Scalper's Forum

[Niks]

Can somebody advise on Which is thre reasonable time frame for Intraday candlestick chart..? Is it 1 day/3 minute chart..??

I prefer time-adjusted charts... for first hour keep them as tick charts, then move to 2 min untill noon, 3 min charts untill market close.

 

[vinod304]

thanks Niks

 

[NOMINDTR]

Ah. This thread has become alive alas .

 

[Niks]

Hi all
I've been able to make money at a very good success rate for past 3-4 months. I would like to share the method since it seems good for small beginner traders like me who trade the cash segment.

The idea about the setup is derived from: //http://www.trade2win.com/boards/us-stocks/38036-how-make-money-trading-markets.html
using 1 or 2 minute charts. Please note I do not want to promote other forums, traderji in itself is overflowing with resources. I would try to share charts tomorrow as I'm able to find trades.

Stockpicking: before market open the watchlist is prepared based on stocks which have been in news headlines, which are likely to break a important level on EOD charts, or which volume turnover for last day has been more than thrice the average.

I am much junior in experience to Devang or T111 who can make 50,000 in 20 minutes. My only purpose of sharing this system is that I may learn through interaction with seniors.

Warm regards.

 

[Niks]

In this setup we look at the ongoing sequence of one minute candles, where the tops of the candles are lower, (in a down move), than the previous candle. This tells that sellers are still active and overcoming any buyers before the candle can even get above the top of the previous one. Although the last sentence is not always strictly correct, it is in over 95% of cases.
In other words, in this time frame the sellers(or buyers) are in full control of the ball.

As long as that continues I'm keeping my position open.

In a uptrend downward wicks, and in a downtrend upward wicks are a good sign of continuation.

The stoploss in this setup is very small. See DLF chart for instance. Just after buying I had my sell window ready with limit order of 148.90(hard stop) and the no. of shares. I would have sent the order if stock drifted towards 149.00 and tried to get out(filled) probably at 149.05. Since stops are small one winning trade may offset four loosing trades. I think this is ideal as it gives a lot of confidence for trading other larger time frames since requires a lot of discipline.

(EDIT- by exit I mean the stoploss. I actually exited from the scalp at 154.20 ! )

I had a long discussion with milind2754 about 5 minute versus 1 minute time frame. I would like to comment on that and few other issues tomorrow after posting some of my trades.

Regards
Nikhil.

 

[Niks]

Thanks for your support
"Stockpicking: before market open the watchlist is prepared based on stocks which have been in news headlines, which are likely to break a important level on EOD charts, or which volume turnover for last day has been more than thrice the average."

Today some of news stocks were TATASTEEL, SAIL, SATYAMCOMP.
HCLTECH, RELCAP,L&T, RCOM were near new lows.

I am attaching my trades. I take 4-5 trades per day. So so far I have done more than 300 trades using this method. Only about 40% are winning trades; but who's bothered? the r/r is more than 1/4 and one winning trade may compensate 4 loosing trades inclusive of brokerage. I think this is very good for beginner traders since it monitors the risk of ruin.

Regards
Nikhil.

 

[Saint]

Thanks for your support
"Stockpicking: before market open the watchlist is prepared based on stocks which have been in news headlines, which are likely to break a important level on EOD charts, or which volume turnover for last day has been more than thrice the average."

Today some of news stocks were TATASTEEL, SAIL, SATYAMCOMP.
HCLTECH, RELCAP,L&T, RCOM were near new lows.

I am attaching my trades. I take 4-5 trades per day. So so far I have done more than 300 trades using this method. Only about 40% are winning trades; but who's bothered? the r/r is more than 1/4 and one winning trade may compensate 4 loosing trades inclusive of brokerage. I think this is very good for beginner traders since it monitors the risk of ruin.

Regards
Nikhil.

Great going,Nikhil......

Saint

 

[devangan123]

Can Scalping be done without Intra-day Charts ????? , and It must be profitable and must have have a good success ratio ..........


One method Dhiraj has told , what can be other ways ??

Have to rush right now, will post later in Night


Devan

 

[Capricorn]

Good stuff here. Keep it flowing as our dear saint would say.

 

[Niks]

Wow, honored to see comments from my ideals

"Can Scalping be done without Intra-day Charts ????? , and It must be profitable and must have have a good success ratio ..........
Have to rush right now, will post later in Night "
Sure it can be. Just use charts because someone told me that having the bigger picture builds slowly into intuition, helps to improve trading. Awaiting in anticipation your method Actually from your previous posts I had the idea about using MAs on 1-minute charts, they are much useful.

"From your posts I guess you are using orderbook also"
Yup... hard to find anyone else on forums to explain bid-ask patters like you

Regards
Nikhil.