Intraday profit system

[Rkji]

duplicate of below post ...

 

[Rkji]

hi dm

usually, i am a silent observer most of the times in traderji & post rarely ...but i saw a reflection of me in your posts as i used to think & react like you a while ago.

i will post once, it's up to you whether you acknowledge or ignore.

truth # 1) Trendlines or MA + S & R are sufficient to observe PRICE ACTION for consistent success in trading.

truth # 2) you will ignore truth # 1 & opt for adx, red & blue stochastics, rsi, macd, zigzag, volume that you see on your terminal, the adx strength, weakness, lime or yellow color fancy indicators & list will continue .......

" It is not a high probability set up to use MA." - your quote

- two people may be given same tools, yet results can be drastically different


" So I used ADX as the momentum indicator "

- truth # 2 applies

" So, high ADX rate dictate that there may be a strong trend forming. "

- you can keep looking at adx high or low while big players may keep watching PRICE CANDLES !!!

" Now MA cross over is the second confirmation that yes, price performance also rising or falling "

- DO NOT LOOK AT MA's FOR CROSSOVERS ONLY OR AN INDICATOR...BUT FLOATING S & R !!!

" So there are other technical tools that can be used along with this set up for more high probability set up. "

- the two words - high probability created an impression - you are on the way as you do realize trading is all about finding high probability set ups, but try & forget using OTHER TECHNICAL TOOLS ... more & more screen time needed to watch ONLY price action !!!


regards
rishi

Hey Paul,
You are right. But let me add something more to this.
MA always state about how the market has performed in last session so it a lagging indicator. It is not a high probability set up to use MA. So I used ADX as the momentum indicator. So, high ADX rate dictate that there may be a strong trend forming. Now MA cross over is the second confirmation that yes, price performance also rising or falling. Now you can take take trade.
So there are other technical tools that can be used along with this set up for more high probability set up.

 

[Debarghya Mukherjee]

I highly appreciate your nice nice comments here. You have explained everything in very detail. It is mid night now. I need to go to bed. In the morning once I get time I will make my comment on it, because I have changed lot of rules, that I have not posted here in Traderji.

Thank you for your posting. Good night. Have a great Sunday.

hi dm

usually, i am a silent observer most of the times in traderji & post rarely ...but i saw a reflection of me in your posts as i used to think & react like you a while ago.

i will post once, it's up to you whether you acknowledge or ignore.

truth # 1) Trendlines or MA + S & R are sufficient to observe PRICE ACTION for consistent success in trading.

truth # 2) you will ignore truth # 1 & opt for adx, red & blue stochastics, rsi, macd, zigzag, volume that you see on your terminal, the adx strength, weakness, lime or yellow color fancy indicators & list will continue .......

" It is not a high probability set up to use MA." - your quote

- two people may be given same tools, yet results can be drastically different


" So I used ADX as the momentum indicator "

- truth # 2 applies

" So, high ADX rate dictate that there may be a strong trend forming. "

- you can keep looking at adx high or low while big players may keep watching PRICE CANDLES !!!

" Now MA cross over is the second confirmation that yes, price performance also rising or falling "

- DO NOT LOOK AT MA's FOR CROSSOVERS ONLY OR AN INDICATOR...BUT FLOATING S & R !!!

" So there are other technical tools that can be used along with this set up for more high probability set up. "

- the two words created an impression - you are on the way as you do realize trading is all about finding high probability set ups.


regards
rishi

 

[Rkji]

dm,

just wanted to make a small effort to share what ever little i have learned, my only purpose to visit this website is to see what ' savant garde ' is upto


one last thing before i leave the thread, once you make the rules, make them good enough in entirety & DO NOT CHANGE - EVER .. i too have made mistakes in changing them in past .. best way is to make your rules & post a print out near your PC with a warning below :-

" i will not change my rules & make my broker any richer "

regards
rishi

I highly appreciate your nice nice comments here. You have explained everything in very detail. It is mid night now. I need to go to bed. In the morning once I get time I will make my comment on it, because I have changed lot of rules, that I have not posted here in Traderji.

Thank you for your posting. Good night. Have a great Sunday.

 

[shweta narang]

hello debarghya
i m very new to market ,can u clarify what is 3 EMA, 13 EMA, 39 SMA, Stochastic(8,3,4) MACD also.pls clear my doubt ,whether it will be useful for optin trading.

 

[Debarghya Mukherjee]

Good Morning Rishi,
Sorry friend I am not agree with your view point

" i will not change my rules & make my broker any richer "

Why? Because I have learned it from experience that market always change and you need to prepare yourself for this.

Now this is my rule,

"Always evaluate your system, if necessary update yourself with new tools and updated methodology. Nobody can go with his/her system forever."

dm,

just wanted to make a small effort to share what ever little i have learned, my only purpose to visit this website is to see what ' savant garde ' is upto


one last thing before i leave the thread, once you make the rules, make them good enough in entirety & DO NOT CHANGE - EVER .. i too have made mistakes in changing them in past .. best way is to make your rules & post a print out near your PC with a warning below :-

" i will not change my rules & make my broker any richer "

regards
rishi

 

[4xpipcounter]

Debarghya, what Rishi was saying is that he will not change his basic entry and exit rules. He has set rules for entering and exiting a trade. The market changes, you have to be flexible, but the markets still has to meet a certain criteria for his entry before he will enter the market.
Therefore, both of you do agree. You understand the need to be flexible with your thinking towards the market, but I think you agree that you will not enter the trade until your set criteria for entry has been made.

 

[timepass]

... because I have changed lot of rules, that I have not posted here in Traderji.

Mukherjee, what are the changes to your original strategy ?? Can you please post them here.

 

[johnnypareek]

Hey,

Sorry 4 jumping in between u guys. Okay, everyone have their own reson whether got from experiance or from freind or what ever. In last 23-24 years I personally seen lts of style, rules, fancy indicators etc. etc. Its human nature that he knows he is best in all living creatures n he know it so he always try to do new, something different. To fullfill his "this" requirement, he dig too much.

I have seen n told several time that evey indicator or style have their own pro. n con.

Plot MACD. Plot ADX both agree go ahead. Forget everything.

Yes Yes, there u can tweak a bit n can get extra bucks. Now, Q is, is it neccessry to dig like hell just to fulfill our know more syndrome?

In simple way : Rule no. 1 . Make system befor applying. Entry , exit, profit booking and above all n the most important "Stop Loss". Once you reach, now trade.

Rule no. 2 - Never forget rule no. 1.


Rest what you do is just to satisfied ur lust to discover something new. Being a common man its enough but if u r more then causal trader or investor then only then dig more.

If everyone will satisfied like this then we will stop knowing new things.

My point is rather then telling the guy what is pro n cons of his n her sys., why we don't try to finetune n then let original guy know about it n then thank u him that he brought the concept in our knowledge and you made that better.

BTW, The simple setup I mentoned, try it.

johnnypareek at yahoo.com

 

[Debarghya Mukherjee]

Yes Paul you are right. I didn't get the point rishi told me. But you made it clear. Yes, definitely you must stick to our basic entry and exit signal. There is not second guess on the way of trading. But I wanted to say "as the market condition changes I must change myself too.

Here Paul gave me some very basic technical tips, that everybody knows but but often we give them value. I was also aware of that but was not using properly, Paul raised the point and I took is promptly.

You see everyday we learn, we become more robust. Our resource increase more. We understand more factors.

I am talking about multiple parameters trading. Because our ultimate goal is to judge price movement north or south. And the price moves on multiple factors. And on my http://www.traderji.com/technical-analysis/58744-intraday-profit-system-34.html#post611857 post I mean to say this.

Have a great Sunday to all my traders friends.

Debarghya, what Rishi was saying is that he will not change his basic entry and exit rules. He has set rules for entering and exiting a trade. The market changes, you have to be flexible, but the markets still has to meet a certain criteria for his entry before he will enter the market.
Therefore, both of you do agree. You understand the need to be flexible with your thinking towards the market, but I think you agree that you will not enter the trade until your set criteria for entry has been made.