Day Trading Futures

[niftytaurus]

Good Evening everybody
here is today's sbi cash chart

1) 1 trade was not according to my plan..& this is not the setup which I trade...it was just a momentum trade which I did with only 1 lot( oops..means with 1 share)..I will not count it in my performance...I exited at 10 points gain..but its violation of rules & setup..so no points in performance..even iskey liye to negative marking honi chaiye..because I beileve that agar profit bhi po,but you do not folllow your rules,then its a bad trade..& if some trade gives loss,but you follow all rules religiously,then that trade is also a good trade
2)trend was good..so I took entry in pull back..1 target complete easily ..2target is on tsl.
3)3 trade is very important..as its gave me loss... At this point..a shooting star form near HOD..but fail to touch high...so I just exited my last long in hurry at shooting star completion & enter short at next candle...sl was HOD 9which is major previous pivot high also +1 point filter...but it took my sl...good 16 point loss...psychologically it disturbs me a slight..
but after some time I observe..i took entry in hurry..I just saw a shooting star & jump...i should have wait till a minor pivot low break..so I Understand my mistake...but loss had already happened.
4) again Bo failure on HOD..shooting star size & shape was also nice..but now I wait to break a minor pivot low break..
psychologically bit of hesitation..as sam setup failed just 5 minute before..But I reminded my promise I have to enter on every setup..so entered again
that trade was jackpot of day
5)on 5 point there are so many confluence point which can give support..BRN,Yesterday's low, Opening range low..so It can give good support to this down move...exit on next bull candle
& enter on break of high of bull candle..some fear is there because down move was so violent..& trend is still not changed..but my sl was just -5-6 points away..so i can take chance...if the sl had been away or more than 8-10 points I wouldnt have taken that entry...
6) got alert after 1968-1970..because so many layers are here..OR high,PD close...plus major pivot which have to break successfully to chnage the trend into up...It had to trade above & sustain succesfully at least 1970-72 to change the short term trend of that time frame..2:15 &2:20 bothcandle tried hard but couldnt..so exit long..
but no entry in short..wait for minor pivot low break..

so today I have violated some of my rules..I gives profit & one give loss..but violating your own rules are not good..so have to work on this..
Besides,same temptation of taking profit is still continue today..if temptation in coming in 2 shares..what would happen when I will trade 2 lot..I Wrote down the points of temptaton on my journal..& observe what would have consequences if I had exited ...
& I Understood it wuld give more severe problems..as when you exit,& move continuosly move in your direction..its very frustating..plus more dangerous would be that You again try to enter on this move with very unfavourable entries & without your setup with more sl..& it leads to a bigger loss..so in this kind of temptation exit can shorten yur profits plus give you unrequired losses...I have to work hard on it..
I feel that temptation is more due to fear than greed...as I have a fear to loose the profits which is in my hand...its not greed..if its greed,I never tempted to exit early without any danger...have to work hard on this..
Thanks

 

[cloudTrader]

Just wish to see friday EOD the nifty crossing 6800 ..

@ stock72 ,,

You may like to see this post

http://www.traderji.com/amibroker/90473-non-repainting-supertrend-indicator-any-rules-follow-plz-share-4.html#post957671

Regards.

 

[mkiller]

Hello Seniors,

Can any one tell me whether MY stocksettings in TT of sharekhan is correct (Stoc(E,3,8 close) as per ST sirji.

 

[Smart_trade]

Hello Seniors,

Can any one tell me whether MY stocksettings in TT of sharekhan is correct (Stoc(E,3,8 close) as per ST sirji.

I donot have sharekhan TT so cannot comment on this. But 8 should be the number of lookback bars,3 should the average ...if Sharekhan TT plots that it should be fine.

Smart_trade

 

[XRAY27]

Here iam presenting some points which i follow in PA hope his will help little bit to your trading

THIS IS TIME ANALYSIS IN PA WHICH I FOLLOW

9.27 and 11.42 and 11.45 formed DT because time taken to reach that point is too long as compared to the first swing of 9.27... so your tsl for BPO should be 11.30PM basing on time

12'0 CLOCK CANDLE confirm the down move which covered major swing part 50% profit booking at day low AND rest tsl to BRN... there move of 20 point which i have not done ...

 

[Smart_trade]

FII sold Rs 44.69 Cr . TCS results just as expected...but 2014-15 guidance is positive. Mind Tree good results, 1:1 bonus. TCS could take a small dip tomorrow.

Smart_trade

 

[a1b1trader]

A term is quite often used

'Correction'

What is meant by correction, with reference to market
I couldnt understand its meaning.
Please clarify.
Thanks

 

[timepass]

A term is quite often used

'Correction'

What is meant by correction, with reference to market
I couldnt understand its meaning.
Please clarify.
Thanks

Correction is used to describe a pause or anti-trend move in an ongoing trend.

In a bull market, it describes down moves; vice versa, in a bear market it describes upmoves.

 

[Smart_trade]

A term is quite often used

'Correction'

What is meant by correction, with reference to market
I couldnt understand its meaning.
Please clarify.
Thanks

There are impulse moves and corrective moves. Impulse moves are fast, clear and in direction of the trends. Corrective moves are antitrend moves which are slow and sluggish and market finds very hard to attain the previous top , take larger time and dont retrace full impulse moves. So on corrective move, the market forms lower top and on break of the immediate minor pivot low the main move resumes.

If you see todays NF chart, all downmoves were strong and swift...so down was impulse. All upmoves were laborious, time consuming and did not reach the top...so corrective moves.

Smart_trade

 

[a1b1trader]

Correction is used to describe a pause or anti-trend move in an ongoing trend.

In a bull market, it describes down moves; vice versa, in a bear market it describes upmoves.

Thanks
And what term is used for
Opposite of correction, ie uptrend

And also currently we are in bull market or bear market
That is
Now it is bull phase or bear phase

Thanks