Dear SmartTrade,
Thanks a lot for your post, it does help calm the nerves. I will be doing a staggered buying in this fall.
I have a question for you related to day trading. I have decided to start trading one of your day trading methods called Swift. I have known this for the last 10 years but somehow couldnt manage to day trade. I am pasting the method here and I have some questions on that which I requerst you to answer:-
Quote
Method : Swift ....An intraday Trading Method
Timeframe : 5 min for Bank NF....10/15 min for others
Set Up : 30 Bars simple moving average( of close ) overlayed on the price chart....( 60 bars in case of BNF...)
Buy Set up : Prices taking out PH above the MA line.....and MA Line ticking up ( meaning MA value to be higher than previous bar MA value)
Sell Set up : PL cracking below the MA line and MA line ticking down....
No Trade : Price above MA but MA falling....and also Price below the MA line and MA line rising....
Enrty : On all pivots...pure,aggressive,sideways,tiny ....Be careful in the range of first bar..... Bothways trades on Gaps/steep rise earlier days
Exits...Pivots in opposite direction,previous support/resistances,EOM bars, Hammers,shooting stars in larger Timeframe of 30 min....
Adds : On all types of pivots......Initial + 1 adds normally...Initial + 2 adds in exceptionally strong trending market in downtrends....
Filters : Small filter of 5 points for BNF,1 point for Tata Motors....
Unquote
Questions:-
1. I am not in a position to do fno for the moment. I would like to know from you which stocks are suitable for day trading. You had mentioned Tata motors, over the last 10 years, please share if you know more stocks uitable specifically for day trading.
2. Would you like to improvise anything in the method or can we keeep it as is?
3. I also plan to club this with your VWAP idea and also your more than 5 bar oscillators idea to improve the chances of a successful trade with 1% risk oer trade to begin with.
Eagerl;y waiting for your reply.
Regards,
PTK
Thanks a lot for your post, it does help calm the nerves. I will be doing a staggered buying in this fall.
I have a question for you related to day trading. I have decided to start trading one of your day trading methods called Swift. I have known this for the last 10 years but somehow couldnt manage to day trade. I am pasting the method here and I have some questions on that which I requerst you to answer:-
Quote
SWIFT
Method : Swift ....An intraday Trading Method
Timeframe : 5 min for Bank NF....10/15 min for others
Set Up : 30 Bars simple moving average( of close ) overlayed on the price chart....( 60 bars in case of BNF...)
Buy Set up : Prices taking out PH above the MA line.....and MA Line ticking up ( meaning MA value to be higher than previous bar MA value)
Sell Set up : PL cracking below the MA line and MA line ticking down....
No Trade : Price above MA but MA falling....and also Price below the MA line and MA line rising....
Enrty : On all pivots...pure,aggressive,sideways,tiny ....Be careful in the range of first bar..... Bothways trades on Gaps/steep rise earlier days
Exits...Pivots in opposite direction,previous support/resistances,EOM bars, Hammers,shooting stars in larger Timeframe of 30 min....
Adds : On all types of pivots......Initial + 1 adds normally...Initial + 2 adds in exceptionally strong trending market in downtrends....
Filters : Small filter of 5 points for BNF,1 point for Tata Motors....
Unquote
Questions:-
1. I am not in a position to do fno for the moment. I would like to know from you which stocks are suitable for day trading. You had mentioned Tata motors, over the last 10 years, please share if you know more stocks uitable specifically for day trading.
2. Would you like to improvise anything in the method or can we keeep it as is?
3. I also plan to club this with your VWAP idea and also your more than 5 bar oscillators idea to improve the chances of a successful trade with 1% risk oer trade to begin with.
Eagerl;y waiting for your reply.
Regards,
PTK
2) Basically in this method we trade a shorter trend in the direction of longer trend and when both trends are in opposite direction we stay out.Other combinations could be 10/15 min bars with 13 bars MA...
3) Dont combine too many methods/indicators as it gives rise to indecision. Few small losing trades are ok and they are part of this business.5 bars in OB/OS zone is a very powerful technique when the markets trend strongly.......
My best wishes for your success with this method.....