Day Trading Futures

[XRAY27]

Good evening all
here is today's sbi-cash chart

1)In opening 5 minute,sbi tried to break yesterday's close but couldnt success...then it move uo..opening range candle shows ..there is a war between bears & bulls.but bull win it slightly...so look for further price action...then a pull back..candle analysis shows its a very weak pull back...PDC & brn gives a good support..but due to psychology,a little bit hesitant..so souldnt take entry at 9:40 candle opening..this candle gives nice 9 point move...missed it...so tempted to enter but cotrol...wait for another pull back...this pull back came in a the way of a small consolidation..entered around 2057...this range continues 1 hour..boring but that's market..
2)after a nice move up..price crossed OR high ..that or high is also close to a very important resistance point as it also constituted by a major swing which can change 5 min trend..so its important to see how price react after breaking it..after touching 2070..no follow up for up move...showing bull weakness...but have to wait..as no sign of strong bear also ..this could be FTC...exit my longs on small consolidation....but confusion is there..this consolidation could be acculumation or distribution..?but only 2 candle are bullish out of 7 candle after making high...bears are there...but lets market decide..where to go...bear should show their power ,breaking a pivot low ...wow ! what a move...bears come with full force..but I exited at PDC..because today is expiry..so better to exit early & stay out from market....this move took support at PDL...
3) this could have been a very good trade...as price takes support at PDL..but I always afraid of taking trades in last hours of expiry day..I have already burnt my fingers on such expiry days & high volatility time ( like rbi announcements etc )..so I have a kind of fear of any market which makes vilolent move in any way..its like a driving a high speed racing car without any break...may be in future,I overcome that fear.but at present I dont dare to take those trades..anyway...so PDL halts the down move & give good supprt..pd close & brn were also near by..all are giving good support to good move...& see..it touched PDH...

Thanks

Nice PA analysis...we have to practise hour's together for getting this skill..
i think you got enough knowledge in this it seems..
Practice VPA(Volume analysis along with Price action) so that fine tuning will be there for trades.. and you will get excellent setups for trading

carry on the good work

 

[LivetoTrade]

TRY THIS .... I TRIED ... AMAZING !!

So inference is that we should not look from a distance, but we need to get as close as possible, to see a clear picture

 

[Somatung]

So inference is that we should not look from a distance, but we need to get as close as possible, to see a clear picture

https://www.google.com/glass/start/what-it-does/

 

[cloudTrader]

Good one and an old friend of mine told me this in the past: If we have big screens and watch any chart, we move away from it for a few feet and do again a new chart analyzes.

:clapping::clapping:

I'll try this as well , maybe able to analyse better from a distance. :lol: :clapping:

 

[Somatung]

I'll try this as well , maybe able to analyse better from a distance. :lol: :clapping:

In front of the screen:

With distance to the screen:

Take care

 

[kiran_thiru]

TRY THIS .... I TRIED ... AMAZING !!

the above picture reminds us some old morals. that is.......

what you see actual is incorrect. it is another meaning behind that.

don't try to estimate what actual you see if you near at a problem. you must get solution for that when you take some distance from that problem.

 

[Vertigo_1985]

Hi
Thanks for your reply & encouragement..
what you sais is excactly right ..I am trying to do what you mentioned above in blue letters..
frankly speaking,I dont tell my trading as trading...as I just trade only 2 shares..so its as good as paper trading...my emphasis on right execution at right time..so I am trying to make my entries & trade management as perfect as When we trade on EOD chart...so my object for now is execution of just 1-2 setups..
In live market , from this method ,I see only 1 chart on 1 time frame..so only SBI right now..but after market hour..I practise at least 10 other scrips ( I dont have bar replay facility in TT,but I start from 1 candle & hide other candles..& try to take trades as bar replay method)...

But I am trying a method related to divergences also & trying to trade in real market..on those trades ,My decisions based also on PA..but that method needs less attention as my main method...so just trying it ..as today I take trade in wipro wipro & zee entertainment by that method...
Thanks

Great going niftytauras :thumb:

Few points from my side...
how well defined are your setups ? have you defined the steps that lead you to identify those setups and your plan to trade them( how you will place s.l, target ) ? The more well defined your setups are the easier it is to reproduce them, easier it is to gain confidence in your abilities, also it shortens your learning curve as you will be focused on right things.

Imo rather than bar-trading after market in other scrips you should focus on
sbi only, visualize executing your trades perfectly, do bar-replay, in the time left do following things
first - study overall market(nifty, advance decline, fii/dii flow)
second - study sector performance( see where the funds are going in and out).

Ask question about why the market is moving ? why some stocks are falling and some are rising ? what big funds must be seeing that you are not and how is it visible in markets ? Also look for buying and selling patterns that are easily visible in market like selling after open and buying in afternoon these days.

One Scrip, One setup(frequency has to be good, if not then trade 2 setups)....connect it's movement to overall market and respected sector...that's how i would prefer to go.

I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times -Bruce Lee. so narrow down your focus and practice, practice and more practice(with proper feedback).

Also read one good trade and the playbook by Mike Bellafiore.

You can get amibroker from net, it has bar replay feature and for intraday data you can download datadownloader.

 

[timepass]

May series - the option premiums are too high. Seems like Sexy is going to have a feast this month

 

[XRAY27]

May series - the option premiums are too high. Seems like Sexy is going to have a feast this month

MAY series AKKA NAMO series

 

[TradeJoker]

May series - the option premiums are too high. Seems like Sexy is going to have a feast this month

aam admi ka kya? Buy OTM calls ?