My daytrading

[casonite]

Just bought 1 lot nifty at 5370. Reason divergence in MACD,Stoch and RSI in 5 min chart. SL=5362 [low of the day]

http://i56.tinypic.com/2dayt7s.jpg

 

[casonite]

While seems the logic was right but my SL was not. I got stopped out by a whisker. Nifty crossed the days low of 5362 and went upto 5361.40 and stopped me out and then went ahead to cross my target later.

I think i should have place the Stop loss 1 or 2 points below days low.

<a href="http://tinypic.com?ref=syxd0g"

 

[casonite]

Sorry heres the chart

 

[Raghavacc]

Hi Raghav

On todays 30 minute NF chart posted below, I have marked 5 bars. Which of these are truly inside bars to take the trade? Are there any technical parameters regarding body of the candle formed etc or is it just high and low within previous candle?

I took the long trade on candle 4 on break of previous 5 minute pivot high, got stopped out. Did not give SAR order since market had been rangebound till then

Thanks.

Dear Log,

Here is how we should trade it.

On that day the 4th Bar was an inside bar .The upper side of the IB is 5494 where as lower side ends in 5485.As soon as IB is formed I place one order above IB at 5497 ( 5494 +Filter 3 Points ) marked as point "B".
Then One short order at 5482 (5485 -3 points filter) marked as point "B".

(6th Bar) -Now market breaks the IB upper side our long order gets caught at 5497.Now SAR is at 5482 ( Double the qty of long order ).S/L is just 15 points .Note oor sharekhan don't know how to count.They dont have number "5" in their window.That's why its 6 after 4.

(7th Bar )After that price weakens and forms another IB (red).Our long order is intact.However we need to raise our SAR to 5488 ( low of red IB is 5491 _3 points filter).Now we need not place any long order above this Red IB as we are already in a long position.

(8th Bar ) Now price slides down and catches our SAR at point "C".Whats the result. Loss of 9 points .Lets keep this loss aside.

Since 5488 was a SAR ,a short position is also opened at 5488.Where do we place SAR now? Its is 5499 ( high of red IB =5496 + 3 points filter).

(9th Bar )Now price moves and makes another IB .Now what do we do .Same thing.Since we are already in a short order no need to put any more short orders.Just trail the SAR to 9th Bar high +filter. Price never catches our SAR and moves down heavily.

AT the end of the day count the pips and go to your bank smiling all the way!!!

Adding to positions we can talk later.

 

[Raghavacc]

Thank you so much for the prompt answer Raghav. I got the point. How many points is better to use as filter? Usually i thinking of using 1 point as filter. Thanks one second.

Hi Bala,

I understood all your points except last sentence marked in bold :lol:

 

[krish4166]

raghav,
For an entry on IB strategy for buy or sell on 30 min TF, how many point to look forward to book profits.

 

[murthyavr]

Dear Log,

.Note oor sharekhan don't know how to count.They dont have number "5" in their window.That's why its 6 after 4.

So, that's the reason!

I used to wonder why some numbers were missing in your charts!!

 

[Raghavacc]

Thank you so much for the prompt answer Raghav. I got the point. How many points is better to use as filter? Usually i thinking of using 1 point as filter. Thanks one second.

Bala,

Trading is always subjective.there is no written rule.As per my style I use just 3 Points.1 point according to me is too narrow and more than 3 points is too big. This is considering current heavy sideways market.Once the trend comes we may have to adjust the filter accordingly.

maybe a dumb doubt.target for this trade bro?

No Gunavadhi.Very valid question.If you don't mind give me some time .I will write a seperate post on this target part.

thanku sir for this nice thought

Thanks Manjit.I am happy that lot of friends like you are making very good progress and liking my ideas. I have put up a seed a year ago and its now is a tree and giving lot of benifits.

Hello Raghav,

Recently I have observed that whenever market opened in long black candle with BB lower band piercing, it continues to drop from there... So I think we can place the sell order below of that bar.

Could you please let me know your thoughts on this?

Also please let me know how many points is better to use as filter.

Thanks
Bala

friend,

Filter part I have cleared.Other question above I didnt get.Kindly make it clear.

Hello Raghav,
Could you please clarify the below points too?

1. If market has opened Gap up / Gap down and also second bar is inside bar means, can we consider this scenario to put order? As per your earlier posts minimum market needs 1.5 hours to settle down. If second bar means that is within 1 hour.

2. Inside bar means it should be exactly within previous bar or 1 or 2 points up/down should be fine?

1. Yes sir.when it comes to 30 Min INSIDE BAR we can right away go and put the order even if it is the second bar of the day.Cooling down of sentiments does not apply to this technique.

2. Very good question. As far I am concerned I look for a bar,the entire body of which is covered by previous bar including the wicks.However there are people who ignore wicks and even if the wick is outside previous body they call it Inside bar.But not me.!!!

raghav,
For an entry on IB strategy for buy or sell on 30 min TF, how many point to look forward to book profits.

Hello Krish,

I would write separately on this.Pls look forward to my post on that subject.

 

[log1102]

Dear Log,

Poor sharekhan don't know how to count.They dont have number "5" in their window.That's why its 6 after 4.

I had the same problem :rofl:

Thanks for the detailed explanation Raghav, really appreciate it.

 

[Raghavacc]

Raghav ji, the marked bar in the chart qualifies for an exhaustion bar ? If yes, the entry and SL are correct ? Pls clarify.

Thanks

Hello kmgsm,

Good going.

I think I cannot clearly see the volume in your chart.Let me go through my chart and I will surely comment.