General Trading Chat

[vijkris]

Worth is known only after you take the plunge, that's the sad part.

that's y proper risk mgmt. will save us from these less worth trades.

 

[vivektrader]

that's y proper risk mgmt. will save us from these less worth trades.

Behavior changes in live market when your stop hits. The eyes become compound eyes, start seeing setups which are not there.

 

[Mungus]

2nd and 3rd marked circle agar liya to muh bhi chhota ho jaayega Vivek.Vijay Bhai.

and may be we'd jut keep watching a fall/rise and wont take a next trade for that day though we get the same setup.

So waiting for Dada's Reply.

 

[Smart_trade]

How to know that which one is more reliable considering what you said above?

I check ADN,but Imagine IF ADN is not there,I'm little helpless.

1st and 4th white circle worked well..but 2nd and 3rd not worth taking..not even for scalping.How to know that which one will be reliable?

Unfortunately there is no way to find out which is more reliable before taking them in real time.The first one was a move from 2SD to -2SD and that was a good move. 2nd and 3rd was from 2 SD to VWAP and it was resisted at VWAP. This is what the move is supposed to do ...every move will not breakdown . The market resisted at VWAP twice and then on 4th circle the move came from 2SD and it went through VWAP and went to -1SD and came up to 1SD again as it was sideways with negative bias. It then broke down....but it could have broken down on 3rd circle as well...so no reliable way to know that in advance.

So the action could be book profits at each levels and take re-entry at higher levels or take a short position and hold with a stoploss above 2SD. We have to keep on trying our entries till we get a breakdown.

I was observing these levels yesterday on some other indicator also but there also no clear indication as to which will be more reliable. That is reality in the market.

Smart_trade

 

[Smart_trade]

Behavior changes in live market when your stop hits. The eyes become compound eyes, start seeing setups which are not there.

Your first trade was right, but little late in shorting. I took the same trade but covered just below 7750( I did not book at intermediate levels and I waited till the breakdown..) How does one know that we should cover below 50 ?? Below 50 it made 3-4 small candles on 3 min and though it went to 44 or so, it bounced back and the trade was in 25-30 points profit so no harm in taking profits there. Once trade moves in a profit, dont allow it to go on stoploss...extract some profit from it as in daytrading we have to be little aggressive in booking profits too when the market shows signs of move stalling...in swing trading we can be a bit relaxed on profits...but not in daytrading.

Smart_trade

 

[Smart_trade]

Also observe that the last red candle near 7750 is some kind of virtual low,indicating market not moving down any more.

Smart_trade

 

[vivektrader]

Your first trade was right, but little late in shorting. I took the same trade but covered just below 7750( I did not book at intermediate levels and I waited till the breakdown..) How does one know that we should cover below 50 ?? Below 50 it made 3-4 small candles on 3 min and though it went to 44 or so, it bounced back and the trade was in 25-30 points profit so no harm in taking profits there. Once trade moves in a profit, dont allow it to go on stoploss...extract some profit from it as in daytrading we have to be little aggressive in booking profits too when the market shows signs of move stalling...in swing trading we can be a bit relaxed on profits...but not in daytrading.

Smart_trade

Sir your experience enabled you to enter much higher, the place where I entered, my mentality was overshadowed by a failed breakdown and a preoccupation to get out before SL hits, it finally just missed the pivot high SL by .95 points, by that time I was already out.
Many a times I have problem differentiating an impending failure and a retracement after breakout, what should I do for that?

 

[Mungus]

Dada,we're in Vis Down from yesterday?

 

[manish9300]

Another tuk tuk day it seems.

 

[ap*]

Another tuk tuk day it seems.

Seems tough for Nifty to break 7700 on the lower side and 7800 on the upper side. Till it does either with conviction it's a sell on rise for me.