Going with the Intraday Mini-Flow!!

[Saint]

MINDSET

------There is a lot of Fear and Greed in the markets........We as traders buy Fear and Sell Greed.The only way we can successfully do that is to rigidly follow a Strategy.Only once we stay out of all these emotional uphevals,are we one up over the rest.

And part of that strategy other than the Entry,Exit and Stop Loss,etc and Position Sizing is a bit of analysis post trading day.My advice to the newer trader:Keep a Journal,print out your charts,see your entry and exit and see if all parts of the Plan were strictly adhered to.That's another topic altogether..............but the very basic:Have a Trading Plan.Keep a Trading Journal.Analyse about today.Plan for tomorrow.

------Do not listen to anyone who tells you how many ways something cannot be done.Ridiculous amounts can be pulled out of the markets just as much as ridiculous losses are possible.If you have a Plan of Attack that covers all bases,you become one of that 2% who succeed at intraday trading...so stop listening to our statistic friends who keep telling you that it cannot be done as there are 98% failure rates et al.......If everyone believed that to be true,then we would have a 100% failure rate......the fact of the matter is that 2% thought otherwise.Be that 2%.

-------This strategy is simple but there are times when one would just not be able to press the trigger.We have a huge downtrend,made up of multiple gap downs,each gap down was a buy over the 5 min high and we had some sweet longs........and today,we heard that SGX NIFTY is down and we are having a gap down.We get ready to go long but the 5min low breaks down......we start off this mental argument with ourselves,we feel that after this bar the uptrend will come,and then one bar follows another.Only to feel at the end of the day.....Why didn't we just stick to Plan?

Ruthless following of the Plan although one feels that one might very well be wrong is required.......We are not here to be all intelligent and analyse.We are here with a Plan,and we trade what we see.We do not trade what we hear,we do not trade what we think,we have a fixed Plan......and we follow it.

More in the next!

Saint

 

[Saint]

FILTER

The Filter used is Rs 9 for me.......after testing you might bring that number to 7 or 6,please do what suits you best.

To take an example ...............The NF First bar has formed forming a high of 4300 and a low of 4250.My buy is at 4309.Or my short is at 4241.

The 2nd bar is formed,a high of 4305 and a low of 4278......move that filtered entry to 4305+9=4314.Next bar is at 4311,low of 4288.....still no entry,filtered entry at 4311+9=4320.

Next bar makes a high of 4316,and a low of 4266.......We are now short.That long entry never came.Instead a short is triggerred at 4288-9=4279

Saint

 

[pakatil]

MINDSET

We are not here to be all intelligent and analyse.We are here with a Plan,and we trade what we see.We do not trade what we hear,we do not trade what we think,we have a fixed Plan......and we follow it.

More in the next!

Saint

I beleive that is the essence of the Method.

Thank You Saint.

 

[alokdaga]

FILTER

The Filter used is Rs 9 for me.......after testing you might bring that number to 7 or 6,please do what suits you best.

To take an example ...............The NF First bar has formed forming a high of 4300 and a low of 4250.My buy is at 4309.Or my short is at 4241.

The 2nd bar is formed,a high of 4305 and a low of 4278......move that filtered entry to 4305+9=4314.Next bar is at 4311,low of 4288.....still no entry,filtered entry at 4311+9=4320.

Next bar makes a high of 4316,and a low of 4266.......We are now short.That long entry never came.Instead a short is triggerred at 4288-9=4279

Saint

So if the high also gets lower - we will put in the new high+filter as our new entry level? Say if the high of the next bar is 4275 then our entry trigger will be 4275+filter???

 

[Saint]

ADVICE:

a.When trading this strategy,make sure you take that first bar break......if you miss it,high chance you could get tossed about.

b.As capital increases,but mindset has not become that big....... meaning, you started of with a cap of 10L and the risk of 1.25% was fine with 12.5k at risk.Now that you are 20L cap,you are unhappy about 25k risk,and you get that queasy feeling in your stomach........nothing that stops you from dropping that percentage a few points and may be taking on another position.

c.Before the trade,during the trade,and after the trade........the mentation, the heart rate has to be a flat line.Anything that sends that flat line looking like the Peaks of Everest and the Depths of the Indian Ocean.....suggest something be done about it.

d.A trade is triggerred above the Entry point ..let us say at 4320.It makes a high of 4355 and then falls back to 4315 forming a topping tail.......then as expected stops taken out and positions reversed........and then a bottoming tail forms and then we reverse the position again and then we get a big move up and we are up for the day.............To do this,we need our Brain in top gear.Sleep deprivation will not prevent you from acting on the 5min bar,but it will prevent you from reacting to the rest of the day as you should.Get lots of sleep.And do some meditation or any mental calming techniques that you know of.

e.Switch off the TV.........Don't waste time in hearing all that nonsense...

f.If you are in a trade,eat at your desk or eat after 3:30pm........off the phones.Find whatever else that distracts you in a trade and get rid of it.During the trade,you and the charts become one........don't let external irritants drag you out of that concentration.

g.If there is some trouble that happened that you have to look into immediately.........exit all trades before you get out of your chair.Look to make it back tomorrow.The market is not running anywhere in a hurry.

h.Once in a trade,don't get worried about the noise on the smaller time frame.Keep the 60min charts open .....Don't turn to your 5min charts and start sweating.Advice for the newcomers though and not for the old hands.

i.If you need to make 1L for survival,and you made 2L that month,pat yourself on the back,and not to forget that you may need this back up money in times of need.If you are making 4L this month,and next ,and next.......do look into helping others who are less fortunate than yourself.Look to make big and give away big.

j.There is no Limit to what you can achieve..........if there is a Limit,that exists in our own minds.

k.We are traders,we trade.........net profits and losses are greeted by us in a cold,calculating manner for the sake of math.And not the boyish yeehah's and hurray's.We are sad and morose when we don't follow the Plan.We are happy when we follow the Plan........once all the calculations are done,throw out the memory of today---good and bad---tomorrow is a New Day!

All the above are not in any order or sequence........apologies for the near haphazard manner,but throwing out as they come.

All the best!
Saint

 

[Saint]

So if the high also gets lower - we will put in the new high+filter as our new entry level? Say if the high of the next bar is 4275 then our entry trigger will be 4275+filter???

Thanks for bringing that up.......nope,then the opening bar filter stands.

Saint

 

[uthuman]

Recently I found this site and today I have gone thro' this thread completely. Mr Saint has given a lot of advice & tips to all the NF traders. Thanks a lot to him. Awaiting further tips and advice during the market hours.

I got little confused about the 10mts chart and 60 mts chart.Where can I find the 60mts flow chart.
Will anybody explain it?

 

[alokdaga]

Thanks for bringing that up.......nope,then the opening bar filter stands.

Saint

FILTER

The Filter used is Rs 9 for me.......after testing you might bring that number to 7 or 6,please do what suits you best.

To take an example ...............The NF First bar has formed forming a high of 4300 and a low of 4250.My buy is at 4309.Or my short is at 4241.

The 2nd bar is formed,a high of 4305 and a low of 4278......move that filtered entry to 4305+9=4314.Next bar is at 4311,low of 4288.....still no entry,filtered entry at 4311+9=4320.

Next bar makes a high of 4316,and a low of 4266.......We are now short.That long entry never came.Instead a short is triggerred at 4288-9=4279

--- But here we are changing the short entry levels? Am I getting it wrong?

 

[uthuman]

FILTER

The Filter used is Rs 9 for me.......after testing you might bring that number to 7 or 6,please do what suits you best.

To take an example ...............The NF First bar has formed forming a high of 4300 and a low of 4250.My buy is at 4309.Or my short is at 4241.

The 2nd bar is formed,a high of 4305 and a low of 4278......move that filtered entry to 4305+9=4314.Next bar is at 4311,low of 4288.....still no entry,filtered entry at 4311+9=4320.

Next bar makes a high of 4316,and a low of 4266.......We are now short.That long entry never came.Instead a short is triggerred at 4288-9=4279

--- But here we are changing the short entry levels? Am I getting it wrong?
Saint

when u are increasing the stop loss buy simultaneously u are changing the stoploss sell order also. So when the bar is at 4311 and 4288, ur buy is 4320 and sell is 4279. So next bar is at 4316 high and low of 4266, the low 4266 will hit ur stop loss sell placed at 4279. This is what I understand. If I am wrong pl. correct me.

 

[nagakiran]

FILTER

The Filter used is Rs 9 for me.......after testing you might bring that number to 7 or 6,please do what suits you best.

To take an example ...............The NF First bar has formed forming a high of 4300 and a low of 4250.My buy is at 4309.Or my short is at 4241.

The 2nd bar is formed,a high of 4305 and a low of 4278......move that filtered entry to 4305+9=4314.Next bar is at 4311,low of 4288.....still no entry,filtered entry at 4311+9=4320.

Next bar makes a high of 4316,and a low of 4266.......We are now short.That long entry never came.Instead a short is triggerred at 4288-9=4279

--- But here we are changing the short entry levels? Am I getting it wrong?
Saint

Hi alokdaga,

Please find my understanding below...
As soon as filter 5-Min bar forms, we need to place two stoploss entries one for long (first bar's high + room) & one for short (first bar's low - room).

We keep on changing these stoploss entries based on next bar.Next bar can be any of these:

I)If next bar makes a higher high & higher low than first bar,no need to change our stoploss short entry and look for the following cases:
a)if new high fails to cross our stoploss long entry (high of 1st bar + room)..then we move our stoploss long entry to new bar's high + room.
b)if new high crosses our stoploss long entry..then our stoploss long entry would have triggered and we will be in long position.

II)If next bar makes a lower low and lower high than first bar,no need to change our stoploss long entry and look for the following cases:
1)if new low fails to go below our stoploss short entry ..we move our stoploss short entry to new bar's low - room.
2)if new low falls below our stoploss short entry..then we will be in short position.

III)If next bar makes lower high & higher low , both stoploss short entry and stoploss long entry remains same

IV)If next bar makes higher high & lower low : follow both steps I & II.

Hope I haven't added any confusion. Please correct me if i am wrong...