Nice effort!!!!!! But the most important ingredient is missing!!!! Yes friends : The stop loss!!!
Saint had not revealed his SL's!!! He had clearly mentioned that the levels were for watching only and not trading as he himself is probably fine tuning it to its best configuration useful for all and sundry!!!
All the best!!!!
Based on Saint's method, the SL levels look pretty obvious on the 10min chart posted by reji..
Looking at the chart, Saint would be havinginitial SL at roughly 4140, with the stop moved to 4165, 4180 & 4220 as the day progressed..
The adds are also pretty easy to see and figure out.. What I have not been able to understand is the logic behind the partial profit taking.. Saint, do you use any set method for the profit taking, or is it based on some discretionary rule?
Here is my understanding behind the NF trades done by Saint yesterday:
1. Since there was a gap up, Saint looked at going long after the high of the first 5 mins were to be taken out. I suppose he did not look at going long as the 60 min flow was in uptrend.
2. Now the market went slightly sideways and started to form pivots.. At this point, i guess Saint had been looking at the market to decide and most probably had 2 SL orders, one for going long and one for going short after the first 2 pivots were formed. Whichever order got filled first defined the position and the other acted as the stop loss. Or maybe Saint, looking at the 60 min flow decided to only take a long trade and waited for the same to be confirmed by the market.
3. Once in market, it was a matter of waiting for the pivots to form and to trail the SL up.
4. The first add came at days opening high + room, I suppose this trade was taken because by this time the SL had moved higher and the money management rules allowed adding to the position.
5. After this, the market moved up w/o allowing for the SL to get up, so Saint booked partial profits at various points. Now one logic I see for the partial profits is to look at a lower time frame chart and then book partial profits once the pivots on the shorter timeframe charts get broken or when there is a drop of some percentage points.. I have yet to figure the logic behind the profit taking done by Saint.
I think those of us who have intraday data for backtesting can check past charts and use these trade examples to come up with a system.. For all of us who are trying to learn this system, it would be an interesting exercise to use older data to come up with some rules of our own over the next few days and then compare the systems with that of Saint.
-- no1lives4ever
PS: I am only trying to analyze loud what Saint might have done and I can be completely wrong. Saint, pls give some insights onto your trades..
