General Trading Chat

[amandeep86]

ST da,

if one has to trade daily charts using pivots concept ,please advice as per points :-

1. SL - do we need to keep sl on minor low in case of long (as it may be very large not suiting MM) or relevant candle low can be kept

2. Entry - to be entered on real time on break of pivot high (for long) or entry on EOD basis is good

3.Trailing - How to do ?

 

[Smart_trade]

Observation : Last 3-4 swing points in nifty fut 3 min chart are indicated by long legged or long tailed hammers.....

ST

 

[amitrandive]

Check Nifty Feb Futures Chart

NIfty found support around yesterday low , which was also very close to yesterday close.
Why strain yourself to follow 2 Indices when everything is clear in NIfty price pattern?

This point is well taken Sir, but how do you take a decision after the fact? How do you gauge if this support is going to hold or not? Maybe it's a dead-cat bounce or a real reversal, but if you have another parameter to take into decision making , and both parameters correlate, wouldn't that be better?
e.g. both FTSE and NF had support around same levels, so I decided to cover my full order at those levels instead of partial cover and trailing the remaining, that is another story that the NF level was missed by 4 points.

I am just asking out of curiosity, please don't take anything personally.

If you were long at the double pin bars at yesterday low ,you may very well know what your target is

 

[arsh22g]

We don't know that , we take a trade and put a trailing stop loss , let the market decide where it should take support and form a resistance ,

Please see this chart posted in the morning , support and resistances are marked on it.We just take trades as per levels , put trailing stop losses and let our profits run.

Before we exit at a certain level , we must assume that particular level is significant to take support.If it takes support , we exit , if it breaks we remain in trade.

Do you know if the similarity of FTSE and Nifty correlation is going to continue for how much time ?

Not as of now, but working assumption is no correlation if any major India centric news expected. Though I did run correlations last year for Nifty vs Nikkei, KOSPI, STI, US Treasury Yields etc. None had very high correlation (>0.5 or <-0.5) over a longer term.

 

[Smart_trade]

ST da,

if one has to trade daily charts using pivots concept ,please advice as per points :-

1. SL - do we need to keep sl on minor low in case of long (as it may be very large not suiting MM) or relevant candle low can be kept

2. Entry - to be entered on real time on break of pivot high (for long) or entry on EOD basis is good

3.Trailing - How to do ?

My answers in the same order :

1) If you are buying on a breakout and if the nearest pivot is far off,keep stop loss at low of the breakout bar.

2) Entry in real time.

3) Trail on 2 bars low,pivots,congestion areas.

Smart_trade

 

[amandeep86]

Observation : Last 3-4 swing points in nifty fut 3 min chart are indicated by long legged or long tailed hammers.....

ST

Da,

What does it signify ,How can we use this for trading ??

 

[wisp]

Observation : Last 3-4 swing points in nifty fut 3 min chart are indicated by long legged or long tailed hammers.....

ST

Da, in 3 mins where would have been a short trade today? below 2.24? or earlier? Where was the short after 1pm in VP? I wasnt sure so did not take part in the shorts. 2.25 I could have, but wasnt confident.

 

[Smart_trade]

Da,

What does it signify ,How can we use this for trading ??

Very powerful info for traders.One can use it for booking profits,or even initiating a reverse trade if the move is fast and steep and more evidence pointing to a reversal.

Smart_trade

 

[Smart_trade]

Da,

What does it signify ,How can we use this for trading ??

Very powerful info for traders.One can use it for booking profits,or even initiating a reverse trade if the move is fast and steep and more evidence pointing to a reversal.

Smart_trade

A trader has to observe these keenly in the markets and take advantage of these.One can even build a powerful trading system around this with other components put in it.

Another observation is market makes a sustained move and then a large bar meaning bullish bar in an upmove and bearish bar in a down move.After this bar all traders are in buy on dips mode and the market makes very little progress after this bar and sells off.....breaks the low of this big bar and all buy on dips bullish traders are left holding their loosing positions....can we use this in trading with small stops...first see how many times this phenomenon happens and then think whether we can use it in our trading.

The best trades are when the opposite side traders are trapped in their positions.

Smart_trade

 

[vivektrader]

A trader has to observe these keenly in the markets and take advantage of these.One can even build a powerful trading system around this with other components put in it.

Another observation is market makes a sustained move and then a large bar meaning bullish bar in an upmove and bearish bar in a down move.After this bar all traders are in buy on dips mode and the market makes very little progress after this bar and sells off.....breaks the low of this big bar and all buy on dips bullish traders are left holding their loosing positions....can we use this in trading with small stops...first see how many times this phenomenon happens and then think whether we can use it in our trading.

The best trades are when the opposite side traders are trapped in their positions.

Smart_trade

I think this scenario played out today: