General Trading Chat

[Smart_trade]

Sir where did you enter long?
After it broke may 5th high?
Asking you because many people (including me)have problems entering gap open .
I entered long over second 5min bar.

Today looking at SGX nifty and other events I knew that I have to go long.SGX Nifty was indicating that we may open around 7780-82 but when the market opened,we opened much stronger above 7800 and that indicated that strong opening and I have to buy immediately as waiting will take the prices up.If it had opened at 7780 I would have waited for a dip.So after open market took a small dip to 7799-7800 and I bought within 3-4 points from that bottom.Stronger opening than expected indicated a strong demand and it was clear that the market will not give opportunity to buy at lower prices today.All happened in first 3 or 5 min bar.

It was also clear that today we are going to have a trend day so holding day trade positions till the end was the correct action.Scalping or booking profits after every 15-20 points on such days is not a good idea.

Smart_trade

 

[vivektrader]

Today looking at SGX nifty and other events I knew that I have to go long.SGX Nifty was indicating that we may open around 7780-82 but when the market opened,we opened much stronger above 7800 and that indicated that strong opening and I have to buy immediately as waiting will take the prices up.If it had opened at 7780 I would have waited for a dip.So after open market took a small dip to 7799-7800 and I bought within 3-4 points from that bottom.Stronger opening than expected indicated a strong demand and it was clear that the market will not give opportunity to buy at lower prices today.All happened in first 3 or 5 min bar.

It was also clear that today we are going to have a trend day so holding day trade positions till the end was the correct action.Scalping or booking profits after every 15-20 points on such days is not a good idea.

Smart_trade

Another query I have is, I have observed that tsl hits many a times on a trending day before the last session movement takes over, like it hit today around 7857.
Should we have reentered or the exit itself was wrong?

 

[Smart_trade]

Another query I have is, I have observed that tsl hits many a times on a trending day before the last session movement takes over, like it hit today around 7857.
Should we have reentered or the exit itself was wrong?

On a strong day like today I won't exit fully,may be exit 50 % in a correction.But we have re-enter.We always get a corrective move around 1-1:30 and that move stops out all bullish positions.But on such days we won't get reversal.After weak Bulls and "chartist Bulls" exit,the afternoon move starts which takes the market much higher. Today that move came down upto 7850 And then took off from there. So safer way is get out and re-enter after the correction on first minor ph break,and ride the second half move.I had posted also that I am expecting some more short covering and long buying in the afternoon move.

ST

 

[vivektrader]

Ya surely you did post about late afternoon (expected) upmove in advance.
Thank you very much.

 

[Smart_trade]

Same pattern plays out on all trend days.

ST

 

[vivektrader]

Some insightful sayings which are as relevant to trading as to life:
"Wrong is wrong, even if everyone is doing it. Right is right, even if no one is doing it" (95% folks lose in trading)

"Never get too attached to something that isn't yours" (don't get hooked to your analysis, price is king)

"Your future depends on many things, but mostly on you" (trading psychology and your trading system)

"Your worst battle is between what you know and what you feel" (get out before SL hits)

"Life doesn't get easier, you just get stronger" (got to be in those 5%, be the best of the best)

Good luck
Happy trading

 

[Mungus]

So Tomorrow are we expecting Gap Opened in yesterday range case??

 

[vivektrader]

So Tomorrow are we expecting Gap Opened in yesterday range case??

Probably gap up above today's high, because swing longs are at least 100 points in favour.

 

[oldtrader]

Why is SGX going down .

 

[BestLoser]

From the last trading session of the week (friday) and first trading session of the week (monday), which one is usually dull and which one gives good moves?
The reason I am asking is I have to take a doctor's appointment, and its on either monday or friday, thats why wanted to know.
Regards
BestLoser