My daytrading

[laxsri]

Guys,

Please find attached the 5 min chart of Nifty (happenning today). I am just trying to follow the conditions to see if I make better decisions for CALL or PUT.

1) If you see, from the 15 th candle, the trend is falling
2) Six candles with RSI < 30 (in OS area)
3) All six candles on the lower band of BB
4) All six candles on less than 20 min EMA

I deduce that the trend will be negative but await a confirmation for the RSI to be in the OS (RSI >70) area. I receive a confirmation at Pt # 3, the trend goes down as expected but is that all to be understood and sold above the BLUE LINE.

Also, if you see the size of the triangles are increasing with the same base of 5028 at RED LINE. Does this mean the market will move up? Please suggest.

http://img265.imageshack.us/img265/9836/chartb.jpg
http://yfrog.com/7dchartbj

 

[simple_trader]

I am tracking the method. It seems to be very handy!

 

[laxsri]

Hi Simple_Trader,

Please let me know if my understanding mentioned above is right and what is your reading on the market before closing for the day?

 

[simple_trader]

Hi Simple_Trader,

Please let me know if my understanding mentioned above is right and what is your reading on the market before closing for the day?

Can you please check your chart with fresh look after back-filling old data. Though my comment was not direct reply your question.

Also CALL PUT are different game. Sometime you may not get price increase in options along with future price increase.

 

[laxsri]

BTW, I am using the following AFL. Please correct it, if the one used is wrong:

The objective is to show:
1) Price
2) BB
3) 20 min EMA
4) RSI for a period of 5 mins


_SECTION_BEGIN("Price");
SetChartOptions(0,chartShowArrows|chartShowDates);
_N(Title = StrFormat("{{NAME}} - {{INTERVAL}} {{DATE}} Open %g, Hi %g, Lo %g, Close %g (%.1f%%) {{VALUES}}", O, H, L, C, SelectedValue( ROC( C, 1 ) ) ));
Plot( C, "Close", ParamColor("Color", colorBlack ), styleNoTitle | ParamStyle("Style") | GetPriceStyle() );
_SECTION_END();

_SECTION_BEGIN("Bollinger Bands");
P = ParamField("Price field",-1);
Periods = Param("Periods", 5, 2, 300, 1 );
Width = Param("Width", 2, 0, 10, 0.05 );
Color = ParamColor("Color", colorCycle );
Style = ParamStyle("Style");
Plot( BBandTop( P, Periods, Width ), "BBTop" + _PARAM_VALUES(), Color, Style );
Plot( BBandBot( P, Periods, Width ), "BBBot" + _PARAM_VALUES(), Color, Style );
_SECTION_END();

_SECTION_BEGIN("MA");
P = ParamField("Price field",-1);
EMA20 = EMA(C, 20);
Periods = Param("EMA20", 5, 2, 300, 1, 10 );
Plot( MA( P, Periods ), _DEFAULT_NAME(), ParamColor( "Color", colorBlack ), ParamStyle("Style") );
_SECTION_END();

_SECTION_BEGIN("RSI");
SetChartOptions(0,0,chartGrid30|chartGrid70);
periods = Param( "Periods", 5, 1, 200, 1 );
Plot( RSI( periods), _DEFAULT_NAME(), ParamColor( "Color", colorCycle ), ParamStyle("Style") );
_SECTION_END();

I forgot to mention that here I am trying to follow Raghava's method of trading.

 

[Raghavacc]

A little bit of effort to understand this method can never go waste.


Educomp today.

Regards
Raghav

 

[columbus]

Raghav,
Well-deserved break.

 

[Raghavacc]

Raghav,
Well-deserved break.

Thanks Columbus,

I always appreciate your concern towards me.

Detachment from a subject for a while provides 100 times more zeal towards that work once we are back at it.Forgetting a subject for a while or permanently is also a boon to mankind .Isnt it?


Regards
Raghav

 

[laxsri]

Hi Raghav,

Can you please share with me the AFL code for setting up Stochastic (3.8.4) in Amibroker? I am not able to set it up or else please let me know the full name of the indicator, I will try it in google to find out more about it. There are many as I found, stochastic %D and stochastic %k, stochasticRSI, stochastic Trendlines etc...not sure which one is to be followed.

Pls advise.

 

[Raghavacc]

Hi Raghav,

Can you please share with me the AFL code for setting up Stochastic (3.8.4) in Amibroker? I am not able to set it up or else please let me know the full name of the indicator, I will try it in google to find out more about it. There are many as I found, stochastic %D and stochastic %k, stochasticRSI, stochastic Trendlines etc...not sure which one is to be followed.

Pls advise.

In this method we make use of stochastic %D and stochastic %k.I do not use Ami. Hence I am not in a position to help you out.

Regards
Raghav