Going with the Intraday Mini-Flow!!

[vpsarathy]

but then, one should not be upset, if, after booking partly at 50pts, it goes further and gains total 100 points....
for intraday trading, i have realised that u should have a cool mind, and mind is cool only if your stomach is full (with some partly booked profits)....
Try to be content, cool & above all, be with the SYSTEM FLOW... your mind & stomach should not act as dams for this "flow"

Very true. Only if you have greed these problems crop up. If you win over greed you keep smiling always.
vps

 

[Sunil]

Some great stuff from you,my friend....

For everyone,
It is very important in intraday trading to pull profits off the table........now please don't read that as:Buy NF at 3542,and take profits off at 3552.Our job is to cut our losses and let the profits ride........so don't cut short your profits with a 10pt gain and be thrilled with this great achievement of yours.And yet,in intraday trading we are faced with exitting positions at the EOD,.......therefore Idealism is the order of the day in the 60min Flow.Here it is Realism.Putting some in your pocket acts as a valve to release pressure......and if you are that sort that feels no pressure although holding 30 lots,great going,still put some in your pocket.

Profit taking must have a Plan as well.........probably,you pull profits off at resistance points on the 60min charts.......probably you pull profits off when you have increasing prices on decreasing volumes........probably you pull profits off at exact numbers,like 50 or 100 pts from your point of entry.......where and how you pull profits is dependant on your mental personality,your capital,your stomach,etc,so will not put hard and fast rules to it as we are all different.

But still,evolve a Plan that suits your temperament on where to pull profits off,how much to pull off,etc...........remember,no thinking during trading hours.You do not act,you react..........so plan you trade as always,and trade the plan.

Saint

right sir.... truly & correctly...
in scalping, there's no "plan" to exit; u enter only when u feel it will go towards the next level - your mind time frame is limited to next 5 minutes...
Adopting that procedure over here would be very wrong & injustice to this flow concept. That's why i mentioned, one's mind & stomach should not act as dams in this flow concept.
This system is meant to ride & not to pre-empt, and as u put it - to react and not to act....
This sets apart the two forms of trading. I can attempt both together at same time; but I can't combine them. That's why I said yesterday - this system actually does not require any technical analysis knowledge or advanced chart reading; just simple identification of pivots / SARs, and as Karnani Sir put it in 60 min thread -YOU BECOME MORE OF A SPECTATOR HERE THAN A SPECULATOR...

 

[ARMHM]

A Simple question?

How many of us are sleepless with excitement, waiting for the markets to open, and how many of us here are terrified that its 9:56... that time of the day again

Sincere responses would be appreciated

For me each new day brings new excitement, new twists, new turns and new tweaks. I do not worry about the direction market will take next day. Sleepless! yes I am sleepless but with excitement. Thank to Saint.

 

[lvgandhi]

Some great stuff from you,my friend....

For everyone,
It is very important in intraday trading to pull profits off the table........now please don't read that as:Buy NF at 3542,and take profits off at 3552.Our job is to cut our losses and let the profits ride........so don't cut short your profits with a 10pt gain and be thrilled with this great achievement of yours.And yet,in intraday trading we are faced with exitting positions at the EOD,.......therefore Idealism is the order of the day in the 60min Flow.Here it is Realism.Putting some in your pocket acts as a valve to release pressure......and if you are that sort that feels no pressure although holding 30 lots,great going,still put some in your pocket.

Profit taking must have a Plan as well.........probably,you pull profits off at resistance points on the 60min charts.......probably you pull profits off when you have increasing prices on decreasing volumes........probably you pull profits off at exact numbers,like 50 or 100 pts from your point of entry.......where and how you pull profits is dependant on your mental personality,your capital,your stomach,etc,so will not put hard and fast rules to it as we are all different.

But still,evolve a Plan that suits your temperament on where to pull profits off,how much to pull off,etc...........remember,no thinking during trading hours.You do not act,you react..........so plan you trade as always,and trade the plan.

Saint

Dear Saint,
You have said much about profit pulling ways. How ever it will be nice to have your suggestion, based on your valuable experience, regarding various profit puling methods you use and chart patterns you see when doing that.

 

[Smart_trade]

Great observation Rakesh, what a keen eye you have for studying the charts,simply outstanding ....

Equally outstanding reply from Saint. We all have been trading the system quite well for last few days but it is understanding of these finer points in otherwise similar looking situations that will put us miles ahead in trading.

Great learning ....


Smart_trade

 

[musicjunkie]

To MJ though goes the full compliment of drawing me out by his dogged persistence........He just wouldn't let up!Most of the credit for the birth of this thread goes to him.

All the best!
Saint

Come on now Saint!!! You are just being nice......although my day, no my Year has been made !

MJ-

 

[kapil123]

Part profit booking has been accomodated in this system. Saint sir has clearly mentioned how & where he looks to part book.
Pakatil has been more enterprising with his target/level for booking partly...

But, what if, we would have followed the system fully, and don't even book partly.... only as per SAR or at closing time....
Here's the result, taking Pakatil's trades...

Hence, for those whose risk appetite is less (as per SAR level) or one wants to first test waters or have a feel of this system, AND if more than 1 lot of NF is not possible, then in such case 2 or 3 lots of MiNifty is advisable.
I, myself, trade this sytem using MiNifty.... with this arrangement, I can carry on my normal scalping/regular intraday Nifty trading with NF....

Again I repeat - this is subjective and as per one's comfort. At EOD, your NET PROFIT counts, and nothing else...

Just a small correction on the figures, the calculation in Pakatil's trades take into account 2 lots (one lot he books at scalping point and another at SAR), whereas in your calculation it's 1 lot. So, by riding the profits and waiting for SAR it should have been profits of 774 points and not 387 points.

 

[pakatil]

Just a small correction on the figures, the calculation in Pakatil's trades take into account 2 lots (one lot he books at scalping point and another at SAR), whereas in your calculation it's 1 lot. So, by riding the profits and waiting for SAR it should have been profits of 774 points and not 387 points.

Dear kapil,

Sunil is right. It has to be 387 points.

We Traders have permission to Err on Trade Entries & Exits, surely not on rudimentary Arithmetic.

Cheers

 

[Sunil]

Just a small correction on the figures, the calculation in Pakatil's trades take into account 2 lots (one lot he books at scalping point and another at SAR), whereas in your calculation it's 1 lot. So, by riding the profits and waiting for SAR it should have been profits of 774 points and not 387 points.

http://www.traderji.com/day-trading-stocks/24071-going-intraday-mini-flow-277.html#post233637

compare 980 with 774,
or 490 with 387...

i hope the point is driven home....

no argument regarding points / profit per lot..

 

[ratan jain]

Nowadays people are calling a 50 point trade a scalp trade.....
This is a very troubling sign

Friends, these are heavily trending times, where we can call a 50 point trade a scalp, but beware, when markets are not so volatile, a 50 point trade is sometimes a trend trade and a 10 point trade is a scalp trade.