Going with the Intraday Mini-Flow!!

[Prabhjeet]

Guilty of attempting to oversimplify......and yep,always best to play to strength.

With this method,would be trading every day,......there are big gap ups and vertical moves,followed by tepid sideways action for days......and then again there are big gap ups and vertical moves,followed by a big move in either direction.So,not trading those days can be a problem with this method......the 5/60 was designed to keep us out of many unnecessary trades,so that one is always with the larger Flow of things.It kept us also out of some big moves.

Unlike the larger time frames,have noticed that in intraday trading,it is important to capture those big moves..... to capitalise and ride the trend......not just ride it,but add in it,and ride the whole lot......and find ways to let the losses be as small as possible.

So,is there a repetitive pattern to things in the charts that tell us to stay out of trades on certain days and not on other days,such that we don't miss out on the great moves,and we miss out on the sideways days.........I have seen one,and am still in the process of checking out the last 2 years of charts,but again,nothing would be perfect,although perfection is the Goal.........would love to hear about ideas though.Feel free to contact via PM if not happy in discussing here.

Adds:Initial Positions are on the breakdown of the first bar(talking shorts),the Add is at the breakdown of the next 30min bar(Why 30,more reliable than the lower time frames),and then hold off if you get a pivot and sideways moves,and all that....and then a further collapse and you then put in your next ADD.....Quite happy with the present setup,so a change not required thus far.

And one more thing Prabhjeet.......the 5min bar breakout/dn bar tells us roughly where we are headed most of the time,entry is based on that.The 14 moving filter helps us to not be unduly gungho in every trade.......the trade is off the 30min chart so that the 60 and the 15 are all traded in one go.

Our trades ,although from the 30,you will find that all time frames match,concur,agree before the move is made.......therefore stay clear of the 5min charts.Therefore stay clear of trading the 15min charts by itself....The larger the time frame,and then to microscopically look at the 15 saves you from an unnecessary number of false breakouts and fakeouts.Else the moves by the 60 will take out your stops that you place on the 15..

We have this general belief that the 5 moves and that move is reflected on the 60.......Wrong.The 60 moves and that is reflected on the 5...So trade the 5/60,that is great.But trade the 5 alone with pivots and there will be great pain.The 15 is better,but keep an eye on the 60 still........

Whoa...too long....More later.

Saint

Saint thanks for your long yet precise answers to my queries. I think it is indded best to trade 30 min. and keep 15 only as aid otherwise we may be confused by pivots everywhere, very right, we are here to take the chunk out of a healthy trend so 30 min. wont whipsaw us that much, totally agreed.

Ok I also missed the point that we have our first add as soon after an entry we have a 30 min. bar that breaks the low of last bar ( downtrend), that should give us an add pretty early in a trend. Am I interpretting the adds correctly?

And yes Saint, I will also try to backtest the charts and try to find out the days where we can avoid trading by getting into sideways days, I am sure you are working hard on it

Thanks a lot again

 

[columbus]

Our great advantage is to come in the Morn with a clean Slate.......with a mind raring to go,our concentration focussed,a derisive smirk on our lips as all the CNBC analysts call for the end of the world.We don't care what really happens,or how the market opens........and when the Market gaps down,and this world is in great Pain,our world sees great Opportunity to capitalise on a move in either way as we come to the table,a clear and focussed mind....A clean slate....Pakatil,I would let those gains go.....There is more to gain daily letting go probable gains and possible losses,........trigger in hand,ready to fire,a clear mind.

That is the Intraday Trader's Advantage.......let us not give that up.

Saint

Saint,

The greatest advantage of intraday trader is start with CLEAN slate everyday. He does not mind the in which way the market goes.

Regards
columbus

 

[Prabhjeet]

Dear Saint,

Can we consider this scenario.

Normally Open Positions are closed at the end of the Day. If only the Trade is running in Profits ( Say 100+ points like yesterday ), carry it to next day. If there is a Gap Up/Down in Trade's favor, it would be a bonanza.

Just loud thinking. Not any kind of suggestion.

Cheers

Pakatil for having profits from these kind of scenarios we already have 60 min. flow method, we have to keep day trading seperated from positional one.

Also I think that with this intraday method we will also be able to take the advantage of days when there is a big gap opening in the direction of ongoing trend, when following 60 min. we could just see the whole day move coming against us and all we could do was to just sit on hands and wait for a pivot to form.

Its good with intraday now, we attack markets from all the directions

 

[Smart_trade]

Small correction Prabhjeet,after the initial entry on 5 and moving filter,our first add will be on the crack of Pivot Low on 30 and not just the low of 30.

I am sure you meant pivot low and it is a typo.

Best Wishes,

Smart_trade

 

[Prabhjeet]

No Smart I actually thought the add is on break of first bar rather than pivot, thanks for pointing the mistake. I will go and read the page no. 77 where all the rules are posted

 

[Saint]

Saint thanks for your long yet precise answers to my queries. I think it is indded best to trade 30 min. and keep 15 only as aid otherwise we may be confused by pivots everywhere, very right, we are here to take the chunk out of a healthy trend so 30 min. wont whipsaw us that much, totally agreed.

Ok I also missed the point that we have our first add as soon after an entry we have a 30 min. bar that breaks the low of last bar ( downtrend), that should give us an add pretty early in a trend. Am I interpretting the adds correctly?

And yes Saint, I will also try to backtest the charts and try to find out the days where we can avoid trading by getting into sideways days, I am sure you are working hard on it

Thanks a lot again

Yes and No Prabhjeet.........Basically you will know that add point when you come to it.The 30min bar makes another lower high and lower low,meanwhile micro analyse that 30min bar by looking at the 15min bar(or20),and you will get your pivots and an add below those pivots.

You will see it when you come to it.......the way you guys put in a perfect trade on Friday.Same thing,the 30min bar makes a lower high and lower low along with all the pivots on the 15 et al.....it all comes together in one clean sweep!

Saint

 

[musicjunkie]

Thanks MJ for doing backtesting of both systems.It requires patience and hard work.

Can you share the results for a few months ? It will be a big help to all of us learning both the systems to trade confidently. We are interested in broad figures and not why this trade and why not this trade etc so even the points gained on both side by side will help.

Trading both simultaneously will be very advantageous as atleast one will make money in every month,most of the times both will make money so still better. Very rare chance that both will loose in a particular month.

Best Wishes,

Smart_trade

Nifty

++1324 August
++780 September

Now, backtesting and real trading we all know are different. Just ran a test so I am comfortable putting that inital trade in the morning and the SL without sweating. I'll make sure to switch the Aircon on tommorrow

Once done with StockFutures will post those as well
MJ-

 

[Prabhjeet]

Yes and No Prabhjeet.........Basically you will know that add point when you come to it.The 30min bar makes another lower high and lower low,meanwhile micro analyse that 30min bar by looking at the 15min bar(or20),and you will get your pivots and an add below those pivots.

You will see it when you come to it.......the way you guys put in a perfect trade on Friday.Same thing,the 30min bar makes a lower high and lower low along with all the pivots on the 15 et al.....it all comes together in one clean sweep!

Saint

I have not yet traded the system as yet, hence the confusions. I actually kept awake for whole night on Friday and read the thread at one go. Will try and join the team on Tuesday

 

[Prabhjeet]

Nifty

++1324 August
++780 September

Now, backtesting and real trading we all know are different. Just ran a test so I am comfortable putting that inital trade in the morning and the SL without sweating. I switch the Aircon on tommorrow

Once done with StockFutures will post those as well
MJ-

MJ have these results been recorded with adds also, if yes then how many adds to initial positions?

 

[alokdaga]

Nifty

++1324 August
++780 September

Now, backtesting and real trading we all know are different. Just ran a test so I am comfortable putting that inital trade in the morning and the SL without sweating. I switch the Aircon on tommorrow

Once done with StockFutures will post those as well
MJ-

Hi Mj,

Have always believed that backtesting is the only tool which can give supreme confidence to a trader for future as the market in itself are unpredictable, but if the system works largely over a period of time, probability of success in MUCH in our favour. Confidence to trade is also there which helps a person keep in a balanced state to execute trades rightly!!

Do backtest some more period before you press the trigger as I believe personally that 2 months are not really enough. (This is my personal view !!).

Regards

Alok