General Trading Chat

[Somatung]

haha i took longs today at 7485. I have already doubled my capital this year post taxes so just trading on 1/3rd of my normal position size. Also Feb and march have not been very kind to me in past so that is another reason of going light this year.​

Dear friend:

Either I or either you did miss the point, but his post seemed for me to be pointed into the direction of Dow Jones and not to Nifty.

Looking in and at the DJ, resistance was now shown since the last few days between 16'400 and 16'360. Now depending on your trading strategy and if it is not only pure simple going long or short, I guess most of such traders have found a way to enter the market and be on the side market moves now.​

 

[333]

Dow sheds 200 points on poor jobs data.

ST

i was thinking of going long today but my intuition told me not to so i did not and that is how one over the years gets better after spending time infront of screen..

Vikas,

Did you even think about this aspect : That job data could have been good and we could have had a gap up open on Mon? Or the fact you were even aware that job data was due today?

Had you said that based on the charts, you saw resistance level was close, or RR for trade was poor can be valid arguments to not taking a trade, but as far as I see, the charts gave a clear signal for long. So missing out a trade on a valid chart setup is a problem if not supported by rationale in my view. And justifying it as 'intuition' seems questionable aspect for an experience trader....

Sharing my thoughts....

I am in long from 3-02-16, my points are below

After sudden correction from 7600 (spot) I go for long @ 7376 with tight SL 7350 ,as risk reward was high.Nifty did not breached 7350 ,it was signal of correction may over and NIFTY trying to bottom out. Today I booked partial profit and holding nifty 2 lots TGT 7575 next 7675. I don't think DOW can impact our NIFTY . Reason 1. China shut down next week http://markets.on.nytimes.com/research/markets/holidays/holidays.asp?display=market&exchange=SHH so we don't need to panic of China.2 FII bought first two days of FEB series (after 18 days consecutive selling they started to buy) 3. Today nifty breached yesterday high and closed above Yesterday high (7475 spot looks strong resistance).4 Bank nifty trying to bottom out first time all banks stocks are green even poor ICICI and SBIN also closed in green.5 Tata Steel /bajaj auto after poor result also looks heavy strong. So I am in long today also and holding NIFTY :thumb:

 

[Fundootrader]

Vikas,

Did you even think about this aspect : That job data could have been good and we could have had a gap up open on Mon? Or the fact you were even aware that job data was due today?

Had you said that based on the charts, you saw resistance level was close, or RR for trade was poor can be valid arguments to not taking a trade, but as far as I see, the charts gave a clear signal for long. So missing out a trade on a valid chart setup is a problem if not supported by rationale in my view. And justifying it as 'intuition' seems questionable aspect for an experience trader....

Sharing my thoughts....

& who knows how market will behave on monday - only charts will support.

 

[traderniftybank]

ho ho ho
What a move, what a move in US markets !!!!!!!!!!!!!!!

 

[amitrandive]

https://www.edgewonk.com/evident-based-vs-hit-and-miss-how-to-make-succeeding-an-almost-certainty/

Analyzing your past trading performance has to be much more than just checking whether your account balance goes up or down. Here are 7 things to look for when analyzing your performance:

• Am I making impulsive and emotionally driven mistakes? When do I make most of my mistakes?
• How well do I respect my rules and when do I violate them most? How much money does it actually cost me?
• Under which market conditions does my method perform best/worst?
• Do I make trade management mistakes? If so, what causes my mistakes exactly?
• Is my order placement effective and is there room for improvement?
• Which time frame provides the best results and when should I not trade?
• What or other factors that influence my performance? And when do they interfere with my trading?

 

[Fundootrader]

Vikas,

Did you even think about this aspect : That job data could have been good and we could have had a gap up open on Mon? Or the fact you were even aware that job data was due today?

Had you said that based on the charts, you saw resistance level was close, or RR for trade was poor can be valid arguments to not taking a trade, but as far as I see, the charts gave a clear signal for long. So missing out a trade on a valid chart setup is a problem if not supported by rationale in my view. And justifying it as 'intuition' seems questionable aspect for an experience trader....

Sharing my thoughts....

ST Da

Query on same topic from swing perspective -

-- You mentioned that you take 20/30 point loss to be in right direction.

Now if the charts show the swing is upmove - take case of friday and then let's assume due to the friday dow down - the monday opens gap down - breaking support levels

- what do you do as swing trader in such cases - where it breaks key level- as the exit may cause 100-150 point drawdown

 

[sabharwal_RK]

ST da I was tracking your ratio put spread trade; is that still on.

I believe its at par or in minor losses.

 

[sabharwal_RK]

Phd in maths, right?

PHD in maths, no higher qualification on the Earth exists.. (may be some in medical field)

 

[DSM]

The DOW as well as commodities reacted negatively to NFP data on Fri. The report show that job growth slowed (Jobs added were lower than expected) So this would mean that Fed would go slow or defer rate hikes, which would actually be a positive for the markets. The other implication is that lower jobs added is a sign of economy weakening.

The markets gave more importance to the latter explanation, which took the stock markets down along with commodities. And in a contra move - pushed precious metals (gold and silver up)

Two days of weekend is good enough for market to digest the news. We can now take signal from Nikkei open on Mon for clues to gauge if the current uptrend will hold, or reverse....

& who knows how market will behave on monday - only charts will support.

 

[Smart_trade]

ST Da

Query on same topic from swing perspective -

-- You mentioned that you take 20/30 point loss to be in right direction.

Now if the charts show the swing is upmove - take case of friday and then let's assume due to the friday dow down - the monday opens gap down - breaking support levels

- what do you do as swing trader in such cases - where it breaks key level- as the exit may cause 100-150 point drawdown

I had already posted that if the trade is in marginal profit (< 30-35 points) I get out at EOD and will enter again on Monday particularly when we have weekends.I was short in the market and I booked profits on Thursday....considering furious up/ down , I did not have confidence to go long so no position as of now.

But if I had taken long, I would definately hedge it with a put buy so that at least 50% loss in case of gap down is recovered.

I may take a position on Monday but I don't expose my equity to up/down moves and basically I was unclear of the moves of Thursday and Friday...so will not trade in unclear markets.

Smart_trade