Day Trading Futures

[starscream]

Nifty spot didn't touch its 3ema today for 2nd day in a row.



Bank nifty, both spot and futures, did not 3ema today for 2nd day in a row.



Maybe fireworks on Monday

Even I am guessing something like that on Monday or Tuesday

 

[Somatung]

Weekend fun has started with the comments about coming Monday:

Guessing, maybe some thing will happen on Monday

Here some more:
- probably.......................
- it could happen,........................
- my uncle told me,-----------------------
- Mars is in the zone of Venus, so on Monday.........,
- if my liver hurts, it will almost nearly happen ............
and so on.

 

[manishchan]

Manish ji your 2nd Short not clear pls some light ??

2nd short was a wrong call buddy. I was thinking that the price is not able to push up and then there was big red candle. This made me take a short call. This could have been avoided because the big red candle doesn't break below the previous swing low.

 

[manishchan]

Didnt get you Raamakant. Breakeven for NF ?

Yes, Breakeven points for NF.

I use zerodha so it's about 2 point some change.

 

[timepass]

Weekend fun has started with the comments about coming Monday:

Guessing, maybe some thing will happen on Monday

Here some more:
- probably.......................
- it could happen,........................
- my uncle told me,-----------------------
- Mars is in the zone of Venus, so on Monday.........,
- if my liver hurts, it will almost nearly happen ............
and so on.

Guess what ?? Nifty spot had an NR7 day - 30 pts range, maybe even NR21 but I didn't calculate

 

[manishchan]

Somatung : First of all, big thanks for the detailed analysis. I consider myself amateur and trying to move my way up the ladder (by learning most from TJ). The trade taken was based on one of the strategy used by Anvy on PA (the S/R line on the first candle). The first profit booking was based on the pivot support line.

1. Yes, I missed to go long after i exited first short because the trend was down and I was looking for short only. This played against me when I took the 2nd short.

2. The reason behind second short was because the price was not moving up beyond 2-3 doji's. So big red candle after the doji's made me go short. Of course, the call was wrong

Yes, end of the day, I was also thinking that there were 2 short opportunity and 2 long but like I mentioned, I missed the first long near my suupport line that was mistake. The 2nd long around 3 pm was not taken because I don't take trade after 3 if I have to get out and get in again.

Thanks again for you inputs. Please continue to bless us

@Manishchan

Now your thread is going very well as promised from a senior member here at the begin of it. :clapping: I had a look at your charts and I love how simple they are. No fancy stuff on it. Just perfect for price action trading. As I see you have your buy and sell zone on it with your horizontal lines (Do not know what mathematical formula you use for this), two questions comes up on the above chart: After your second trade (First long and then one short trade) you had the chance to go long when market came back into your levels. The market entered your buying zone but instead of taking the risk to go long, you tried the short entry which failed.

1. Why did you not go long at that given level in your chart, as you followed your rules on the first exit when token the profit at the maximum long level your formula calculated?

2. I put in a green support line in your chart, as I was asking my self what the reason could be which made you taking the decision to short at that specific level which finally failed. Did you have such a trend line on your chart or why did you take that short at that certain level?

Here a little add about long entries and short entries. Hope you do not mind about my analyzes about your interesting trades:

And as a last one: Some candlestick formations to be studied:

Have a nice weekend

 

[Somatung]

Somatung : First of all, big thanks for the detailed analysis. I consider myself amateur and trying to move my way up the ladder (by learning most from TJ). The trade taken was based on one of the strategy used by Anvy on PA (the S/R line on the first candle). The first profit booking was based on the pivot support line.

1. Yes, I missed to go long after i exited first short because the trend was down and I was looking for short only. This played against me when I took the 2nd short.

2. The reason behind second short was because the price was not moving up beyond 2-3 doji's. Also, it's not there in the chart but that was area of yesterday's close. So big red candle after the doji's made me go short. Of course, the call was wrong

Yes, end of the day, I was also thinking that there were 2 short opportunity and 2 long but like I mentioned, I missed the first long near my suupport line that was mistake. The 2nd long around 3 pm was not taken because I don't take trade after 3 if I have to get out and get in again.

Thanks again for you inputs. Please continue to bless us

Ok, I see. You are also infected with a virus to those pivot point trading, which is perfect for price action trading. Love it. As you trade such a short time frame, from my side I also think that you do clever by not adding any positions, specially in such a side way chart you showed. Not sure if you add in trendy markets as Sir ST and some others here do on a very professional level.

Some words and thoughts to your kind above post: As long as you not have any loss, there is nothing to blame your self. I am clear that the longs are contraries trades which are difficult to take. On the other hand: There is a reason to use the pivot support and resistance lines and if you believe in those lines, I would say it is even worth to risk a clever entry or short on those lines. But this is personal view. RAAMAKANT uses options and futures in his trading, (had a nice chat with him last night in your thread), so this may could help to reduce risk on those levels. Just an input you may like. And of course the same to you: Please continue to bless us.

 

[manishchan]

Lol I have started to trade based on PA but keep other things as supporting elements. Most of my losses I had in the past were from positional trading (equity only). So now I have restricted myself to intraday only till I'm very much comfortable taking trade on my strategies. My biggest enemy is my psychology. Despite having identified good set up, I sometimes analyse too much and end up being on the wrong foot (today's 2nd short was example). I know this will take some time and till then I will trade only the one's that I understand keeping my losses as short as possible. Options : yes, I have been very much interested to do for positional but I don't yet understand it completely. So trying to pick up from from some books/sites/TJ threads etc but my main focus is to be consistent on the trades I currently take on daily basis. Thanks again and I have the lines (in bold) in my lesson's diary now

Ok, I see. You are also infected with a virus to those pivot point trading, which is perfect for price action trading. Love it. As you trade such a short time frame, from my side I also think that you do clever by not adding any positions, specially in such a side way chart you showed. Not sure if you add in trendy markets as Sir ST and some others here do on a very professional level.

Some words and thoughts to your kind above post: As long as you not have any loss, there is nothing to blame your self. I am clear that the longs are contraries trades which are difficult to take. On the other hand: There is a reason to use the pivot support and resistance lines and if you believe in those lines, I would say it is even worth to risk a clever entry or short on those lines. But this is personal view. RAAMAKANT uses options and futures in his trading, (had a nice chat with him last night in your thread), so this may could help to reduce risk on those levels. Just an input you may like. And of course the same to you: Please continue to bless us.

 

[timepass]

+1

Date		Opening	Profit/loss	Closing
31-Jan		17198	+375		17573
30-Jan		17729	-531		17198
29-Jan		16724	+1005		17729
28-Jan		15140	+1584		16724
27-Jan		14981	+159		15140
24-Jan		15132	-151		14981
23-Jan		16317	-1185		15132
22-Jan		16333	-17		16317
21-Jan		15718	+615		16333
20-Jan		15491	+227		15718
17-Jan		15964	-473		15491
15-Jan		17237	-1273		15964
14-Jan		17012	+225		17237
13-Jan		18168	-1156		17012
10-Jan		17524	+644		18168
09-Jan		17101	+423		17524
08-Jan		16752	+349		17101
07-Jan		16593	+159		16752
06-Jan		17189	-596		16593
03-Jan		17583	-394		17189
02-Jan		23046	-5463		17583
01-Jan		22808	+238		23046

had a bad first trade, about minus 265rs.. but managed to have profitable trades later. But the bad trade curbed my appetite and I concentrated more on covering the losses than making better profits. Could've made 20pts more in BNF10300CE..

 

[Gandhar.]

+1

Date		Opening	Profit/loss	Closing
31-Jan		17198	+375		17573
30-Jan		17729	-531		17198
29-Jan		16724	+1005		17729
28-Jan		15140	+1584		16724
27-Jan		14981	+159		15140
24-Jan		15132	-151		14981
23-Jan		16317	-1185		15132
22-Jan		16333	-17		16317
21-Jan		15718	+615		16333
20-Jan		15491	+227		15718
17-Jan		15964	-473		15491
15-Jan		17237	-1273		15964
14-Jan		17012	+225		17237
13-Jan		18168	-1156		17012
10-Jan		17524	+644		18168
09-Jan		17101	+423		17524
08-Jan		16752	+349		17101
07-Jan		16593	+159		16752
06-Jan		17189	-596		16593
03-Jan		17583	-394		17189
02-Jan		23046	-5463		17583
01-Jan		22808	+238		23046

had a bad first trade, about minus 265rs.. but managed to have profitable trades later. But the bad trade curbed my appetite and I concentrated more on covering the losses than making better profits. Could've made 20pts more in BNF10300CE..

stopped trading futures?