Going with the Intraday Mini-Flow!!

[vpsarathy]

First of all... looking at the 1st 2 bars nothing can be said... as it was a usual opening... not a gap opening...
If trading just based on 10 min... only 1 trade for the day... SHORT... 140-... SL 142.35+
Trail SL 142.25+
Next Trail SL 140+

Cover near days close... 136 around!

If trading keeping in mind... 60 min TF... no need to think about longs... just SHORT...
Trade same as above...

Different ways to day trade... based on 10 min itself... just mentioned the simplest way... but need patience... as you can see after touching a low of 138 it moved up! That time one might make mistakes... if impatient!

Anyway do a back test... see for yourself how the stock moves.... if comfortable with it... make a plan... and trade that plan... come what ever may!

Regards

MB,

Thanks MB. Saint too said I should have shorted. But I went long and EOD made loss. All this on paper only.

Why do you say I should short. On what basis you decided to enter short. How do you arrive at SL 142.35

Pl explain. I want to learn from you. Thak you in anticipation
vps

 

[milkyblack]

Today was a Bad Day.......was it a bad day in terms of monetary loss....not at all.It was a bad day because:

a.Did not follow the original plan and missed an entry earlier on in the day(Thanx to something that cropped up at 10am)....

b.Entry long was great....stop loss was great....Did I position size accordingly?Yes.Did I obey my stops?Yes.....

----TRADE 1:Stop loss triggerred,loss of 13.8k....good trade as plan adhered to.

----TRADE 2:Good entry,all adhered to.....But took stops and exited at 4010.Exit plan of stops or profits not adhered to.....BAD Trade,although made a profit of 1.5k

-----TRADE 3:Tried to correct TRADE 2.....good entry,yet again,covered at 4014....Yet again,plan not adhered to....BAD TRADE...loss of -1.2k.

------TRADE 4:Went long ??????Nothing in the Plan to have gone long there......Yet another BAD TRADE.......gain of 4.6k.

------TRADE 5:Correcting all the nonsense,good reentry back in shorts and made some gains back....GOOD TRADE...gain of +7.6k

Saint

ps:I am going to share my good days and my bad days..........I had said once that you are not to follow what I am doing for now......and as for posting,things moved too fast.Sometimes you can learn more from my foolhardiness than my advice.....today is an example of the above.

Tomorrow is a new day though!

Here is the MAN.... Hats off to you... admitted that it was a bad day! I was wondering when you posted the trades you took... I mean you are not this kind of trader....

All traders over here... read the above post by Saint very carefully...
He made a loss of just 1k.... common that is nothing... indeed should be called a break even day... after 2 days of good profits....

But no it is a bad day!!! Why?
Because the trader did not stick to the plan.... now who cares about that??? As long as at the end of the day I have made money!!!
Actually no one cares!
The problem is:-
One...
If not sticking to plan and making money then one might get used to this madness.... and start believing in oneself that is "I"... actually nothing better than that... if you believe in yourself... but just not in the trading arena.... here do not believe any one... not even your trading guru... just believe your PLAN.... so like I was saying... this will induce the feeling of I in you...
Two...
If not sticking to plan in long run losses will out number the profits.... not in terms of number... but amount...
Third...
Not sticking to the plan... will most of the times will take you out of the trade much before the trend gets over.... which might and will most of the times force you to take wrong trades and might even take out what ever profits made....

So stick to the plan.... Let me also confess... for the day... mine was a bad day too... though at profits at the end... but was bad....
Reasons...

Trade 1: Perfect entry and exit.... Risk and everything.... But should have not taken the trade as.... had Planned not to do intra day today... as was not well... and lacked concentration.... but then also took....

Trade 2: Entry not defined exit not defined.... based on charts... just took a trade... Got out in break even point.... as nothing looked clear to me....

Trade 3: Entry defined... short... perfect SL.... but exited early...

So that is it... emotion ruled day... just to boost my emotions... market gave me some profit for the day!

Regards

 

[milkyblack]

MB,

Thanks MB. Saint too said I should have shorted. But I went long and EOD made loss. All this on paper only.

Why do you say I should short. On what basis you decided to enter short. How do you arrive at SL 142.35

Pl explain. I want to learn from you. Thak you in anticipation
vps

Friend... do not embarrass me by saying that you want to learn from me...

Saint is the teacher over here...
Find out the thread "teach a man to fish" go through it and then trade... it should help you

You will get your answer to why short...

But I would like to ask that why did you go long? Good to know that you are doing paper trades.... will be helpful to you

Regards

 

[vpsarathy]

Friend... do not embarrass me by saying that you want to learn from me...

Saint is the teacher over here...
Find out the thread "teach a man to fish" go through it and then trade... it should help you

You will get your answer to why short...

But I would like to ask that why did you go long? Good to know that you are doing paper trades.... will be helpful to you

Regards

I have read the thread six times. I am on paper since 2 months. Saint does not get time to answer each and every question put to him so I am approaching seniors in the forum.

I saw the green bar coming up very fast next to first 5min bar. I didnot see any justification for going short. So went long doubtfully. Pl tell me how you decide shorting is the right approach.

vps

 

[musicjunkie]

MB, Saint
Really liked both your posts today. Genuinely learn't something, That you guys are humans too

Just for the record, my day wasn't too good as well....although some mild profits, fear gripped when I saw someone else trade in the opposite direction. Emotions really DID rule today.

The good news is tomorrow is a new day
MJ-

 

[milkyblack]

I have read the thread six times. I am on paper since 2 months. Saint does not get time to answer each and every question put to him so I am approaching seniors in the forum.

I saw the green bar coming up very fast next to first 5min bar. I didnot see any justification for going short. So went long doubtfully. Pl tell me how you decide shorting is the right approach.

vps

Good to hear that you have read... Ok I will try to explain now... I though you have not yet read... so did not want to explain... shortcuts no good
Now as you have read the thread... you must understand the rules to enter during the 1st bar... we do not care at all... if the 1st bar is bullish or bearish.... or the next bar coming up in a bullish fashion... you wrote that u took the trade based on doubt... that a bullish candle was formed.... fantastic... so you want to trade in an anticipation... not bad if it is your style... but what confirms your anticipation is going to be right? Did the price take off the high of the bullish candle? No it did not... so not yet long...

Though the thread teach pivot trading... as your question is limited to just first 2 bars... I have restricted my explanation...

This type of trading is no where mentioned in the thread as far as I know...

Better to trade pivots... in that case as explained earlier... we short at 140-

Regards

 

[vpsarathy]

Good to hear that you have read... Ok I will try to explain now... I though you have not yet read... so did not want to explain... shortcuts no good
Now as you have read the thread... you must understand the rules to enter during the 1st bar... we do not care at all... if the 1st bar is bullish or bearish.... or the next bar coming up in a bullish fashion... you wrote that u took the trade based on doubt... that a bullish candle was formed.... fantastic... so you want to trade in an anticipation... not bad if it is your style... but what confirms your anticipation is going to be right? Did the price take off the high of the bullish candle? No it did not... so not yet long...

Though the thread teach pivot trading... as your question is limited to just first 2 bars... I have restricted my explanation...

This type of trading is no where mentioned in the thread as far as I know...

Better to trade pivots... in that case as explained earlier... we short at 140-

Regards

Thanks for the patient explanation. Tell me where does 140 come from and why? Is it because it is 5min bar low or 11.50 pivot low
vps

 

[rkkarnani]

Hi,
I was watching the Nifty charts and when Saint wrote that he squared all his position at 4010, I knew something was amiss!!! I wrote in the thread that it seems to be a trade not as per rules!!!
And hats off to Saint who so candidly accepts his errors!!!! His post about his mistake is more important than the posts where he is successful!!! We have been learning from his experience and his system ....and from......
now:
Let us learn from his mistakes too!!!

Thanx Saint!!!

 

[Smart_trade]

Friends we are asking too many questions about too many things.Saint has still not disclosed the trade rules as he must be finalising/testing/modifying it. Daytrading is a hectic job,so lets not burden Saint with our questions about trades by guessing his system at this stage,once he discloses the trade rules,we have all the time to ask our questions.He needs concentration as he is developing the system rules, so let us not burden him by asking whether this enrty was right,stoploss etc about the scrips we trade etc till the system is out in the forum.

This is a general request without anyone in mind.I am starting with myself !!!

Best Wishes,

Smart_trade

 

[milkyblack]

Thanks for the patient explanation. Tell me where does 140 come from and why? Is it because it is 5min bar low or 11.50 pivot low
vps

If you are trading the 5 min chart then look at 11 am bar.. the low of 141.05...

I thought you were trading 10 min... in that case 10.30 bar low 0f 140.8 ...

Sorry to post 140 (I meant trigger of short at that level ... with room)

Hope it clears now

Regards