trading 2-minute charts.

[vvvv]

Hi vvvv,

You are wasting the initial move by waiting till you get trend confirmation on 15 min HL,HH formation during the day ,this will waste atleast 1-2 hours of initial move. I would suggest the following :

1) Have 15 min trend in continuation from yesterday so we know that we are in up/down trend at the beginning of the day.

2) Till 15 min trend confirmation is obtained we can have first 5 min bar as a trend indicator.So if prices are above high of first 5 min bar then go long on 3 min PH with SL ay 3 min PL and mirror image for short trades.

3) Try 10-12 bars MA as the trend identifier

Regarding 3 and 15 min in downtrend and 3 min going into uptrend,without confirmation from 15 min yet,this is a delay factor in multiple timeframes.You cannot catch the initial portion of any trend which is changing on lower timeframe but still no confirmation on higher time frame ( eventually 15 min trend may change but till then no position from the side of fresh emerging trend !!!!) ,we got to accept it my friend ...and go for the middle portion of the larger trend...

These are the suggestions,I have not tested these.

Keep in touch on these developments.

Smart_trade

taking pivots from yesterdy - the prob is with these huge gaps..negates every move from yesterdy...i feel from a down trend when 15 makes a new pivot high u can enter long at the break of previous pivot high on the 3, rather thn wait for the crack of pivot high on 15 as in this case we are are on our way into the uptrend

check out ths chart ABAN cash intraday 3min 24/9/2008
very very tuff day even if u trade on ur 10SMA with frequent whipsaws.
if u traded the same with 15 min timeframe waiting for it to go in a confirmed uptrend then u will have only 1 short trade on the 3 min at 1:08:55 at 2398.
this wud have given u gud profits.
on the other hand had u taken at the higher pivot low on 15,u wud have entered long & got stopped out resulting in a loss.
now this is 1 example...there can be countless other possibilities.
i guess u have to very very patient for day trading.
referring to a higher timeframe will give u less trades saving u from whipsaws on the lower.
the thing needed is to formulate the rules..these then can be applie to all time frames...ive tried to borrow this fom saints daily trades using weekly as the guideline.

talking abt the 5 min breakout bar we are doin it on the miniflow..
still feel miniflow is a better option than this, but was experimenting.
this 3 min thing is working very well on RNRL

 

[vvvv]

smart trade,
dont know if uve seen the chart i posted above.maybe ur not interested in this thing anymore...i think i shud pull down this chart after a few days if it doesnt help any1.

 

[Smart_trade]

smart trade,
dont know if uve seen the chart i posted above.maybe ur not interested in this thing anymore...i think i shud pull down this chart after a few days if it doesnt help any1.

Yes vvvv,I had seen the chart you posted and was waiting for some more posts/reactions from other friends so that we could have discussed this further.

3 min pivot does give whipsaws if you wait for booking your profits. Here one has to grab the profits as the trade moves in yr favour without waiting for the profit taking/reversal to happen. More of quick scalping technique.If you trade multiple lots,then book profits on 60-70 % position by grabing the profits and let only 30 -40 % position ride. In choppy mkts,it does give whipsaws.

I have traded this on nifty but as I am trading nifty futures in miniflow I use it now for a quick scalp.

Thanks for your inputs,

Smart_trade

 

[vvvv]

Yes vvvv,I had seen the chart you posted and was waiting for some more posts/reactions from other friends so that we could have discussed this further.

3 min pivot does give whipsaws if you wait for booking your profits. Here one has to grab the profits as the trade moves in yr favour without waiting for the profit taking/reversal to happen. More of quick scalping technique.If you trade multiple lots,then book profits on 60-70 % position by grabing the profits and let only 30 -40 % position ride. In choppy mkts,it does give whipsaws.

I have traded this on nifty but as I am trading nifty futures in miniflow I use it now for a quick scalp.

Thanks for your inputs,



Smart_trade

i dont think any1 wud be interested.do u have any rough stats of ur wins/losses or how many points ur making by scalping.
i take off my positions in 1/3rd's , & if i get 2 positions in profits the remainin i dont allow it to get my stoploss being hit if trade reverses..i exit at my entry price..
since u hav tried out so many indicators dont u feel tht pivots give u an early & confident entry when compared to the other indicators present on the net?? i feel it tht way...maybe im wrong..
r u still trading with demark stuff

 

[cheeku]

Hi,
It will be better if you post the reasons/factors that led you to decide in favour of 5 minute charts.
Best wishes.

After analyzing lots of factors, decided to stick with 5-mnt timeframe. Thanks to all of you for your valuabbe replies/suggetions.

 

[GANESH_KANSARA]

Best sma = 5 - 15 - 45

hi,
i tried intraday sma 3-13-39 for nf . Above 13 sma take long with prev. Bar low as a sl . For short vice verca, and
add above 39 sma.

 

[Smart_trade]

i dont think any1 wud be interested.do u have any rough stats of ur wins/losses or how many points ur making by scalping.
i take off my positions in 1/3rd's , & if i get 2 positions in profits the remainin i dont allow it to get my stoploss being hit if trade reverses..i exit at my entry price..
since u hav tried out so many indicators dont u feel tht pivots give u an early & confident entry when compared to the other indicators present on the net?? i feel it tht way...maybe im wrong..
r u still trading with demark stuff

Quick profit booking on part positions and moving the SL to breakeven level is a a good scalping/daytrading strategy vvvv, I also make sure that my money is at stake only when I take the trade,once it moves in profit then I never would like to loose on that trade so sometime the last position taken off as a scratch trade and then market moves in the original direction,too bad !!! Cant help.Trading capital is more important to me than profits.

Never traded this strategy with record of loosing/winning trades,amount won/lost,profit ratio etc .I am a bit disorganised when it comes to record keeping. Some of my friends trade this strategy much more regularly.They vary their timeframes from 2 min to 10 min depending on market volatility.

I agree with you that pivot entries are much more specific but I find indicators such as TD REI,with overbought/oversold critaria also to be pretty good.And yes I still look at DeMark as it gives me a wider canvass and a very accurate indication of how far the corrective move will go before the main trend asserts itself. In fact I use TDST in our miniflow trades which at times give me an advantage of 20-25 points more than the other people trading the same system.But looking at the chaos happening at other threads,would not even mention this anywhere.

I love DeMark because of its accuracy and absolute precise and mathematical stuff without any scope for interpretation.

Best Wishes,

Smart_trade

 

[vvvv]

Quick profit booking on part positions and moving the SL to breakeven level is a a good scalping/daytrading strategy vvvv, I also make sure that my money is at stake only when I take the trade,once it moves in profit then I never would like to loose on that trade so sometime the last position taken off as a scratch trade and then market moves in the original direction,too bad !!! Cant help.Trading capital is more important to me than profits.

Never traded this strategy with record of loosing/winning trades,amount won/lost,profit ratio etc .I am a bit disorganised when it comes to record keeping. Some of my friends trade this strategy much more regularly.They vary their timeframes from 2 min to 10 min depending on market volatility.

I agree with you that pivot entries are much more specific but I find indicators such as TD REI,with overbought/oversold critaria also to be pretty good.And yes I still look at DeMark as it gives me a wider canvass and a very accurate indication of how far the corrective move will go before the main trend asserts itself. In fact I use TDST in our miniflow trades which at times give me an advantage of 20-25 points more than the other people trading the same system.But looking at the chaos happening at other threads,would not even mention this anywhere.

I love DeMark because of its accuracy and absolute precise and mathematical stuff without any scope for interpretation.

Best Wishes,

Smart_trade

so ur using TDREI..ive got an afl..lets see how it cumes up on the charts.in fact read sumwhere abt a specific setup with REI..will post after i find it.
1 thing is a mystery...how do u do ur countdowns with ur metastock utlity u gave...also i see TDST lines showing 5280 = 55....how do u draw the TDST lines..ur utility is not drawing the lines.
im always open to new ideas

 

[Smart_trade]

so ur using TDREI..ive got an afl..lets see how it cumes up on the charts.in fact read sumwhere abt a specific setup with REI..will post after i find it.
1 thing is a mystery...how do u do ur countdowns with ur metastock utlity u gave...also i see TDST lines showing 5280 = 55....how do u draw the TDST lines..ur utility is not drawing the lines.
im always open to new ideas

Hello vvvv,

The Metastock utility for set ups,sell countdown and buycount downs are three different utilities ,I have posted these in Thomas DeMark thread.

The countdown is very easy.Just overlay the utility on the chart and count with the help of a cursor.

My utility is a very crude metastock formula,but serves me well.I am not that tech/Metastock/AFL savvy and I have to mark the TDST and the countdowns by hand. But quite easy and never felt the use of a advanced AFL ( I dont understand this programming stuff anyway...)

ST

 

[vvvv]

Hello vvvv,

The Metastock utility for set ups,sell countdown and buycount downs are three different utilities ,I have posted these in Thomas DeMark thread.

The countdown is very easy.Just overlay the utility on the chart and count with the help of a cursor.

My utility is a very crude metastock formula,but serves me well.I am not that tech/Metastock/AFL savvy and I have to mark the TDST and the countdowns by hand. But quite easy and never felt the use of a advanced AFL ( I dont understand this programming stuff anyway...)

ST

thts exactly wht im asking u,,,,
how u draw the TDST line