Master one trick only

[Vertigo_1985]

it is ,as u said,i want a signal ,to confirm that price is moving in my desired direction(bulls are in power),nothing more



yes same for short

moreover,these are general guide lines,not rigid rules,which i given along with a setup,because a setup require some conditions to be a tradable setup.

but as i wrote earlier,trading is more of applying discretion than following some rules mechanically

so it not mendatory to follow everything as it is written

take is just an idea and use it as per your liking and understanding

for ex,after pullback,one can enter as per his comfort,either at LWP,or wait for the price to move in desired direction or goto lower TF to fine tune the entry

hope i have made myself clear

though i do'nt think u require any of these things,because u have more knowledge of price action than me(have gone through your posts in different threads)and i hope i can learn and expand my knowledge by your experience

thanks

thanks for ur reply,
I asked it mainly for 2 reasons :-
1. One of the main reason for someone not succeeding or failing in trading or any other discipline for that matter is that they fail to listen well. According to me first step should be to do whatever is being taught to you 100 %. We, before fully mastering the given method add our own things to it and result is another failure. So, as this method is given by you it's better to ask you whatever doubt i have rather then adding my own things and then saying that this setups doesn't work.
So steps would be to follow 100 % what you say, ask any doubts if i have, master it then add my own things.

2. Questions are always good after all we all are here to learn .


"though i do'nt think u require...." dunno about that but im gonna run an extra km because of ur kind words .

Regards

 

[avny]

PULLBACKS AND PSYCHOLOGY OF TRADERS(as i understood from the book ytc price action)


Price moves as a collective result of all traders’ bullish or bearish sentiment and
their decisions to act in the market (buy or sell).(LANCE BEGGS)

Learn to view all price movement from the perspective of other traders, and how the price movement influences their decision making(LANCE BEGGS)

you have seen the breakout and pullback,it is a common ,it happens on all the time frames,
let us try to understand it through trader's phsychology:
look at the below chart:

As the price breaks out at point A,see the Bulls entering with their buy orders expecting
higher price,to follow break out.
see the bears,who sold at point B,expecting the resistence to hold,these traders are now in
panic because their position is fast going in loss.
now out of these bear traders,some active trader will cut their loosing positon fast,pushing
the prices furthur up
" do not look at the price,look as the traders making decision"
when price halts at point C,do'nt see just as a swing high,look that short term traders,who
entered at the breakout,booking profit,this checks price from furthur going up
now some traders who saw, the price halt, as failed breakout,will enter here(short)
these two types of trader are enough to tilt the supply/demand to bearish side causing price to
retrace(pullback).
now as price retraces to point D,the traders,who missed the entry on breakout,look this as 2nd
chance to go long
the short term traders ,entered(short)at point C,will book profit at support level
another set of trders,who earlier sold at point B and were unable to close their position on
breakout,will see it as a chance to minimise their loss
all this will result in a fresh upside move
now the traders who took short position at point C,thinking of a failed breakout,will now
be in a panic as price starts turning up,and will be forced to close their position,pushing
the price furthur up

 

[Pradeep Narayan]

TRADE ENTRY-FLOW DIAGRAME (CUT-PASTE FROM NET)

Great Avny! Nice way to put the thought process diagrammatically. I am using this as my wall paper with the borrowed quote..
" Trade what you see... not what you think!!"

 

[sdebu_2000]

Help

Could you please elaborate the trade setup of SBIN 5 min chart for the date 25JUNE2012 I marked the first bar of the day and ploted the H L line on the chart.
Actually I am bit confused about the failure breakup and break down setup.

[/URL] Uploaded with ImageShack.us[/IMG]

If possible please mark the trading arrows in this chart image with details.
Thanks in Advance
Dev

 

[avny]

Re: Help

Could you please elaborate the trade setup of SBIN 5 min chart for the date 25JUNE2012 I marked the first bar of the day and ploted the H L line on the chart.
Actually I am bit confused about the failure breakup and break down setup.
f possible please mark the trading arrows in this chart image with details.
Thanks in Advance
Dev

hi sedbu,

here is my way of trade

A; breakout above 1st 5 min candle,there was a pullback but not near the line so no trade
B: price drop below the upper line,but went above the line immediately,a failed breakdown,will buy above the candle,which closed above the line,candle C,SL is below the low of this candle
1st target of rs 5 achieved at candle G,move SL to break even(which triggered at 5th candle after this candle)
as price went below the low of candle F(nearest swing low),our failed breakdown setup failed,so take short position below the low of candle F,SL above the high of candle G
as price approached to candle H,1st target of rs 5 achieved ,here shift SL either to break even or as price is reaching to lower end of 1st 5 min candle,u can shift the SL at the high of candle H(in any case it triggers)
candle Irice gave a break out,which failed at candle J,so initiate short position below the low of candle J,SL above the candle I
shift SL avobe the high of pin bar candle k,which triggered
as price are in a clear downtrend,one can go short again below the low of candle K with SL above of candle L
thanks

 

[mew]

B/E SL hit in both

B/e means what?

 

[avny]

B/e means what?

B/E = break even

 

[avny]

todays trade

sold nifty fut at 5810

tgt 1 10 points achieved

TSL now is at break even


sold bank nifty fut at 10278

 

[Vertigo_1985]

short lupin ...

 

[Vertigo_1985]

short lupin ...

was out some above 835 rest s.l hit..