Going with the Intraday Mini-Flow!!

[orderflow13]

Using Sunil's chart with his inputs on todays trade

By alex_laxya

For long positions my size is always smaller than size for shorts, till daily chart turn bullish.I will be ultra defensive till i get all things clear.Aim is 0.75 % risk on 10 lk capital.
Note - I actually didnt trade xactly like that , but wd have been done if few concepts are clear, i missed 3457 reversal ( lack of concentration ),and end up stopping out at 3507 ! with loss 4k odds then didnt go long as s/l was > 100 + then try to go long at 3524 but few things came up and got to shut trading terminal.
Learning curve for me

 

[Smart_trade]

Hi RK,

On completion of 4th bar......till the 4h bar is fully formed,stop losses are at day's high(taking shorts) + room.From the 5th bar,every low is your signal to bring stops to the high of 2 bars back.

To reiterate:Bar 1,Bar 2 LH-LL,stop above Bar1,Bar 3 LH-LL,stop above Bar 1,Bar 4LH-LL,stop above Bar 2,Bar 5 LH-LL,stop above Bar 3..........till the 4th bar is completed,no playing around with the stops unless we get a pivot on lower time frames.

Saint

Dear Saint,

After 4 th bar in the above example(consecutive LH,LL),I was quite clear that the stop is at H of bar No2,but the misunderstanding I had was after 5 th bar which makes HH but LL,we dont move SL to H of 3rd bar as in downmove,we are monitoring successive lower highs. But now I have understood that in 5th bar if it makes LL then immediately shift SL to H of 3rd bar +space.

Suppose 5th bar makes HH and HL (instead of LL) then we keep the SL at H of 2nd bar only,that is my understanding .

Another Q is that if we are bringing down the SL once 5th bar makes LL irrespective whether it makes LH or HH then why wait for the bar to be complete ? Our SL anyway is going to be shifted to H of 3rd bar +space irrespective of outcome of this bar ? So why not move to 3rd bar H+ space the moment 5 th bar makes a LL ?

These were the real Q I was facing while trading yesterday.So the clarification will help me to tackle these situations next time around.

Thanks for your patient answering !!!


Smart_trade

 

[Smart_trade]

Saint,

Based on a similar system (pivot based) I have traded in past,can I suggest the following for your consideration ?

1) Once you get a profit of 100 nifty points from your entry point,I book 1/3rd or 1/2 positions. If the mkt reverses,then I have a good profit on some positions and if it continues in the original direction I have 2/3 rd open posn to enjoy the ride. I have done this both yesterday and day before booked 1/3 profits at 100 nifty points. Not posted here to avoid confusion.

2) After 4 bars of LH,LL trail the SL for booking profits only on H of the earlier bar + space. Not reversing.Reversing on pivots only.

The above is for yr consideration only.I will delete this post after 1 day so that it does not create any confusion.

Just my little contribution as the system is still evolving !!!

Smart_trade

 

[Sunil]

Saint,

Based on a similar system (pivot based) I have traded in past,can I suggest the following for your consideration ?

1) Once you get a profit of 100 nifty points from your entry point,I book 1/3rd or 1/2 positions. If the mkt reverses,then I have a good profit on some positions and if it continues in the original direction I have 2/3 rd open posn to enjoy the ride. I have done this both yesterday and day before booked 1/3 profits at 100 nifty points. Not posted here to avoid confusion.

2) After 4 bars of LH,LL trail the SL for booking profits only on H of the earlier bar + space. Not reversing.Reversing on pivots only.

The above is for yr consideration only.I will delete this post after 1 day so that it does not create any confusion.

Just my little contribution as the system is still evolving !!!

Smart_trade

Even i was wondering about this, ST - why did anyone not book part profits near yesterday's LOD when it equaled our risk at that time
what u have mentioned is not against the system rules, but a part of it...

Saint Sir has mentioned about this in the rules under "PROFITS" very clearly...

http://www.traderji.com/derivatives...fty-futures-trading-thread-19.html#post231453

 

[Smart_trade]

Even i was wondering about this, ST - why did anyone not book part profits near yesterday's LOD when it equaled our risk at that time
what u have mentioned is not against the system rules, but a part of it...

Saint Sir has mentioned about this in the rules under "PROFITS" very clearly...

http://www.traderji.com/derivatives...fty-futures-trading-thread-19.html#post231453

Yes sunil, As the mkt was looking very weak in the morning,I gave 1/3 profit booking rule a miss but when profits come to 100 or nearabouts,always book part of posn irrespective of anything.

Smart_trade

 

[nilaish]

Dear Saint,
I was recently going through your thread "Teach a man---", your last comment has forced me to write this message. those words are -
"Please always remain students of the markets.....always remain humble.Never ever let anyone tell you that Trading Mastery is not possible.Never let anyone tell you how you cannot succeed.......Your job as a trader has and is always to put in a perfect trade,and then again and again and again.Focus on the trading,not on the money.....You can attain great wealth from Trading.You don't have to run newsletters,give tips,sell softwares,........there is more money in Trading than in any of these.Therefore,focus on Trading Perfection.......and reach heights that you imagine as unreachable".
These words has given me confidence that I can trade for living. That confidence was always missing, although I am dealing in shares form last 4-5 years. I have read so many authors from alexander elder, Joe ross to larry williams & linda raschke...so on. but was never able to trade consistantly successfully. some win here and there, then one loss wipe out all gains, trading in options (buying hopes)....etc. But after reading your theard, I am now really able to understand the core concepts for successful trading. your understanding of markets and trading business is absolutely amazing. I think you are one of the best indian professional trader known to public.
I am currently trying to understand both 60 min and intraday 30 min breakout system and from next week i will trade with 1 lot of nifty fut. I hope i will get guidance from you and from all the senior members here.
thanks a lot again

 

[VJAY]

Hi ST,
Saint sir allready cleared about profitbooking .I follow the one of them.ex.yesterday i shorted at 3457(2lots).initial risk of 58 points(s/l).then partialy booked profit at 3457-58=3399.

Regards
VJAY

 

[beethoven]

Dear Saint,
I was recently going through your thread "Teach a man---", your last comment has forced me to write this message. those words are -
"Please always remain students of the markets.....always remain humble.Never ever let anyone tell you that Trading Mastery is not possible.Never let anyone tell you how you cannot succeed.......Your job as a trader has and is always to put in a perfect trade,and then again and again and again.Focus on the trading,not on the money.....You can attain great wealth from Trading.You don't have to run newsletters,give tips,sell softwares,........there is more money in Trading than in any of these.Therefore,focus on Trading Perfection.......and reach heights that you imagine as unreachable".
These words has given me confidence that I can trade for living. That confidence was always missing, although I am dealing in shares form last 4-5 years. I have read so many authors from alexander elder, Joe ross to larry williams & linda raschke...so on. but was never able to trade consistantly successfully. some win here and there, then one loss wipe out all gains, trading in options (buying hopes)....etc. But after reading your theard, I am now really able to understand the core concepts for successful trading. your understanding of markets and trading business is absolutely amazing. I think you are one of the best indian professional trader known to public.
I am currently trying to understand both 60 min and intraday 30 min breakout system and from next week i will trade with 1 lot of nifty fut. I hope i will get guidance from you and from all the senior members here.
thanks a lot again

Yes Nilaish,
Saint has given us the confidence that ordinary people can also succeed in trading whereas we read everywhere that only 2% of traders eventually survive. He has put things in perspective with Indian stock market in view. Literature you have quoted is read by everyone but translating into Indian condition and actual trading practice is very very difficult without guidance from some one like Saint. We are very lucky to have him. I for one am highly indebted to him as he has given me confidence that I can survive as a trader - God knows I have lost virtually all my capital and was on the verge of quitting and becoming one of the 98% but now I am back and hopefully in next 12 months ( I am now very careful) eventually be able to recover and be on the positive. Best of luck my friend.
Beethoven

 

[uthuman]

Yesterday I have missed the action due to my work. But after going thro' the thread I gained more confidence and knowledge. Thanks to sunil for the chart he posted at Setups discussed & practised thread and thanks to alex for the inputs he made for easy reference.
Here (this forum) only I am seeing everybody is helping/teaching others to gain knowledge and money. We have to thank Saint for this wonderful online learning cum earning thread.

 

[uthuman]

Yes Nilaish,
Saint has given us the confidence that ordinary people can also succeed in trading whereas we read everywhere that only 2% of traders eventually survive. He has put things in perspective with Indian stock market in view. Literature you have quoted is read by everyone but translating into Indian condition and actual trading practice is very very difficult without guidance from some one like Saint. We are very lucky to have him. I for one am highly indebted to him as he has given me confidence that I can survive as a trader - God knows I have lost virtually all my capital and was on the verge of quitting and becoming one of the 98% but now I am back and hopefully in next 12 months ( I am now very careful) eventually be able to recover and be on the positive. Best of luck my friend.
Beethoven

I too want to echo the same feeling .