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

[Saint]

Hi,

I Missed this thread.....Oops.

Will Track from now.

I want to ask a question?
As I have never done day-trading, will do in future.
In this 5min nifty chart which m.a crossover did you use.

Thanks a lot.

No,not ma crossovers,playing with pivots.....Best to go through the thread when you get some spare time.Will be clearer...

Saint

 

[uasish]

Saint,

Thks for the chart.

Asish

 

[rajaram.dilipkumar]

Time frame discipline is vital in trading.......beauty in having a plan and following it to the tee is that the mind plays no role ..........it is not given the opportunity to panic,to get upset etc

All the best!
Saint

so true , i made all my money through swing trading ( yes i do entar my trades based on intra-day charts) but i never made an attempt to day-trade.
Probably iam good at this and i will continue doing what works for me rather than wondering about the amount of money my neighbour is making through day-trades...
Also,about nerves taking over discipline ..... it has happened to me several times when i was too fast to book my profits(even today) . This could have been a severe problem for me had i ventured in to day-trading but in trading swings i dont have that problem as trade opens gap-up or gap-down.Though iam beginning to overcome this lack of patience, it is still a major problem.
Advice taken and thanks.....

Regards,

Rajaram

 

[Saint]

Hello SAINT

Thanks for the chart, have downloaded and archived it. A complete trading lesson in itself.

Trying to understand the difference between the 2 Gap Ups,

1. The first one you have identified as Yummy, Look for Longs.
   
   
2. The second one you have identified as Amateur Look for Shorts.

You have mentioned the reason for the first gap up, being bullish is that it gaps out/above a congetion area, so kinddof a powerful BO over strong resistance. Couldn't get the reasoning for the classification of the second one, could it be because it comes after a big white on daily, or previous days price action. I guess, this is also something that comes with experiance.

We wouldn't call you Distinguished for Nothing, its just because you can make such distinctions.

Its such a pleasure to go through your posts, always get those ahha movements, just wish can get more of you here

Thanks a Ton
nb

Hi NB,

Good query as always.........

Chart enclosed.

Saint

 

[Saint]

so true , i made all my money through swing trading ( yes i do entar my trades based on intra-day charts) but i never made an attempt to day-trade.
Probably iam good at this and i will continue doing what works for me rather than wondering about the amount of money my neighbour is making through day-trades...

Yep,everyone has their individual likes and dislikes,their comfort zones.....play to your strengths always,as in everything in life.

Also,about nerves taking over discipline ..... it has happened to me several times when i was too fast to book my profits(even today) . This could have been a severe problem for me had i ventured in to day-trading but in trading swings i dont have that problem as trade opens gap-up or gap-down.Though iam beginning to overcome this lack of patience, it is still a major problem.
Advice taken and thanks.....

Regards,

Rajaram

Wishing you great success,my friend......and all the best!

Saint

 

[newbee]

Time frame discipline is vital in trading.......If you play the 60min charts,your stops are as per the 60min charts.You could look at the daily thereby making a clear assessment of the ongoing trend......but the trade is off the 60min charts.You could however fine tune your entry as per the 15min charts,etc.

I presume from the above paragraph that you basically like to trade the 5min charts,fine tuning your entry as per the 2min charts.No problem,go ahead........but do not,DO NOT,switch your time frames if you are losing.Meaning your entry is at 5820,your stop is at 5800......don't let price blow right past 5800,pull out the 15min or the 60min and comfort yourself.So be very clear abt the time frame of that particular trade......So too,you have wisely raised stop losses to the previous pivot low and adhered to your discipline.Now that trade is up nearly 70pts......and then cracks that pivot.Don't go pulling out your long term intradays and then say that I will sit through this pullback for huger gains.Follow the plan.Get out as planned.Reenter if need to.....Don't worry abt your broker friend making a tiny bit more.Important to ALWAYS follow the PLAN.

The beauty in having a plan and following it to the tee is that the mind plays no role ..........it is not given the opportunity to panic,to get upset etc

All the best!
Saint

Hi Nb,

As you are a 1-5min chart trader,yes,by all means do so.......Play the 5min uptrend.Pivots crack.Reverse short the dntrend.Out when pivots crack.Go long the uptrend again.So on so forth.Adhere to your stops.....Some days,fake outs are gonna mess with your head.But all part of the game.Get out by the end of the day even if all going to plan.........

And yes,there are other things other than just pivot levels before making a clear cut decision...will be clear as you go along.

All the best!

Saint

Hello SAINT

Thanks for your feedback, all this goes straight into my trading plan. My confusion regarding TF also cleared.

Thanks
nb

 

[newbee]

Hello

Ok got it, so for trend confirmation we need 2 pivot points (HHs or LLs) but for reversal breach of only 1 takes us out of the trade. Posting corrected diagram.

                                  HH 
                                  |
                                 | |
                           HH   |   |
                 HH        |   |     |
                  |       | | |       |
                 | |     |   |_________|___Stopped Out / Short
                |   |   |    HL         |
          HH   |     | |                 |
          |   |       |                   |
   HH    | | |        HL                   |    LH 
    |   |   |                               |   |    
   | | |    HL                               | | | Trend Down 
 |    |                                       |   |  
|     HL                                      LL

Thanks
nb

 

[Saint]

More on Gaps....

Saint

As always in Trading,nothing is absolute........so when things don't go as per plan,be prepared to accept it,reverse and profit.

 

[newbee]

Hello SAINT

Just getting greedy

Can you give us few charts to illustrate how / when we can scale in / scale out on a trade. When we can define a channel on the price action these points are obvious, but at other times how to decide on the strength to scale in and the target to scale out.

Thanks
nb

 

[rkgoyal_98]

Dear Saint,

Sorry to read between the lines
In the scenario you have mentioned on the the chart you have Mentioned WORD ___ OPPS ____ for No. 3 and 6. Does this have some scecial significance -- or you have just used it.
Thanks
Rajeev