General Trading Chat

[wisp]

Opening high price rejected (7590-95 )...we came to -2 SD VWAP and took support.The main move is over unless the market goes into trend mode now.

Smart_trade

ST Da, Where would you enter that short? which bar?

 

[Smart_trade]

Thanks, and sir what is minimum playable range for such scalps (-1sd to +1sd) below which its almost unplayable/unusable?
Also, as per your reply I think you trail SL in scalp trades also, is it like pivot trail or trail below low of previous bar (assuming scalping long).

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Normally these levels will be 12-15 points apart..so if we get 2 such levels ( meaning VWAP to -2 SD ...and so on ) so we get a move of 25-27 points...knock off 4-5 points for slippage etc...that gives us the target.

If the levels are too close ( meaning each level spaced < 8 points that means the market is coiled ( trading in tight sideways range ) so expect a trend move soon enough..

ST

 

[vijkris]

AMIT ji, thanks for the code , for me background color issue got solved.

If it helps , use the customisable background at the end of your code.

	_SECTION_BEGIN("Background Color");
BKswitch = ParamToggle("Background Color","On,Off");
 
OUTcolor = ParamColor("Outer Panel Color",colorLightBlue);
INUPcolor = ParamColor("Inner Panel Upper",colorLightYellow);
INDNcolor = ParamColor("Inner Panel Lower",colorSeaGreen);
TitleColor = ParamColor("Title Color ",ColorRGB(245,245,245));
 
if (NOT BKswitch)
{
SetChartBkColor(OUTcolor); // color of outer border
SetChartBkGradientFill(INUPcolor,INDNcolor,TitleColor); // color of inner panel
}
_SECTION_END();

 

[vivektrader]

Normally these levels will be 12-15 points apart..so if we get 2 such levels ( meaning VWAP to -2 SD ...and so on ) so we get a move of 25-27 points...knock off 4-5 points for slippage etc...that gives us the target.

If the levels are too close ( meaning each level spaced < 8 points that means the market is coiled ( trading in tight sideways range ) so expect a trend move soon enough..

ST

Sir thanks for crystal clarifications:
One last question (for today only
You said you use 3min tf for such scalps, suppose we are buying support at -2sd, where do you enter ?
At mph break above -2sd level or somewhere else?

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[Smart_trade]

ST Da, Where would you enter that short? which bar?

7596 todays high is a VAH of 2 trading days back....so when it got rejected, then give some space and below 7580-85 one could have tried a short trade. No after the trade analysis...I have taken this trade today....

Smart_trade

 

[Smart_trade]

Sir thanks for crystal clarifications:
One last question (for today only
You said you use 3min tf for such scalps, suppose we are buying support at -2sd, where do you enter ?
At mph break above -2sd level or somewhere else?

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I will not buy below VAL...but if you want to buy at the support, buy above 10:02 hammer bar. But such a buy trade wont give much in terms of points.-2SD is a great level to take profits if we shorted higher.

ST

 

[vijkris]

Normally these levels will be 12-15 points apart..so if we get 2 such levels ( meaning VWAP to -2 SD ...and so on ) so we get a move of 25-27 points...knock off 4-5 points for slippage etc...that gives us the target.

If the levels are too close ( meaning each level spaced < 8 points that means the market is coiled ( trading in tight sideways range ) so expect a trend move soon enough..

ST

st sir , pls reply whenever u find time. while waiting for tgt of 25 pts in scalp trades, will u trail SL , or just wait for either sl or tgt to hit. with no trailing sl ?

 

[Smart_trade]

st sir , pls reply whenever u find time. while waiting for tgt of 25 pts in scalp trades, will u trail SL , or just wait for either sl or tgt to hit. with no trailing sl ?

Once trade moves 10 points in profit, bring the SL to breakeven, and trail with 10 points gap...so at 20 points we will protect atleast 10 points...once trade moves in profit..we should not take a loss from it. SL is only for if the trade goes against us right from the beginning.But when the market comes in target zone, book profits on atleast 50 % and look to book profits aggressively. Only in trends we have to be relaxed in profit booking. But in sideways ,profit if not booked aggressively, they trend to disappear in a corrective move.

ST

 

[Smart_trade]

Saw some photographs of devotees who got burns in Kollam ( Kerala) tragedy ...my prayers for reducing their sufferings....cannot imagine the pain they all must be undergoing. Heart bleeds for these people.

Smart_trade

 

[vivektrader]

Blast off...

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