Manoj's Trading Diary

[amitrandive]

I did not track my own analysis :annoyed:
Next day itself There was valid breakout in Just Dial and short term target already achieved.

Weekly has also given breakout, will be confirmed on today's close.

Manoj

Please explain Qualifier 1 and Magnet.

 

[manojborle]

Manoj

Please explain Qualifier 1 and Magnet.

Hi Amit
These are the terms from Thomas Demark methods.

He has explained the qualifiers in his book as breakout qualifiers.

Qualifier 1
The closing price 1 trading bar before the breakout must be less than closing price 2 trading bars before the breakout.

http://as.wiley.com/WileyCDA/WileyTitle/productCd-0471035483.html

Magnet:
This is related to Fibonacci retracements.
Thomas Demark has found out through his studies certain levels adn he calls them TD Retracements.
He has found whenever price retraces it will try to go near magnet price.
Magnet price is the closing price(not the High/Low) of the day from where you calculate the retracements.

 

[amitrandive]

Hi Amit
These are the terms from Thomas Demark methods.

He has explained the qualifiers in his book as breakout qualifiers.

Qualifier 1
The closing price 1 trading bar before the breakout must be less than closing price 2 trading bars before the breakout.

Magnet:
This is related to Fibonacci retracements.
Thomas Demark has found out through his studies certain levels adn he calls them TD Retracements.
He has found whenever price retraces it will try to go near magnet price.
Magnet price is the closing price(not the High/Low) of the day from where you calculate the retracements.

Thanks for explanation , can you suggest some links to understand the above more deeply?

 

[manojborle]

Should have booked profit when nf went below 7540, never mind still kept my share :clap::clap::clap:

 

[manojborle]

As mentioned in the morning Spot Nifty is facing resistance to cross buying pressure level 7578.75, and Nifty future is facing resistance @ 7572.

 

[manojborle]

upload gambar

Will post the trades on chart with mistakes later.

LESSON: I have to subscribe to data feed preferably GDFL as I have to backfill manually as Josh Sir utility is not working on my laptop.
I could not fix it, this distracts me and I have made mistakes like today and again to cover the loss OVERTRADED.

How can I resolve this issue of overtrading of mine ?

I will go through my books collection to find out if I find something.

 

[amitrandive]

upload gambar

Will post the trades on chart with mistakes later.

LESSON: I have to subscribe to data feed preferably GDFL as I have to backfill manually as Josh Sir utility is not working on my laptop.
I could not fix it, this distracts me and I have made mistakes like today and again to cover the loss OVERTRADED.

How can I resolve this issue of overtrading of mine ?

I will go through my books collection to find out if I find something.

Manoj

Today was almost an inside day.I have attached a 15 min chart for your reference.
If neither yesterday's high or low is taken out , there is no point in trading.This is my view.

My observation is that even I have over traded and taken huge hits on such days.

 

[amitrandive]

I could not fix it, this distracts me and I have made mistakes like today and again to cover the loss OVERTRADED.

How can I resolve this issue of overtrading of mine ?

I will go through my books collection to find out if I find something.
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Some weekend reading for you
http://daytrading.about.com/od/daytradingbasics/a/Avoiding-Trading-Noise.htm
http://www.mentaledgetrading.com/articles/overtrading-choppy-markets.php
http://www.finweb.com/investing/4-tips-on-avoiding-overtrading.html#axzz35ApFqUge
http://traderfeed.blogspot.in/2008/08/how-do-i-avoid-overtrading.html
http://bclund.com/2014/01/16/3-ways-combat-overtrading/

To summarize, the steps to prevent overtrading are:

• Before each trade, clear your mind.
• Have a trading plan and stick to it.
• Look at each trade as an individual transaction.
• Create a routine that works for you.
• Come from a place of abundance.
• Be patient – look for the right opportunities.
• Keep a daily journal.
• Remember that this is a process.
• Reward yourself

.

 

[manojborle]

With so much losses I have still managed to keep payoff ratio above 1.

Now the efforts will be towards reducing average loss and increasing average win and to try and increase win ratio to 60% at least.

From next week I will make changes to my trading approach.

This weekend I will review all the mistakes I made this week and keep a note of them on chart itself so that I do not repeat them again.

 

[manojborle]