Re: Saint's Intraday Miniflow - live discussion
We had a special day today......yesterday market was on upwards trigger....so all orders which could not be executed yesterday just rushed in creating a huge 300 plus nifty points bar....now to enter on low break of this bar necessitated a stop of 350 points which was way out of my mm stop. Then in such case I would have skipped the trade and waited for pivot or some other indication and close stoploss.
But after first crazy 5 min the market traded well and I thought why not take 10 to 10:05 bar as the bar instead of first bar and trade breakout/breakdown of this bar instead of monster 1st bar.......see Saint has given us a template but to be rigid in such situations is nothing but a financial suicide...we have yto use our judgement in such extraordinary cases . Hence I took 10:05 bar breakout in NF and Bank NF both, SAR low of the bar...and it fortunately worked well and the rest is history .....it could well have gone on a stoploss but then I would have got into short flow quickly with acceptable dent in my capital.....
The above is a variation not to be used whenever I feel like.....it has to be used in very very special (once in 2 years situation ) . I know that lots of eyebrows will be raised......some will accuse me of bringing "I" in the trading....I am a trader first and analyst later....my first priority is safety of my capital.....everything else is secondary.....
In your hypothitical case,I would have waited for the third bar or any subsequent bar which is a bit more sober....and traded the up/down breakout...it would work well....as in such strong mkts they dont do up/down at same place....(In fact I know a flow method which starts trading from any bar of the day and quickly gets into the correct flow)...they quickly leave range....
Another way could be I would have waited to enter on 5 min pivot....
This is a tweak not to be used regularly.....it is a tsunami tweak....
( If we are standing on railway tracks and see a train coming on the same tracks....and we know that the train is not scheduled....but our correct response will be to jump away from the tracks and then later on think how the unsceduled train came there.....survival instinct my friend....cannot argue with running trains and monster WRBs)
It will be best if most did not notice the post today...
Aha ST Da
A very good explanation. Saving it in my USB for refreshing my experiences in future.
Just somewhat close to my heart...... a trader and an ex-investor.
I missed the action over the past 4 days as i was out of station.
Good to be back in familiar surroundings.:clapping:
We had a special day today......yesterday market was on upwards trigger....so all orders which could not be executed yesterday just rushed in creating a huge 300 plus nifty points bar....now to enter on low break of this bar necessitated a stop of 350 points which was way out of my mm stop. Then in such case I would have skipped the trade and waited for pivot or some other indication and close stoploss.
But after first crazy 5 min the market traded well and I thought why not take 10 to 10:05 bar as the bar instead of first bar and trade breakout/breakdown of this bar instead of monster 1st bar.......see Saint has given us a template but to be rigid in such situations is nothing but a financial suicide...we have yto use our judgement in such extraordinary cases . Hence I took 10:05 bar breakout in NF and Bank NF both, SAR low of the bar...and it fortunately worked well and the rest is history .....it could well have gone on a stoploss but then I would have got into short flow quickly with acceptable dent in my capital.....
The above is a variation not to be used whenever I feel like.....it has to be used in very very special (once in 2 years situation ) . I know that lots of eyebrows will be raised......some will accuse me of bringing "I" in the trading....I am a trader first and analyst later....my first priority is safety of my capital.....everything else is secondary.....
In your hypothitical case,I would have waited for the third bar or any subsequent bar which is a bit more sober....and traded the up/down breakout...it would work well....as in such strong mkts they dont do up/down at same place....(In fact I know a flow method which starts trading from any bar of the day and quickly gets into the correct flow)...they quickly leave range....
Another way could be I would have waited to enter on 5 min pivot....
This is a tweak not to be used regularly.....it is a tsunami tweak....
( If we are standing on railway tracks and see a train coming on the same tracks....and we know that the train is not scheduled....but our correct response will be to jump away from the tracks and then later on think how the unsceduled train came there.....survival instinct my friend....cannot argue with running trains and monster WRBs)
It will be best if most did not notice the post today...
Aha ST Da
A very good explanation. Saving it in my USB for refreshing my experiences in future.
Just somewhat close to my heart...... a trader and an ex-investor.
I missed the action over the past 4 days as i was out of station.
Good to be back in familiar surroundings.:clapping:
