfortable with that entry..
so please suggest..what option is suitable ?
Thanks

 

[VJAY]

Hi
ST sir & other senior members..please advice on a small & stupid problem regarding sl entries & exit...
ex.we are trading on 5 min chart..& we are in long position .If our sl is on 6550..so markets can do 2 things...a) 5 min candle just touches your sl..it goes down till 6545...& comes up & closes above 6550...& then market resume its upward journey...b) markets goes down 6550...6545..6540..6535..means continue its downward jouney & closes down to your sl...
Now my queston is when we put our sl...what should we considered..should we wait for candle closing to exit..or should we exit just on touching the sl? we have to face problems in both condition..if we just put sl on system..& when it touches but candle didnt close under that level..& we are out ..& market resumes its original journey...& in 2 condition,if we wait for candle close...then we dont know that particular candle can go how much low..& in that conditon if fall down is deep..its not good for our risk management..
same problem with entries only..ex if we decide to enter long on particular pivot high break break...& we put sl-m order...then market can just touch our level & we get the fill & we are in..but after 1-2 minutes that candle starts going down & close below our level..or if we choose 2 option..means we wait to candle close ..& if that candle go higher & higher ...so now we are very far from our entry point & sl is far ...so not comfortable with that entry..
so please suggest..what option is suitable ?
Thanks

Its always happen to all type traders .......its not any problem
Yes when these things happen we start feeling and start to do funny/ugly things to break our rules etc.....
If we confidence in our method and entry & sl are as per our method /rule then nothing can change our view....these things are part of trading
My thoughts only.....

 

[Trader_PK]

Hi
ST sir & other senior members..please advice on a small & stupid problem regarding sl entries & exit...
ex.we are trading on 5 min chart..& we are in long position .If our sl is on 6550..so markets can do 2 things...a) 5 min candle just touches your sl..it goes down till 6545...& comes up & closes above 6550...& then market resume its upward journey...b) markets goes down 6550...6545..6540..6535..means continue its downward jouney & closes down to your sl...
Now my queston is when we put our sl...what should we considered..should we wait for candle closing to exit..or should we exit just on touching the sl? we have to face problems in both condition..if we just put sl on system..& when it touches but candle didnt close under that level..& we are out ..& market resumes its original journey...& in 2 condition,if we wait for candle close...then we dont know that particular candle can go how much low..& in that conditon if fall down is deep..its not good for our risk management..
same problem with entries only..ex if we decide to enter long on particular pivot high break break...& we put sl-m order...then market can just touch our level & we get the fill & we are in..but after 1-2 minutes that candle starts going down & close below our level..or if we choose 2 option..means we wait to candle close ..& if that candle go higher & higher ...so now we are very far from our entry point & sl is far ...so not comfortable with that entry..
so please suggest..what option is suitable ?
Thanks

I go for touch only .. if it touches and then after some time continue upward then look for reentry

 

[niftytaurus]

Its always happen to all type traders .......its not any problem
Yes when these things happen we start feeling and start to do funny/ugly things to break our rules etc.....
If we confidence in our method and entry & sl are as per our method /rule then nothing can change our view....these things are part of trading
My thoughts only.....

Thanks Vijay for your suggestion..
That's why I want to know ,what ever method we apply..we have to put some entry rule & exit rule..rule for entering or exiting on those points ...candle close or just touching that level..
.so my question is again same..our system says that if we are long we have to exit on low of pivot low break ..so what should we write on your rule book..that we will get out on breaking of that pivot or should we wait for candle close ...same dilemma in entry on pivots/levels
you are price action trader..so you may have been facing those problems regularly..so please suggest
Thanks

 

[niftytaurus]

I go for touch only .. if it touches and then after some time continue upward then look for reentry

Thanks trader PK for your suggestion..
what about sl entries? can we enter on just touching? I am asking this because..as if we exit on touching of sl..its good because we limt our loss & we manage our risks what 2 option can give ..we shuld not wait when cutting our losses..
but in entries,if we enter on touching the point...we can be in a loosing trade..so here if we wait for closing of candle..our entry can be delayed..but here we manage our risk on other side..
so now can we entry or exit on just touching that level..please suggest ..
thanks

 

[VJAY]

Thanks Vijay for your suggestion..
That's why I want to know ,what ever method we apply..we have to put some entry rule & exit rule..rule for entering or exiting on those points ...candle close or just touching that level..
.so my question is again same..our system says that if we are long we have to exit on low of pivot low break ..so what should we write on your rule book..that we will get out on breaking of that pivot or should we wait for candle close ...same dilemma in entry on pivots/levels
you are price action trader..so you may have been facing those problems regularly..so please suggest
Thanks

Dear nt,
My trades entry(rarely direct entry) & sl are always with SL-M orders(very rarely use trg/price sl)...so there is no touching/closing of bars...if bo/bd of my entry/sl area with filters then no question of thinking what you facing
Though I use to wait for close of bar in some ranges to moving my tsl

 

[a1b1trader]

The final top (not the present intermediate top) of the present rally, as per my observation, is likely to be

6770-80 NS

OR (if extended further)

around 6900 NS

The intermediate top is likely to be

6640/50 NS

6660/70 NF
(Around Sudoku's number)

This is just my observation and nothing more than that.
Just for paper trade

 

[Smart_trade]

Hi
ST sir & other senior members..please advice on a small & stupid problem regarding sl entries & exit...
ex.we are trading on 5 min chart..& we are in long position .If our sl is on 6550..so markets can do 2 things...a) 5 min candle just touches your sl..it goes down till 6545...& comes up & closes above 6550...& then market resume its upward journey...b) markets goes down 6550...6545..6540..6535..means continue its downward jouney & closes down to your sl...
Now my queston is when we put our sl...what should we considered..should we wait for candle closing to exit..or should we exit just on touching the sl? we have to face problems in both condition..if we just put sl on system..& when it touches but candle didnt close under that level..& we are out ..& market resumes its original journey...& in 2 condition,if we wait for candle close...then we dont know that particular candle can go how much low..& in that conditon if fall down is deep..its not good for our risk management..
same problem with entries only..ex if we decide to enter long on particular pivot high break break...& we put sl-m order...then market can just touch our level & we get the fill & we are in..but after 1-2 minutes that candle starts going down & close below our level..or if we choose 2 option..means we wait to candle close ..& if that candle go higher & higher ...so now we are very far from our entry point & sl is far ...so not comfortable with that entry..
so please suggest..what option is suitable ?
Thanks

Most of the areas in trading are gray....they are neither white, nor black but they are gray. I may find the colour to be more white and less black...someone else will find it to be more black and less white. So who is right ? There is nothing absolute right or wrong in trading.It depends on what we as traders are comfortable with.

Coming back to your question, both options could be right. But each has its own trade off and you have mentioned the disadvantages of each in your question. There is also a third option and that is exit the moment your stop is hit and re-enter if the market again goes in your direction.

In slow markets you can wait for closing but in fast and crashing markets, waiting for close could be expensive. I prefer re-entry and I get out at slightest sign that a trade is not working out...but I am comfortable with re-entry and it works very well as I keep my losses very low.

Smart_trade

 

[pakatil]

Most of the areas in trading are gray....they are neither white, nor black but they are gray. I may find the colour to be more white and less black...someone else will find it to be more black and less white. So who is right ? There is nothing absolute right or wrong in trading.It depends on what we as traders are comfortable with.


Smart_trade

Very aptly said.......ST....:clap:

Hallmark of the Master........:clapping:

 

[Smart_trade]

Very aptly said.......ST....:clap:

Hallmark of the Master........:clapping:

Hi pakatil....no mastery...still learning in market's school of hard knocks....

ST