Pride's Intra-Day Strategy [Profit Everyday]

[watcher]

Hello Pride

I have ploted the trend direction form higher TF indicators directly on the price chart, its not exactly same as your strategy, but similar concept.

Let me confess, I never liked crosses, :lol: but this looks interesting :clapping:

:clapping:

 

[watcher]

Hi Pride,
Thanks for the strategy. Since i have made collosal losses in the mkts in the past (because I had no strategy) am not able to implement your system with conviction. Today I bought nifty at 10:05 at 5115. it did go upto 5123 after that. Was this a right trade, since the stoch in the 30 min chart was positive at that time and an ema crossover was effected in the 5 min chart. You clarification would enhance my understanding of your system. In anticipation,
Thanks and regards

 

[linuxguy]

Hi Pride,
Thanks for the strategy. Since i have made collosal losses in the mkts in the past (because I had no strategy) am not able to implement your system with conviction. Today I bought nifty at 10:05 at 5115. it did go upto 5123 after that. Was this a right trade, since the stoch in the 30 min chart was positive at that time and an ema crossover was effected in the 5 min chart. You clarification would enhance my understanding of your system. In anticipation,
Thanks and regards

What charts are you using? Coz in investbulls, I see the 30 min crossover completed at end of 10.30 candle.
And Pride says we need to wait for the candle to complete as confirmation of ema/stoch crossover, if you are a conservative trader.
Plus, he also says he prefers not to trade till 10.30 and let the ema's fall in line, but thats only for open with large gap I suppose.
Of course, its according to my understanding.
Pride or any other experienced trader needs to confirm it.

 

[watcher]

Hi,
Thanks for the reply. I was using google finance. Also the 30 min chart had the fast stoch over the slow stoch at 10.05. I beileve thats what i need to look for. Pl advice
Thanks and regards

 

[linuxguy]

Are you using chart for Nifty future?

 

[lasty66]

Hi shk,

our stochastics setting is 8,4,3

this means that the indicator uses the past 8 bars' data.

On the 5min chart, it means that the indicator considers the past 40 minutes data.

On the 30min chart, the indicator considers the past 240 minutes data.

So, when we look at the 30min chart before we trade in the 5min chart, we are ensuring that our trades are aligned with the higher timeframe (longer term) trend/momentum.

Pride ji.... Welcome back !!
I am seeing ur post after a long time...

 

[watcher]

no spot nifty

 

[shk]

Thanks a lot, Pride, for enlightening me on the difference between the 30min and 5min chart.

Today, in minifty futures, I observed that at around 2.40pm, the 30min chart showed the stoch to be bullish and the 5min chart indicated the stoch to be bearish. This explains the significance of the 30min chart. In this case, we are not supposed to initiate any trade. Is my understanding right?

 

[linuxguy]

no spot nifty

Since you are going to trade in futures you need to use that chart.

 

[spynkz]

Hi Pride and Friends,

This is my first post in Traderji and my way of giving back to the community of the kinds of Pride, Dhiraj and Sunil and many many more, from whom I have learned a lot.

I feel that there is a better way for exiting the stock,

Using Commodity Channel Index - 20 period Crossovers.
Pride using your theory and this addition, there can be a fool proof trade.

For entry we can also use CCI crossovers of 0 (entry for buy when CCI line crosses up, and entry for sell when CCI line crosses down). De not enter if Stochastic (Prides 8,3,4 - 5 min) is in overbought or descending after overbought condition (for buy) and oversold or ascending after oversold condition (for sell), otherwise entries can be made safely.

Do not exit at Stoch crossovers but when CCI line has just completely crossed the CCI channel of 100 from above (for selling a buy) and from -100 from below (for covering a short).
CORRECTION 19th Dec: If Stoch cross over takes place and the CCI line has still not crossed the channel (i.e it is within range of 100 and -100) EXIT is a must at the first stoch cross-over.

Any opinions welcome .
btw, I follow bazaartrend.com for the CCI and other technicals in realtime. They cover all equities and futures.

Thanks,
Shesh