Going With The 60min Flow!!!

[moneygurukul]

Gap up visually and breakdown of that first bar.....you are short.With your stops following the 2 bar method if there are no pivots.

Saint

Is it justified to carry a short position home and add to overnight risk even when the hourly trend is up? Afterall, the role of a GAP is over once it's filled up.

I am asking this question not from a rule point of view but rather knowledge enhancement point of view. It'll be highly appreciable if you can please explain the logic behind this rule.

Thanks & Regards,

 

[Smart_trade]

Is it justified to carry a short position home and add to overnight risk even when the hourly trend is up? Afterall, the role of a GAP is over once it's filled up.

I am asking this question not from a rule point of view but rather knowledge enhancement point of view. It'll be highly appreciable if you can please explain the logic behind this rule.

Thanks & Regards,

The logic behind this rule is if the market has gapped up and your short enrty is triggered on crack of first 5 min bar low and the fact that the position is still intact at the end of the day without reversing means the bullish move has exhausted and the trend has probably changed to downtrend.

So you are keeping a short position in a probable (or confirmed during the day) downtrend and the uptrend is exhausted already.Perfectly valid position to carry home.

Best Wishes,


Smart_trade

 

[Smart_trade]

Made a big BLUNDER today....
Instead of putting the buy order at 3237 for qty 450, inadvertantly bought 4500.

Realised it just 1 min before markets close after my routine practise of pressing Alt F6 before close, so was out at 3270.

Very important lesson for today-----you lose concentration...you lose everything. Writing this so that all of you can take care.

OMG....saved for KC tomorrow.

Rakesh

Be careful Rakesh, I have suffered due to this wrong order entry in past.

If you are trading on line using ODIN or ORION front end platforms,there is a provision in the software to specify maximum order by quantity or value. So if you normally trade qty X, lock your terminal for say 2X or 3X so that the order above that it asks for additional confirmation.

You may find this useful.

Best Wishes,

Smart_trade

 

[ratan jain]

Took the ADD 1 as planned.......don't take it if psyche and gastric lining don't agree.

Saint

What lining?
I just lost my entire digestive system yesterday

 

[Saint]

Is it justified to carry a short position home and add to overnight risk even when the hourly trend is up? Afterall, the role of a GAP is over once it's filled up.

I am asking this question not from a rule point of view but rather knowledge enhancement point of view. It'll be highly appreciable if you can please explain the logic behind this rule.

Thanks & Regards,

Shall do......but would be great if you could post a chart or just indicate the day in NF and let us go through how we would have tackled it.

Saint

 

[Saint]

Originally Posted by Saint
Took the ADD 1 as planned.......don't take it if psyche and gastric lining don't agree.

Saint

What lining?
I just lost my entire digestive system yesterday

Ah,cool....then the only thing you have to worry about is your psyche.....

More seriously,thought yesterday was a good day in the intraday......

Saint

 

[ratan jain]

Ah,cool....then the only thing you have to worry about is your psyche.....

More seriously,thought yesterday was a good day in the intraday......

Saint

Sir, I have made the mistake of not trading our intraday system for the last 3 days, was testing a new idea, and unfortunately made the mistake of doing the testing with big money, and so, the loss of the entire digestive system

It had notthing to do with our thread...

Just a lesson to test some new idea with small qty rather than jumping in with all my might... and then some

 

[musicjunkie]

Backtest of last two months going well Saint

Alot of active management required though! will cut down on positions for first 1 month to get the hang of it.

MJ-

 

[rakeshluthra430]

Be careful Rakesh, I have suffered due to this wrong order entry in past.

If you are trading on line using ODIN or ORION front end platforms,there is a provision in the software to specify maximum order by quantity or value. So if you normally trade qty X, lock your terminal for say 2X or 3X so that the order above that it asks for additional confirmation.

You may find this useful.

Best Wishes,

Smart_trade

Smart,
I never knew this!! Thanks a lot friend, this will surely rein me in if I do such silly mistakes in future.
Will see how to do it tomorrow....and in case of any problems, will ask you before markets open. And I hope this is a one time setting...and we dont have to fix it everyday.

Thanks a lot,
Rakesh

 

[Smart_trade]

Smart,
I never knew this!! Thanks a lot friend, this will surely rein me in if I do such silly mistakes in future.
Will see how to do it tomorrow....and in case of any problems, will ask you before markets open. And I hope this is a one time setting...and we dont have to fix it everyday.

Thanks a lot,
Rakesh

Yes Rakesh,it is one time setting and remains till you change it.

You can also set the normal trade quantity in the trader workstation,so if yr normal Q is 450,set it up,so that when you press F1 or F2,the qty will show as 450.You can change this in order entry if you want say to trade 600 just delete 450 and write 600 .

Helps really fast scalpers as they trade in fixed lots,so no need to enter the Q every time.

Smart_trade