Nifty Futures Trading

[uasish]

Re: Time to Stick my Neck Out ,Nifty 7300

Ashish Da,
Cant believe we have such people who take pains to teach others....in this selfish world, people like you are rare. And here at Traderji....I find them in plenty!!

Rakesh

Honoured ,thks.

 

[uasish]

Re: Time to Stick my Neck Out ,Nifty 7300

Ashish Da,
You are the Deigo Armando Maradona of the forum.
Great great stuff

Humbeled ,thks.

 

[uasish]

Re: Time to Stick my Neck Out ,Nifty 7300

Ivgandhi,

Kalyan has rightly depicted the essence of what was intentended in my post.

Asish

 

[venkatpp]

Re: Time to Stick my Neck Out ,Nifty 7300

Hi Gautam,

It needs courage for someone to share one's mistake in an open forum. Thanks for sharing your experience. Made me feel that I am not alone and also post a message (hardly do that). Had similar experience. Carried NF Long yesterday and since the 10 AM candle low was not broken immediately, went long (more lots) at 4408 and booked loss. Again, went short when NF broke 10 AM candle low (mistake more lots hoping to cover loss) and result was bad. Totally lost confidence and missed out on good long trades after that. I was mentally drained out.

No matter how succesful one is in a chosen career, when one takes up a new one like this the basics take good amount of time to learn. Unloading the baggage of fear and hope that the mind is conditioned to is much harder. It has been almost a year and I am still trying!!

That depressed feeling is now over. For that thanks to to this wonderful forum and great selfless people like Saint, Ashish and many others here!! I happened to read the Traderji.com Kolkata Meet thread and for the first time. The enthusiasm shared by the fellow members and the information there made me feel lot better. There is a big community that is willing share knowledge and advise us here right here!! This post is to acknowledge efforts of Seniors and a great forum like Traderji!!

All set to start a new day tomorrow renewing commitment to discipline, following the rules and keeping Self out of it. I am sure you will have a great day!!

Regards

Venkat

 

[Saint]

Re: Time to Stick my Neck Out ,Nifty 7300

whenever I read ashishda and saint posts, I feel I was in this room/dungeon/place completely dark without any light..completely dark and read their post and you are bombarded with this ultra powerful light you just can't handle but want to see it desperately. Great guidance as usual.

Thank you for the warm remarks,my friend,.....although undeserving of such praise.

Saint

 

[uasish]

Re: Time to Stick my Neck Out ,Nifty 7300

venkatpp,

It is heartening to know that dedicated people are trying.Plz go thru Saints basic thread once again.Frankly i had lots of Dark days infact innumerable & i used to wrongly believe that i am one stop behind finding the Ultimate Indicator.
In this Forum many seniors ,who dont know till date,have indirectly guided me thru their post.The concept changed.
Mkt moves in a fashion of it's own,we do not try to predict it but follow it,say it went upto a certain price & the next candle / bar could not sustain & falls below the earlier few bars ,established gradient (the gradient eastablished by the earlier candels),that is a SMS by the Mkt,now we are to watch carefully whether this was a one off & see the next ongoing bar.
Now we can see the start of a temporary down move.
Remember Mkt ,in most of the time it will always make a second attempt towards the earlier Up move.We are now ready to take a Short Entry hence wait for Mkt to make a small upmove ,there with a Wide Eye we make a Short Entry ,though our eyes are wide we shrewdly calculate the Stop Price BEFORE initiating the Trade if within our Money Mgmt. discipline ,we simply pull the trigger ,no hesitation no 2nd thought & after the trade instantly put the Stop order,becoz Mkt has told us the LIMIT area of it's Upmove.
Plz bear with this Advisory type post.

Asish

N.B. We must be aware of the Resistance areas becoz,even in a Strong Upmove it may get stalled for few bars at the Resistance area,hence reaction to Resistance area may not always be a Down move but Respecting the Resistance area.

 

[venkatpp]

Re: Time to Stick my Neck Out ,Nifty 7300

Plz bear with this Advisory type post.

Asish


Hi Asish,

I am grateful that you have taken time to do that. Appreciate it very much!!

The only thread that I have gone through few times is that of Saint's and definitely needs a visit again. I follow the same. It's simplicity makes it easier for me to apply. The problem with me is that I am quick to take profits off the table (Fear of losing profits) and not let it run till it hits the trailing SL while the trades that go against always hits SL. The losses are bigger while the profits are small. I am getting over this FEAR. I still have problems of bringing the higher timeframe perspective while trading lower time frames. Miss that out trading 5 min charts and mostly go by 5 minute pivots. Need to take care of this. However, my normal position size is very small (mostly in cash and few Mini Nifty lots) and today has been an off day trading little more hoping to make good losses.

Regarding support and resistance, I still have to do lot of reading to understand these well and such other concepts. I am came across this thread only yesterday and I will be watching this closely in future.

Thanks again and continue to look forward to your suggestions.

Regards
Venkat

 

[uasish]

Re: Time to Stick my Neck Out ,Nifty 7300

The High in EoD for 3 days,9th 11th & 12th are all between 4536 to 4550 ,today If this is crossed & closes above then this Ongoing Downtrend is reversed.Otherwise the Set Up formed by last 4 Days Candel,one Gap Down,one Doji Star,one Healthy White Candel,if negated then we may throw away the Gains.
The Weekly Candel formed till date suggests of 'On Neck Line',hence there is skeptimism.
Today being Weekly closing also hence Close of today is vital.
The Support on Downside is at
4493 / 4481.30 / 4461 / 4411 .

The Gap in Nifty Fut normally closes ,let us see.

However unlike Other times,i am yet to find people emphatically talking of 3000 or 2000 levels,no such Doomsday ambience,
which is predominantly a requisite Qualification for any Mkt Bottom.

 

[rkkarnani]

Re: Time to Stick my Neck Out ,Nifty 7300

Gautam,

I normally detest distributing ADVISE,as you are a staunch follower of Kolkata Meet i have a Moral responsibility.

Never do we trade Indicator / Osscillators / Pattern / etc.We should have this Mind-Set that we should never try or Dream of trading with Indicators.
Any Indicator even a conventional MACD is just good enough to Trade Mkt.
We trade Price & Price have a PERSPECTIVE ,that is the Bigger picture.If you cant see the bigger picture in one cursory glance to a chart then be assured you have to have more 100 hrs of Screen time,under your belt,otherwise use a Longer period MA to guide you about the bigger trend.
Here to determine the Perspective ,i have seen many old traders of my age use simple Pivot only to determine the Bigger picture ,there analogy if the Price is below pivot ,then bigger picture (-)ve & they will trade towards S1.


In many of my chart people may have seen a Money Management tool,if above that Stop then my Longs will be more if below my Shorts will be more,if below Stop i intend Long then normal qty,if above Stop i initiate Short Qty would be normal.That also helps me to see the Bigger picture the Perspective the Back drop.

Now 2nd stage is identifying the Trend ,how ? by Saint's method,HH HL or LH LL ,simple no damn indicator only Price action Nothing else.

We now have the Bigger picture we also have the Present Ongoing Trend in Wave forms.
If you cant see the Trend use Kolkata Meet to SHOW YOU THE SAINT'S PIVOT,the indicator shows you the Pivot points.

Now we are to initiate the Trade TOWARDS the Bigger picture in the Ongoing waves reversal zone.Say we intend to Long & Mkt moving Down wait & wait until you get HH & HL .Remember we do not trade whenever Close above Kolkata Meet but we wait to get our HH & HL .Then ONLY after you get the Ongoing Wave also Conforming TOWARDS the Bigger picture you may need a TOOL to trigger your Entry Point ,at that point even a conventional MACD if gives Buy signal we take it becoz the EDGE is already there ,the Chances of Win are more,hence any Tom Dick & Harry indicator osscillator pattern will Do,will suffice our need of a Trigger.
There you can use Kolkata Meet.

Remember even when we get HH / HL & the Bigger picture is for Short ,we do not LONG but Wait for the Short,to get the Edge in our favour ,both PERSPECTIVE & Ongoing Wave are to be in SAME direction.

My Subjective ADVISE.

Asish

Ashish Da,Awesome!!!! This post is not for Gautam alone!!!! Many here would be benefitted, including me!!!!
Thanks dada!!!
Regards
R K Karnani

 

[deb99891]

Re: Time to Stick my Neck Out ,Nifty 7300

venkatpp,

It is heartening to know that dedicated people are trying.Plz go thru Saints basic thread once again.Frankly i had lots of Dark days infact innumerable & i used to wrongly believe that i am one stop behind finding the Ultimate Indicator.
In this Forum many seniors ,who dont know till date,have indirectly guided me thru their post.The concept changed.
Mkt moves in a fashion of it's own,we do not try to predict it but follow it,say it went upto a certain price & the next candle / bar could not sustain & falls below the earlier few bars ,established gradient (the gradient eastablished by the earlier candels),that is a SMS by the Mkt,now we are to watch carefully whether this was a one off & see the next ongoing bar.
Now we can see the start of a temporary down move.
Remember Mkt ,in most of the time it will always make a second attempt towards the earlier Up move.We are now ready to take a Short Entry hence wait for Mkt to make a small upmove ,there with a Wide Eye we make a Short Entry ,though our eyes are wide we shrewdly calculate the Stop Price BEFORE initiating the Trade if within our Money Mgmt. discipline ,we simply pull the trigger ,no hesitation no 2nd thought & after the trade instantly put the Stop order,becoz Mkt has told us the LIMIT area of it's Upmove.
Plz bear with this Advisory type post.

Asish

N.B. We must be aware of the Resistance areas becoz,even in a Strong Upmove it may get stalled for few bars at the Resistance area,hence reaction to Resistance area may not always be a Down move but Respecting the Resistance area.

asish da
allways searchin for ur bit of advise
regards