My daytrading
- Thread starter Raghavacc
- Start date
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Hi Bikash,
When great people talk it has some deeper meaning than what it appears from outset. I am just trying my best to decode those statements.
"All you need is one pattern to make a living!"
...Linda Bradford Raschke and Larry Connors
It can be double bottom,A gap narrated by ST, Stoch remaining in OB or OS for extended period, a hammer ,an IB .Any of the patterns I have mentioned can make your living provided you master them.In other words its same as "Be master of One pattern than jack of all trades"
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Charts do not move the markets. Markets move the markets."
...Larry Williams
It means - Price move the charts not vice versa
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"Your biggest enemy in trading is going to be a directional bias."
...Linda Bradford Raschke and Larry Connors
Example is today's market.
When great people talk it has some deeper meaning than what it appears from outset. I am just trying my best to decode those statements.
"All you need is one pattern to make a living!"
...Linda Bradford Raschke and Larry Connors
It can be double bottom,A gap narrated by ST, Stoch remaining in OB or OS for extended period, a hammer ,an IB .Any of the patterns I have mentioned can make your living provided you master them.In other words its same as "Be master of One pattern than jack of all trades"
-------------------------------------------------------------------------
Charts do not move the markets. Markets move the markets."
...Larry Williams
It means - Price move the charts not vice versa
------------------------------------------------------------------------
"Your biggest enemy in trading is going to be a directional bias."
...Linda Bradford Raschke and Larry Connors
Example is today's market.
The day like today we may get maximum 3-4 days in a month especially in a kind of market currently we have. The point is one should not miss days like this as one day like this can compensate consecutive 10 losses.The price action combined with our tools and a firm mind can produce absolute great results.
Lets go one by one.
First chart.Unlike all others who keep bias we are neutral and we do not guess.We just follow the market.
Nifty gaps down substantially after a strong close yesterday which means it should look to fill the gap or it should sustain gap and continue the down move. Once it opens in red and slides down we have our homework ready helping us to take decisions.
The downmove initiated by few brokers does not last long .It goes to the open of yesterday and close of 12th July which remain same and there we see the price action.
Bar A is a red hammer with Volume means bulls are rejecting any further down move.
Bar B was also an attempt to rig the price but gets closed far above its low.Remember any extended down move has to have consistent or consecutive down closures.
Bar C:Red Inside bar means bhalloos have become bit weak.
Bar D:it breaks the low of previous bar and also closes below the close of last bar .However for down move it needs to crack the low of Bar “A”.
Bar E: it’s a tweezer bottom + closes near the high of the bar means bulls are back.Next 4 bars are of little moves but bulls keep the price above the high of Bar E.The 5th and 6th bar retrace but they halt exactly at the close of Bar “E” and we have one more DBLHC means bulls are in full force.The agrresiive trader enters long above the bar “E” whereas a conservative trader enters above the high of second DBLHC.
Then bulls dominate with more tweezers and DBLHC against tiny red bhalloos.
From 12 to 12.30 we have a down move .Look at the volume .It has no strength means its a retracement and an opportunity to add more.
Same down move takes support at 38.2% from fib perspective ( I am afraid none of us are doing any kind of effort at all to learn Pivots and Fibs!!.Its only one way traffic. I am pouring thoughts all the way without any simultaneous efforts.)
Any strong trend to reverse, needs heavy confluence.Negative divergence, close of the 2nd gap ( On daily chart we had 2 gap downs since last one week ) .Lower swing high,break of the neck of last swing low all this leads to good down move.Pink bar is entry and red bar is a SAR/SL.Just 13-15 points OF S/L!!.Just calculate risk reward.Thats the beauty of price action trading.
30 min chart: After the price action I have narrated early in the morning none of the 30 min candle closes in red.till 2.30. At 2.30 we have a hanging man cum an IB . Then a Bhallooish engulf.The break of the low of that engulf and break of pivot low in 5 min are at same place 5632 which means this trade has great strength .That got proved in the end.
Lets go one by one.
First chart.Unlike all others who keep bias we are neutral and we do not guess.We just follow the market.
Nifty gaps down substantially after a strong close yesterday which means it should look to fill the gap or it should sustain gap and continue the down move. Once it opens in red and slides down we have our homework ready helping us to take decisions.
The downmove initiated by few brokers does not last long .It goes to the open of yesterday and close of 12th July which remain same and there we see the price action.
Bar A is a red hammer with Volume means bulls are rejecting any further down move.
Bar B was also an attempt to rig the price but gets closed far above its low.Remember any extended down move has to have consistent or consecutive down closures.
Bar C:Red Inside bar means bhalloos have become bit weak.
Bar D:it breaks the low of previous bar and also closes below the close of last bar .However for down move it needs to crack the low of Bar “A”.
Bar E: it’s a tweezer bottom + closes near the high of the bar means bulls are back.Next 4 bars are of little moves but bulls keep the price above the high of Bar E.The 5th and 6th bar retrace but they halt exactly at the close of Bar “E” and we have one more DBLHC means bulls are in full force.The agrresiive trader enters long above the bar “E” whereas a conservative trader enters above the high of second DBLHC.
Then bulls dominate with more tweezers and DBLHC against tiny red bhalloos.
From 12 to 12.30 we have a down move .Look at the volume .It has no strength means its a retracement and an opportunity to add more.
Same down move takes support at 38.2% from fib perspective ( I am afraid none of us are doing any kind of effort at all to learn Pivots and Fibs!!.Its only one way traffic. I am pouring thoughts all the way without any simultaneous efforts.)
Any strong trend to reverse, needs heavy confluence.Negative divergence, close of the 2nd gap ( On daily chart we had 2 gap downs since last one week ) .Lower swing high,break of the neck of last swing low all this leads to good down move.Pink bar is entry and red bar is a SAR/SL.Just 13-15 points OF S/L!!.Just calculate risk reward.Thats the beauty of price action trading.
30 min chart: After the price action I have narrated early in the morning none of the 30 min candle closes in red.till 2.30. At 2.30 we have a hanging man cum an IB . Then a Bhallooish engulf.The break of the low of that engulf and break of pivot low in 5 min are at same place 5632 which means this trade has great strength .That got proved in the end.
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Dear All,
Tomorrow is a "GURU POORNIMA"day.The day when we all need to pray to our guru to lighten our lives with knowledge and wisdom.
In our tradition we say
"गुरु ब्रह्मा,गुरु विष्णु,गुरुर्देवो महेश्वरः
गुरु साक्षात् परब्रह्म
तस्मै श्री गुरवे नमः!
Brahma ,Vishnu,Shiva all manifest in Guru.
Ask any one why they do all these ? Running for money,desires, name, fame .....we run run and run and one day realize that we have only run but not got what we want.The happiness.
A guru enables you to reach that stage where we stop running both physically and mentally.How can you expect one to run further when he gets what he wants .The ultimate happiness......
Kabir says:
सब धरती का कागज़ करूं
लेखनी सब बनराय
साथ समुद्र की मसि करुं
गुरु गुण लिखाण जाए कबीरा
गुरु गुना लिखाण जाए!
Our life gets meaning and becomes complete only once we find a true guru.He may be inside or outside or infinite.
On this auspicious day ,Just humbly pray to the guru. who ever it may be.Just pray .all your sorrows,pains, worries,animal instincts gets buried...and he will make you realize why we are here.....and he will guide...he will lead us to that ultimate happiness.....just pray....
Tomorrow is a "GURU POORNIMA"day.The day when we all need to pray to our guru to lighten our lives with knowledge and wisdom.
In our tradition we say
"गुरु ब्रह्मा,गुरु विष्णु,गुरुर्देवो महेश्वरः
गुरु साक्षात् परब्रह्म
तस्मै श्री गुरवे नमः!
Brahma ,Vishnu,Shiva all manifest in Guru.
Ask any one why they do all these ? Running for money,desires, name, fame .....we run run and run and one day realize that we have only run but not got what we want.The happiness.
A guru enables you to reach that stage where we stop running both physically and mentally.How can you expect one to run further when he gets what he wants .The ultimate happiness......
Kabir says:
सब धरती का कागज़ करूं
लेखनी सब बनराय
साथ समुद्र की मसि करुं
गुरु गुण लिखाण जाए कबीरा
गुरु गुना लिखाण जाए!
Our life gets meaning and becomes complete only once we find a true guru.He may be inside or outside or infinite.
On this auspicious day ,Just humbly pray to the guru. who ever it may be.Just pray .all your sorrows,pains, worries,animal instincts gets buried...and he will make you realize why we are here.....and he will guide...he will lead us to that ultimate happiness.....just pray....
many times and even today it remains one of my favorite books.
To be successfull in trading one has to adapt.That adaptation consists of judicious utilization of appropriate tools at appropriate circumstances.
Last session of 13th July we had almost 90 points of downmove. Next day the market moves up initially. Then comes back from the range of 76.4%. Waht about shorting below 61.8% keeping S/L just above 76.4%.Just calculate R:R.
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