General Trading Chat

[pratapvb]

Pratap sir, as per your method, the bands firm up only after 10, do you take trades before that time.

I use 3 min chart ... so I use 3 3min bars = 9min as opening range and do take opening range BO in direction of trend

if gap into range then I watch the TF bands also for clues

I use the vwap levels for bias and s/rs ... I trade pvts and TF bands

 

[Mungus]

Pratap sir, as per your method, the bands firm up only after 10, do you take trades before that time.

yes..considering yesterdays levels.
(Sir took many trades on BNF 1TF before 10am when the VWAP was introduced.)

 

[vivektrader]

I use 3 min chart ... so I use 3 3min bars = 9min as opening range and do take opening range BO in direction of trend

if gap into range then I watch the TF bands also for clues

I use the vwap levels for bias and s/rs ... I trade pvts and TF bands

Thanks
Sir, how do you view today's nifty, will it remain sideways or breakout to upside?

 

[Smart_trade]

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

I am wondering whether I should answer posts about earlier days trades as the trader has to take decisions in the real market and pointing out that he should have covered here and shorted here adds very little to his learning. It may act negatively on his mind that he is not able to catch trades perfectly.And believe me I too have many such dilemas in real time trading and I take decisions which seem best at that time ( which may prove wrong in the hindsight ). So assuming that I know everything clearly is incorrect.

Our systems are not 100 % mechanical and the traders skills and the screen time matters a lot. A trader with 10 years screen time gets lots of information looking at how the bars are formed, where they take support/resistance etc...which only screen time will teach him....no amount of explanation will teach him that.

So I am thinking of refraining from commenting on any trades, though we can discuss general principles of trading.

Smart_trade

 

[vivektrader]

I am wondering whether I should answer posts about earlier days trades as the trader has to take decisions in the real market and pointing out that he should have covered here and shorted here adds very little to his learning. It may act negatively on his mind that he is not able to catch trades perfectly.And believe me I too have many such dilemas in real time trading and I take decisions which seem best at that time ( which may prove wrong in the hindsight ). So assuming that I know everything clearly is incorrect.

Our systems are not 100 % mechanical and the traders skills and the screen time matters a lot. A trader with 10 years screen time gets lots of information looking at how the bars are formed, where they take support/resistance etc...which only screen time will teach him....no amount of explanation will teach him that.

So I am thinking of refraining from commenting on any trades, though we can discuss general principles of trading.

Smart_trade

Sir its up to your kind decision, as far as i am concerned I do not see anything negative, rather positive. Moreover lately, not many charts are being posted in the thread, I don't know how to improve untill words can be painted onto a chart, nothing teaches like that, still your words are supreme.
Thanks

 

[pratapvb]

Thanks
Sir, how do you view today's nifty, will it remain sideways or breakout to upside?

being expiry week looks like will linger around 7750

if nothing happens I have 7750 straddle that will decay .... if any move comes will trade that intra ... so currently just in wait state

 

[amitrandive]

Whether you have been waiting for 5 min, 1 hr, half a day has no bearing to what is happening NOW. This is again - keeping our head and stick with the plan-ZenTrader


"Many a trader fears boredom more than loss, thereby experiencing the two in sequence."-Brett Steenbarger

Sometimes others get to play and you don't... But the most important thing is this: you must be comfortable with this - welcome it. Make peace with this idea. Cross your arms and sit back."

It is getting silly trying to catch every swing or worry about missing a move. There are thousands of markets out there and we are missing a play ALL THE TIME. The objective is executing the business plan with precision over a long run.

 

[Mungus]

Moreover lately, not many charts are being posted in the thread, I don't know how to improve untill words can be painted onto a chart

Same thought came in my mind.So I started posting my trades on VWAP in Hope that someone who also trades this method will join me.But looks like no one is trading VWAP.

I feel very helpless and alone in this big world of TJ.:annoyed:

Pls keep posting ur views/charts.Its very much useful.Some of us are very actively trading your method(me,Vijkris and Rehab for sure).

was not sure anybody was actively using as I did not see any posts of users on these lines except a few queries. I will try and watch this thread atleast every day

Rehab is missing,Vijkris is coding afl.

 

[Smart_trade]

7750 straddle decayed 8-10 points from yesterdays prices.

ST

 

[timepass]

Reliance is in very good form today, but at present the ATP is very close to the HOD rather than LOD... are we looking at a downside or 950 ?