My daytrading

[VJAY]

Dear Raghav,
Nice charts with storyline ....grt..Thanks for your selfless work ....

 

[balasoft80]

Quote:
Originally Posted by Raghavacc
Ok.Now by end of this week, kids have learnt when to expect big movements in the market.

Hello Raghav,
Since the inside bar's with in the range of 5546 to 5667, I was expecting the some big movements above or below of this levels. Am i missing something here?
Thank you so much for your all wonderful charts and explanations

Bala

 

[Raghavacc]

Hello Raghav,
Since the inside bar's with in the range of 5546 to 5667, I was expecting the some big movements above or below of this levels. Am i missing something here?
Thank you so much for your all wonderful charts and explanations

Bala

Bala,

The only thing we do is to be in the "NOW".We do not carry any bias. ANYTHING CAN HAPPEN AT ANYTIME IN MARKET.

 

[Raghavacc]

TRADING IS THE ONLY INDUSTRY WHERE

NO ONE WANTS TO WORK
BUT
EVERYONE WANTS MONEY

 

[balasoft80]

Here is the pivot and retracement level for next week

HIGH 5662
Low 5532.5
Close 5641.6

WEEKLY PIVOT
R2 R1 P S1 S2
5742 5692 5612 5562 5483

WEEKLY TRENDLEVEL
0% 23.60% 38.20% 50% 61.80% 76.40% 100.00%
5532.5 5563 5582 5597 5613 5631 5662

WEEKLY RETRACEMENT LEVEL
100% 76.40% 61.80% 50% 38.20% 23.60% 0.00%
5662 5631 5613 5597 5582 5563 5533

Thanks
Bala

 

[Raghavacc]

This is not a double top , a double top occurs in an extensive upmove on high volumes , what we might call a oversold condition , here a lot of people look to sell thats y a double top occurs , in this case its a retracement on weakness.

I do not have any idea about yourself.whether you are an experienced trader or a beginner or in a mid career.

I have to write this as I could not make clear what I wanted to say to you.Here under this method, we do not copy paste what convention says.What worked in 80;s may not work the exact way today as market is dynamic.Here we do not lock ourselves inside a cage called "convention".We try to think differently,try to bring in new and unique ideas to the table, try and test them.If they work we do not mind adopting them even if majority says its a nonsense.After all the trading is all about low risk ,high reward.

According to you the double top is formed only when it meets all the criteria mentioned as per convention.Here for us to make a double top ,the price has to reach point A ,then slide down then again go back to the price where it started sliding and again start sliding down.Thats it.Especially from a day trading perspective,thats enough to makeout that we have resistance at Point A.Combined with all other tools we make further decisions.

For a conventional trader this looks very vague and strange.However in trading there is no right, no wrong... All are right and all are wrong...

Now let me give you an example.

Above is a nifty weekly chart.For the week ending 24th June 2011 we had a hammer .What convention says? it says enter above the hammer and keep the S/L or SAR below the bottom of the hammer. Now lets look at the bottom .Its 5200 now look at the top .Lets say Its 5475.As per convention trading I am risking a whopping 275 Points for a weekly swing trades.Alas !!thats the total number of points I have not risked during my entire month of day trading for June 2011.

Now look at how the way I traded this swing trade

Above is the same chart but with hourly candles. Area A with red line depicts the bottom of the hammer.Red line B is the top of the hammer.Now I wait for the next week open and look for retracements.It hardly retraces but gives me clues for the set up.What are they?
1.OB>5 Bars
2.A DBLHC/TWEEZER BOTTOM/BULLISH ENGULF @ point C.

Now my entry is at 5535 i.e:above the top of that pattern.S/L below the bottom at 5495.Risk of only 40 Points. where is the exit.I am not a trader who will hold on for months.So my first partial exit comes when the price first breaks the close of previous day.That comes at E.Same time we notice a _ve divergence in Stochs.100 points trade.Rest I can carry till it breaks the low of previous day.

Being conservative lets say we get only 100 points.Whats the R:R: .Its 1:2.5.
I believe in thinking from different perspectives.doing what other traders even not dare of.It gives lot of joy and happiness.

Have a good day .

 

[Raghavacc]

Dear Raghav,
Nice charts with storyline ....grt..Thanks for your selfless work ....

Vijay,

Below are the clues and they are pointing the direction for the coming days.Lets see how do you interpret them?

Nifty Monthly

-------------------------------------------------
Nifty weekly

---------------------------------------------------
Nifty daily

--------------------------------------------------
Nifty 5 Min chart of Friday

 

[Raghavacc]

Dear Friends,

I have prepared some stuff on PDF and its all about how to start and trade this method. I will give it a final touch and then for chart related work I can ask Aditya to help me out.In case need be, I will take some of your's help as well.

Compiling a PDF is not an easy task as we think.It has to be well thought ,sequentially arranged with charts with clean and neat explanations.The one I am going to give you is to make you comfortable in starting.The big and time consuming task is pulling out old charts ,searching for the patterns in pool of intraday charts and then giving it a final shape.All this takes plenty of time as well as effort.Thats the reason we are unable to make great progress in our project.

As far as analysis of monthly,weekly,daily and then swing trade setups under this method I will be covering in PDF Phase-II as and when my time permits.Currently what all we are looking at is intraday setups.

Once I release the same ,you can go through it thoroughly and ask all the questions that comes to your mind in the "Friends talk on my daytrading thread" so that we can plugin whatever we are missing .

I am happy that the objective of this thread is served to a large extent .However unfortunately the kind of debate,kind of efforts, the quantity of charts that I expected never came to be a reality.

Still half of the traders do not have any idea at all about how powerful the price action is.Few days back I was talking a key personnel from a reputed broker at their office.He told me that 95% of his clients are daytraders and 90% of them are in drawdowns.Reason? simple. Lack of any REAL EFFORTS.

I will rollout whatever I can during next week and by 1st Of August I will be available only once in fortnight to answer your queries. I have to take this decision considering the new project I was awarded and my responsibilities towards my Family.Hence there will be No daily analysis and no daily charts.
Any one of the friends are always welcome to post the charts regularly with analysis and I can comment on that once in a while.

 

[balasoft80]

Hello Raghav,
Low volume suggest down move? Also volume not seems to be low

Weekly Chart

Daily chart - Looks like upmove

Thanks
Bala

 

[krishere]

Hi raghav...

I have been a silent viewer of your threads.... One of my most all time favourites.... I dont post much coz i dont trade thhat extensively.... There are 2t people in my must meet list.... SG sir and you.... Hope to meet u soon...

Too bad that u wont post that often.... But thn commitments are commitmnts...

Tx
Krishna

Dear Friends,

I have prepared some stuff on PDF and its all about how to start and trade this method. I will give it a final touch and then for chart related work I can ask Aditya to help me out.In case need be, I will take some of your's help as well.

Compiling a PDF is not an easy task as we think.It has to be well thought ,sequentially arranged with charts with clean and neat explanations.The one I am going to give you is to make you comfortable in starting.The big and time consuming task is pulling out old charts ,searching for the patterns in pool of intraday charts and then giving it a final shape.All this takes plenty of time as well as effort.Thats the reason we are unable to make great progress in our project.

As far as analysis of monthly,weekly,daily and then swing trade setups under this method I will be covering in PDF Phase-II as and when my time permits.Currently what all we are looking at is intraday setups.

Once I release the same ,you can go through it thoroughly and ask all the questions that comes to your mind in the "Friends talk on my daytrading thread" so that we can plugin whatever we are missing .

I am happy that the objective of this thread is served to a large extent .However unfortunately the kind of debate,kind of efforts, the quantity of charts that I expected never came to be a reality.

Still half of the traders do not have any idea at all about how powerful the price action is.Few days back I was talking a key personnel from a reputed broker at their office.He told me that 95% of his clients are daytraders and 90% of them are in drawdowns.Reason? simple. Lack of any REAL EFFORTS.

I will rollout whatever I can during next week and by 1st Of August I will be available only once in fortnight to answer your queries. I have to take this decision considering the new project I was awarded and my responsibilities towards my Family.Hence there will be No daily analysis and no daily charts.
Any one of the friends are always welcome to post the charts regularly with analysis and I can comment on that once in a while.