Teach A Man To Fish And.........

[djsinha]

hi saint

had a query about stop loss ...when we put a stop loss in day trade ....should we give it a breathing space too ?

e.g. we put a stop loss at 4960 as a last pivot high in a short trade ..so when it reaches 4960..should we come out immediately or give upto say 4963-4965 {as i read in one of ur post that there is never point of support & resistance ...there is area of support/resistance }

reply whenever u find time sir

regards

vineet

Lemme try my hands at answering this. Many times before also I've answered to questions posed to Saint. I think, if I continue to do this, Saint may get seriously enraged. But still, hoping it'll lessen the burden on the master trader and hoping to get my answers verified from the Teacher (like a class I student), I'll try to answer it.

Well, Vineet, you can do that very well. Instead of 4960, you can keep a little breathing space(Dunno, if NIFTY really breathes), but whatever STOP you follow, be it 4960 or 4960+dx, respect your stops seriously.

If your 4960+dx stop is broken down, don't make further room for NIFTY to breathe. It may never ever breathe.

 

[djsinha]

I need to ask , we have many indicators and charts .

1.What are first and essential things you guys looks out for ?

2.What is the first chart to look out for ? , like volume chart , RSI , MACD ? .. do you have any thing like priority . Like first look are RSI ,then confirm this with volume , then with some other chart and then with sochastic ...some thing like that in an order ?

3.How to identify and eliminate false triggers ?

4.Can you guys list out few of the trading stocks ? and how to look out for a trading stock ,like should there be huge volume with less price movement or less volume with high price movement ?

1. Weekly in an uptrend - if you plan to trade on daily. In simple words, a higher timeframe on an uptrend.
2. Price chart - You shud b looking at pivots first. You can see volumes later to confirm breakouts or sense the general buying/selling sentiment.
3. Your stoploss is there to safegaurd you from false triggers. Respect it.
4. Search for higher povot high and higher pivot low if you want to go long. Only through eye-balling is it possible. No indicators can help you here.

Hope this helps.
If I'm wrong, Saint pls correct me.

DJ

 

[Saint]

To make sure that I am in line with this example I have picked TECHM's uptrend in Daily and shown trades in the hourly chart. Please refer to the charts in the attachment and let your comments flow.

Amit.

Nope,Amit.......have a look at the charts again.

Saint

 

[Saint]

I need to ask , we have many indicators and charts .

1.What are first and essential things you guys looks out for ?

2.What is the first chart to look out for ? , like volume chart , RSI , MACD ? .. do you have any thing like priority . Like first look are RSI ,then confirm this with volume , then with some other chart and then with sochastic ...some thing like that in an order ?

3.How to identify and eliminate false triggers ?

4.Can you guys list out few of the trading stocks ? and how to look out for a trading stock ,like should there be huge volume with less price movement or less volume with high price movement ?

Hi Sanx,

1.Price,volume,pivots,patterns
2.No priority.....to get a whole picture by anyway possible!
3.I don't...
4.Preferably,huge volumes and price movements.

Saint

 

[Saint]

hi saint

had a query about stop loss ...when we put a stop loss in day trade ....should we give it a breathing space too ?

e.g. we put a stop loss at 4960 as a last pivot high in a short trade ..so when it reaches 4960..should we come out immediately or give upto say 4963-4965 {as i read in one of ur post that there is never point of support & resistance ...there is area of support/resistance }

reply whenever u find time sir

regards

vineet

Yep,Vineet.......if last pivot high is 4960,put your stop loss at 4965 -4968.

Saint

 

[Saint]

Lemme try my hands at answering this. Many times before also I've answered to questions posed to Saint. I think, if I continue to do this, Saint may get seriously enraged. But still, hoping it'll lessen the burden on the master trader and hoping to get my answers verified from the Teacher (like a class I student), I'll try to answer it.

Well, Vineet, you can do that very well. Instead of 4960, you can keep a little breathing space(Dunno, if NIFTY really breathes), but whatever STOP you follow, be it 4960 or 4960+dx, respect your stops seriously.

If your 4960+dx stop is broken down, don't make further room for NIFTY to breathe. It may never ever breathe.

Nah,never enraged to see one person helping another.......

Saint

 

[Saint]

1. Weekly in an uptrend - if you plan to trade on daily. In simple words, a higher timeframe on an uptrend.
2. Price chart - You shud b looking at pivots first. You can see volumes later to confirm breakouts or sense the general buying/selling sentiment.
3. Your stoploss is there to safegaurd you from false triggers. Respect it.
4. Search for higher povot high and higher pivot low if you want to go long. Only through eye-balling is it possible. No indicators can help you here.

Hope this helps.
If I'm wrong, Saint pls correct me.

DJ

Nope...nothing to correct.

Saint

 

[Saint]

Must be awarded as best thread of traderji.com.

Good starting done by Saint.

And after reading his Thread I have taken a resoultion that i will never look for Post or Any other site which says buy this or sell this.
What ever saint has said is Pure like a 24 carat Gold after all how many fish we can catch and eat some day it will effect our digestion like it did in Jan. 2008, Most of the trader has lost their money.

Thank you for your kind words,Veeru!

Saint

 

[lvgandhi]

1. Weekly in an uptrend - if you plan to trade on daily. In simple words, a higher timeframe on an uptrend.
2. Price chart - You shud b looking at pivots first. You can see volumes later to confirm breakouts or sense the general buying/selling sentiment.
3. Your stoploss is there to safegaurd you from false triggers. Respect it.
4. Search for higher povot high and higher pivot low if you want to go long. Only through eye-balling is it possible. No indicators can help you here.

Hope this helps.
If I'm wrong, Saint pls correct me.

DJ

Dear DJSinha,
Master will be proud of students like you. Clear explanation.

 

[sanx]

Thanks saint .
One more small question , few stocks that mostly obey technical rules than fundamental ?