re: Day trading Nifty & Banknifty Futures
ST Da/Dan/Seniors,
Please answer whenever you have time.
1. If you also daytrade, how do you filter trades that you need to enter and leave out? The reason I ask this question is, if one trades on 3/5 mins tf, there will invariably be a lot of entries. And when you say defensive, I assume you will have tight stops.
2. I see sometimes trailing stops is better and sometimes having targets is better, how do we find a balance or stick to one or use appropriate one's at specific time?
3. Did you ever go through a phase like this? I am clear that everytrader is different and each will have to find their own answer, else market could not exist.
In daytrades take I trades as per the current short term trend and suppose the trend is up and I buy above a pivot/consolidation high, I want that the market should not come back to consolidation zone again...if it does, I will get out as the breakout is not working.I want to stay in only strong trades...not hang around in weak moves... Normally will not wait till stops are hit, I am out before that.
In a day I very rarely have more than 4 trades...normally it is 2 or max 3 trades. I hold for a big move ....
Trailing stops when the market is giving a fast and steep move...else I grab profits at important support/resistances, TDST,Power of 9, VWAP bands....one has to be alert. Today in Nifty near 7600 was a buy as it was a day before yesterdays VAH level...also near 7684-85 was a sell on 3 min sequential countdown ( exact top bar was identified by sequential...I was fortunate to catch both buy and sell points...but today was a good day...I dont catch such moves every day....)
I dont exert too much pressure on my performance...20 points in a normal day is great in nifty for me...some days 40 points ,some good days with 70-80 points....that makes the month.
Hope I answered your doubts.
Smart_trade
