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

[newbee]

Hello Saint

Did complete the plan document with a streched deadline (wanted to finish by sunday, did it by early monday morning).

An additional benifit to creating this plan is that now we have few TO-DO lists based on the plan documents. These lists would help us go through the daily routine in a more systematic way.

1. Daily Pre-Market Checklist
2. Daily Post-Market Checklist
3. Weekly or Weekend Checklist
4. Monthly or Monthend Checklist
   

Now that the iniitial draft of the trading plan is in place, how often it needs to be reviewed? Maybe initially, till such time we can remove the tag of draft copy from it reviewing the plan document can be included in the weekly checklist. Once we have a final copy we can review it on a monthly basis.

Thanks
nb

 

[cjr517]

gr8 thread,thanks for giving all this new info

 

[sreperu]

Hello Saint,
As I mentioned before that up to 15/10/2007 Nifty made HHs and HLs. So I was keep watching for intra day levels and whenever the Nifty makes intra day low then I'll buy the Nifty futures with the SL as intra day pivot low.

I entered most of the times with this technique and it worked well. Last week because of the P-Note issue I made the loss. But my worry is when I study the any charts (usually Nifty basket), all are very steep upwards and I don't want to miss this rally. Because of this reason I wanted to enter the Nifty futures when it makes intra day low then I can go long with the trailing SLs. The another reason is when I study the EOD charts even if I want to go long in the uptrend, the stop loss level is very high (previous pivot low).

As an example here I pasted today's Nifty chart.
Here my question is how can I act in that type of situation (P-Notes)?
How do we control our emotion in that type of situation?

Awaiting for your valuable reply....

Regards!
Sreeny

 

[kyakaregapandu]

Hi Pandya,

Nah....nothing like that.Just that for the longer term players who have taken profits off the table,and will not go short as they are in a Primary Bull Mkt......well,good time to go to Phuket (like our dear friend,Raj)for a short holiday while the mkt plays out.

But not too long..........this correction becomes a neat buying opportunity(Not yet!).Wait n watch mode for now.

Saint

Hi Sir,

Thank you very much for taking the time to reply.

Regards,
Pandya

 

[newbee]

Hello

A gap up opening, and then 3 breakouts on upside for 3 rallies. To add drama, 3 false breaks on down side, but negated on very next candle, should not wait for SL in these cases (Marked by circle).

Blue vertical line is long, red short. Not the actual trades, marked after the event.

Thanks
nb

 

[sreperu]

Hi Saint,
Now just see the today's Nifty intraday chart, it's going lower and lower once it makes the low when it bounces back, Is this type of situation is good to buy the Nifty futures?

Regards!
Sreeny

 

[newbee]

Hello

Buy only when you see HHs & HLs on the charts, sell LHs & LLs, need 2 to confirm the trend.

Thanks
nb

 

[dnvarma21]

Hi Saint....
This has been one of the most influential threads i have ever visited. This would help me understand the trade Jargon and more over boost the confidence needed to venture into the unpredictable stock market.

Thanks a lot....

 

[newbee]

Hello Saint

I will be completing 3 weeks of paper trading tomorrow. Maybe it’s too early, but i have planned to review the trading experience by analyzing all the trades taken. Would be around 75+ signals

I am also planning to update my Trading Plan, based on this review. I would have many queries, but I need to ask you 2 now.

Hope you get some time this weekend to answer them.

Think I should reduce the number of trades; the obvious solution would be to change the timeframe setting of the chart from 1 minute to 2/3/5 minutes. I am reluctant to do so as I have developed a comfort level with taking entries on these current settings, it’s the exits I am having issues with.

The solution I can try out is stay with the 1 minute (or 2 minutes) for entries but use 5 min candles for defining exit. May be the whole idea is too stupid and you could save my 2 weeks by pointing it out. I plan to implement whatever fine tuning I can think of and continue the mock trading / forward testing for 2 more weeks.

My second query is regarding the way we define swing highs and lows

Suppose we are having a nice uptrend with Pivot Highs and Pivots Lows showing a nice uptrend, at some point after a Higher High is established we get a Lower Low, which is very deep and cuts below the previous 2/3 Higher Lows. The SL would be executed and we will be out of the trade, my question is should we not reverse on this kind of move?

What I am trying to understand is should we also be looking at the amplitude / range of the swing (pivot points) rather than only the relationship in terms of greater than or less than.

Sorry for the poor language, I know by now my query has itself become a query

Will try to illustrate it

                                  HH 
                                  |
                                 | |
                           HH   |   |
                 HH        |   |     |
                  |       | | |       |
                 | |     |   |         |
                |   |   |    HL         |
          HH   |     | |                 |
          |   |       | __________________|____Stopped Out
   HH    | | |        HL                   |    LH 
    |   |   |                               |   |    
   | | |    HL                               | | | Trend Sideways 
 |    |                                       |   |   or Down??
|     HL                                      LL

Thanks
nb

 

[sudoku1]

unless sensex closes abv 18525...no upmoves xpected.........