Going with the Intraday Mini-Flow!!
- Thread starter Saint
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- Tags intra day live intraday nifty miniflow miniflow live nifty futures trading nifty intraday trading saint
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Re: Saint's Intraday Miniflow - live discussion
smart trade,very nice explaination on profit booking in miniflow method. :clapping:
Regards,
Hemant
PROFIT BOOKING IN MINIFLOW METHOD
This is a day trading method but here we want to trade minimum and extract maximum from our trades. This method is against conventional day trading principal of large quantity and quick profits.
Here the time is limited ( till 3:30 and we have to close all our trades before 3:30) but in that limited time we try to make maximum out of the trades .
1) When you enter a trade you take certain initial risk. This is equal to ( difference between your entry price and initial stoploss) . As and when the market gives you profit = your initial risk,we suggest that you book 1/3 of your position.This will ensure some profits in your pocket in case the market suddenly and unexpectedly reverses.
2) Balance 2/3 position you have to milk to the maximum extent. We are not interested in scalping here so we dont book profit in haste. We give sufficient chance for the position to mature and grow in profits. But near 3:00 you should start thinking about booking profits and if you are having a strong up/down day,we can wait till 3:25 to book poofits. It is my observation that strong trend up days open near the low and close near the high of the day. Vice versa for strong down days.So no haste in booking profits.
But when you find market not moving strongly,small bars etc and market limping in the direction of your trade ( like it was doing in afternoon session today ) dont wait till the end. If you are long,book profit in a rally and keep a small position till the end as these markets are prone to sudden and violent reversal ( as it did today....you can sense it....the screen will tell you that)
In last 30 min even booking profits on 5 min bar low is broken if long etc can be implemented if market is not trending strongly.( This is a tweak everyone has to play as per his comfort level...) If you sense trouble,book profit,dont wait till the last moment. This is the delicate balance between booking profits in weak markets and dumping the profitable position in haste.
Best Wishes,
Smart_trade
This is a day trading method but here we want to trade minimum and extract maximum from our trades. This method is against conventional day trading principal of large quantity and quick profits.
Here the time is limited ( till 3:30 and we have to close all our trades before 3:30) but in that limited time we try to make maximum out of the trades .
1) When you enter a trade you take certain initial risk. This is equal to ( difference between your entry price and initial stoploss) . As and when the market gives you profit = your initial risk,we suggest that you book 1/3 of your position.This will ensure some profits in your pocket in case the market suddenly and unexpectedly reverses.
2) Balance 2/3 position you have to milk to the maximum extent. We are not interested in scalping here so we dont book profit in haste. We give sufficient chance for the position to mature and grow in profits. But near 3:00 you should start thinking about booking profits and if you are having a strong up/down day,we can wait till 3:25 to book poofits. It is my observation that strong trend up days open near the low and close near the high of the day. Vice versa for strong down days.So no haste in booking profits.
But when you find market not moving strongly,small bars etc and market limping in the direction of your trade ( like it was doing in afternoon session today ) dont wait till the end. If you are long,book profit in a rally and keep a small position till the end as these markets are prone to sudden and violent reversal ( as it did today....you can sense it....the screen will tell you that)
In last 30 min even booking profits on 5 min bar low is broken if long etc can be implemented if market is not trending strongly.( This is a tweak everyone has to play as per his comfort level...) If you sense trouble,book profit,dont wait till the last moment. This is the delicate balance between booking profits in weak markets and dumping the profitable position in haste.
Best Wishes,
Smart_trade
smart trade,very nice explaination on profit booking in miniflow method. :clapping:
Regards,
Hemant
Re: Saint's Intraday Miniflow - live discussion
Thats why I wanted to clarify this. Move 2 is fine, but I am in confusion whether (at 11:30) the long entry should be on the first bar (10 a.m.) + f or the latest bar (11:30 a.m.) + f.
My understanding is that it should be at day high + f since no pivot formed till 11:30. Obviously something wrong with my understanding. Please see this post from Saint Sir: (post 2882 on this thread):
2882: (On page 289)
Quote:
Originally Posted by haribird
We shouldn't have to reverse to long at 2nd bar high, but the 1st bar high(Day's high that time) was the right place. Now I remember of such actions long back.
Did a mistake...but market not punished much...we are in good profit with that fine reversal to short!
Haribird.
Yes,my friend,you had asked me the same once or twice before........ no harm done.Great going.
Saint
Thats why I wanted to clarify this. Move 2 is fine, but I am in confusion whether (at 11:30) the long entry should be on the first bar (10 a.m.) + f or the latest bar (11:30 a.m.) + f.
My understanding is that it should be at day high + f since no pivot formed till 11:30. Obviously something wrong with my understanding. Please see this post from Saint Sir: (post 2882 on this thread):
2882: (On page 289)
Quote:
Originally Posted by haribird
We shouldn't have to reverse to long at 2nd bar high, but the 1st bar high(Day's high that time) was the right place. Now I remember of such actions long back.
Did a mistake...but market not punished much...we are in good profit with that fine reversal to short!
Haribird.
Yes,my friend,you had asked me the same once or twice before........ no harm done.Great going.
Saint
Re: Saint's Intraday Miniflow - live discussion
Whenever we have no pivot,no breakout failure,no 2 bars ,nothing and the market starts going against our position,as a last stop ,we keep last one hours low as stop if we are long.
Market started cracking around 3:00 and hence our "last and final call" stop was at 2:00 bar low. We used to use this 1 hr low/high stop earlier but these days no body talks about it,I have found this stop very effective.
ST
Whenever we have no pivot,no breakout failure,no 2 bars ,nothing and the market starts going against our position,as a last stop ,we keep last one hours low as stop if we are long.
Market started cracking around 3:00 and hence our "last and final call" stop was at 2:00 bar low. We used to use this 1 hr low/high stop earlier but these days no body talks about it,I have found this stop very effective.
ST
Re: Saint's Intraday Miniflow - live discussion
Arm... you have a solid point here. The answer to this question will solve the mystery to the Move 1-2 concept. So lets get to the bottom of it. ST, Vineet your help is required here.
My understanding thus far is:
Move 1 has to be firmly established first. Just a simple HH and HL does not suffice. There has to decent momentum in a move so that it be called move1. Vineet waits for 11.00 bar to close to confirm move 1. We'd really appreciate if Vineet made a write-up on this.
In the above post Hari and I were discussing a case where move 1 didnt even take place. Myself and Hari both took the definition from the book and obediently entered orders for reverse entry at last bar high+7. But that was wrong. That day (3rd March) Move 1 hadnt happened all the way till 2 p.m. so there is no question of using sf for reversal at 11.00.
But today, Move 1 was clear. Hence going long where ST said is well understood. Having a 15 min pivot there is also a plus, but not a requirement.
Amit.
Arm... you have a solid point here. The answer to this question will solve the mystery to the Move 1-2 concept. So lets get to the bottom of it. ST, Vineet your help is required here.
My understanding thus far is:
Move 1 has to be firmly established first. Just a simple HH and HL does not suffice. There has to decent momentum in a move so that it be called move1. Vineet waits for 11.00 bar to close to confirm move 1. We'd really appreciate if Vineet made a write-up on this.
In the above post Hari and I were discussing a case where move 1 didnt even take place. Myself and Hari both took the definition from the book and obediently entered orders for reverse entry at last bar high+7. But that was wrong. That day (3rd March) Move 1 hadnt happened all the way till 2 p.m. so there is no question of using sf for reversal at 11.00.
But today, Move 1 was clear. Hence going long where ST said is well understood. Having a 15 min pivot there is also a plus, but not a requirement.
Amit.
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