Hi cubt. same story mine, different is starting part is same not later part. means i have lost money but till now not able 2 gain back. As you said trading with the help of resistance & support is best strategy. After this i saw your activity in orb strategy, super trend . but now you have stopped both strategies, even i saw your activity in commodity segment in tamil trader threads. recently saw your post in your thread where you said that now you will trade only s/r based eod system . so i want to know your over all experience on strategies you started and why you stopped trading on them, and now what is your conclusion on trading?
Dinesh,
Let me explain u each strategy/method I tried.
1. I tried NR7 method for intraday in stock futures, it worked well during trending days. Sometimes I gain more when I carry forward my position. But problem was I know my entry point but I dont know when to exit. So when the stock moves from 300 to 315, I exit but the stock continue to move to 350. So I dont make use of the full trend due to this I lose most of profits during non trending days or false breakouts.
2. Later I followed support n resistance method, it was almost like darvas method. I check for 52 week low/high stocks, once breakout breakdown happens on daily chart, I go short or long and hold the stock untill eod, if it doesn't break support n resistance, I will hold. If it breaks, I reverse my position.
It worked so well, I made very good returns in 60 days n won zerodha challenge.
3. Later tamil trader taught me about trading using AFL, with super trend. He was mainly into crude oil, so we both back tested the super trend in nifty n crudeoil with different time frame.
Started trading in crudeoil with 30 m time frame, and my luck of entry, due to syrian attack crude went to 7500 from 6500, where I made almost 80k in 1 month just by following afl signals.
Later started nifty with 15 mins time frame, it worked but many gap down n gap up, , resulted in less profits. And due to more trading hours in crudeoil, I.e till 11.30pm, it affected my work life balance, so I do not want to continue commodity. Exited from commodity trading.
But still I was with Nifty but changed to 10 mins time frame, and it required frequent monitoring of system, sometimes all of a sudden market falls very quickly which resulted in more n more slippages.
And due to more n more trades, lesser profits, higher gaps, my profits declined steadily.
In between I backtested ORB method, it was showing good results, with maximum drawdown of 1000 nifty points. But here u dont have risk of gap ups, downs. I followed it with 1 lot, and it worked well. But due to my day job, I cannot check market at open or close, so sometimes I miss trending days. Which is bad.
4. After all these, now I wanted to follow a system which suits me rather than which gives good backtest results. Thats why started using support n resistance method again.
