Day Trading Stocks & Futures

[augubhai]

re: Day trading Nifty & Banknifty Futures

frl ne jhande gaad diye aaj

what is frl?

 

[augubhai]

re: Day trading Nifty & Banknifty Futures

I noticed one thing not sure whether it is applicable in trading, I had studied before Mastering the trade by John carter and he had mentioned if first few bars have few volumes the day is going to be a range day and it will continue to be until an external factor arises to change it.

So, I was checking this today, first 5 bars are inside bars and all 4 bars after first bar fall within first bar wick, so I stopped trading on MP today. I checked the same on two more days in this expiry.

Can this be used to identify range bound days? For US markets only news is external factor but for us in market time itself euro opens. So, afternoon even range can turn into a trend.

I read that book long ago. Anyone using that idea in their style?

I am going thru' the john carter book right now, after one of the zerodha winners mentioned it in his interview.... but lazy and finished just few pages - but what I read makes a lot of sense.

Like for example --> A professional trader's job is to take small losses. Period. Most traders don't realize that there are only a few days each month where big profits can be made. The rest of the time traders are doing their job if they are keeping their head above water. The idea is to keep the trading account intact for when the big move comes along.

 

[Tlahuicole]

re: Day trading Nifty & Banknifty Futures

I am going thru' the john carter book right now, after one of the zerodha winners mentioned it in his interview.... but lazy and finished just few pages - but what I read makes a lot of sense.

Like for example --> A professional trader's job is to take small losses. Period. Most traders don't realize that there are only a few days each month where big profits can be made. The rest of the time traders are doing their job if they are keeping their head above water. The idea is to keep the trading account intact for when the big move comes along.

Yeah its a good book augubhai, currently my read is Al brooks trading price action trends, reversals, ranges.

I expect to complete it within March, main idea is 1 book per month, you too set a deadline and learn otherwise we will not even complete 1 book per year tru or not?

 

[Tlahuicole]

re: Day trading Nifty & Banknifty Futures

positional view of bnf.....trend is on that brown band

------------------------
TENTH LAW: A dominating trend will generally run until the next larger timeframe can provide offsetting support or resistance.

Presuming we are trading the 15min charts again,taking the previous example,higher pivot lows,higher pivot highs.Strong Uptrend.Taking out many resistance levels as Price forces its way upwards.

And then we notice that the 60min comes into an area of supply and starts to stall,this time it does not blast through the resistance,it stalls.At the end of that hour,that 60min bar closes at that area of resistance or below it.Expect the next bar to go down in the 60min charts.

It's our cue to take some off the table.....a 60min correction is nothing but a 15min downtrend.Don't let your mind wander off into thoughts like "Anyway,we are in a 60min uptrend,why can't we just wait out the correction?"We are trading the 15,not the 60.......we have the 60 stopping at resistance.Take off some,and then all once pivots crack.

Never fight the larger time frame.....if it gives indication that a move is over,it has come to its resistance,it's tired,it's going to correct......forget fighting it.Run!!

Not too sure if got way out of point......babbling away at 2:30am has its disadvantages!

Happy Trading!
Saint
-------------------------
Pratab bhai,

Your 60 min 13 ema band filters sideways nicely and also respects above Saint's law .

Just started to learn your VWAP thread, so far understanding will bother you in your own thread in case of doubts

 

[DanPickUp]

re: Day trading Nifty & Banknifty Futures

question to all, please answer ..so you have decided to enter, whats the next thing that comes to your mind ?

As soon as filled I will place the stop loss order when not already included for example in a bracket order when trading a naked future.

When trading a short option strategy for example: a short strangle, we not necessarily have to do the same. So your question I think is more related to naked future trading.

 

[augubhai]

re: Day trading Nifty & Banknifty Futures

Couple of more points from the pages that i read so far....

Euphoria is the worst emotion for a trader to succumb to, even worse that greed.............. Doubling and tripling up on positions just because a trader is feeling confident is yet another sucker's game. What's worse is that this strategy always leads to traders giving back all their fantastic gains that made them euphoric in the first place. This places added pressure on traders – now they have to trade in order to get back where they were.

It is important to remember that there is no need to spend wasted years looking for complicated setups and the next Holy Grail. There are very simple steps out there to use. Some of the best traders I know have been trading the same setup, on the same time frame, on the same market for 20 years. They don't care about anything else, and they don't want to learn about anything else. This works for them, and they are the masters of this setup. They have nothing else coming in to interfere with their focus. If a setup doesn't happen that day, then they don't take a trade.

good stuff... will try to read up the rest of the book this month.

 

[DanPickUp]

re: Day trading Nifty & Banknifty Futures

Yeah its a good book augubhai, currently my read is Al brooks trading price action trends, reversals, ranges.

I expect to complete it within March, main idea is 1 book per month, you too set a deadline and learn otherwise we will not even complete 1 book per year tru or not?

Depends on how motivated we are to learn. If we are to motivated, we may set a stop loss on the amount of books we want to read in one month to not forget other things in live. Take care / DanPickUp

 

[madank]

re: Day trading Nifty & Banknifty Futures

I am just gonna use this ID to not reveal my identity in traderji. When i use the other ID, i can freely express my views without limitations. If it is against traderji rules(using two ids), then i will stop posting in this ID..Mods please let me know.

I gotta admit that this thread is really fun-packed..i enjoy reading the chit-chats and other stuff here. Please keep up the great participation.

Posted couple of posts on Z-connect blog about Trading Journal and trading plan today (you will have to really scroll to the bottom). I never thought that the blog would invite such a response. But, i hope that it is useful to few, atleast.

 

[jain.er]

re: Day trading Nifty & Banknifty Futures

Tlahuicole bhai todays trading ka chart kab post karogay waiting eagerly

 

[DIVYEDIX]

re: Day trading Nifty & Banknifty Futures

trading or practicing ,my attitude may not solve all my problems, but it will annoy enough people to make it worth the effort

strange attitude to live with, maybe the side effect of people u came in contact