Trading as a part time profession.

[kiranb]

Reliance is in an uptrend channel since 5th march till now. Formed a good number of bullish patterns adding strength to the channel so far.

Since last few trading sessions, reliance is showing bearishness to me. Here is the 5 min chart highlighting bearishness in my view.

Big Head and shoulders in aqua colour:

* Volumes are moderately increasing at the left shoulder, but should have been more in my opinion.
* Volumes are moderate when the price is moving up in head, which is good
* A bearish wolfe wave at the top of the head, more details below.
* While price is moving down in the head, volumes are expanding, which is good
* At up move of the right shoulder, volumes are low, which is good.
* At the right shoulder, volumes are increasing in the down move here, which is good.
* Right shoulder itself is another small H&S, details below.
* Over all a confirming H&S. Target for this pattern is 1615, but it is suggested to take short trades when channel support is broken convincingly on hourly charts.

Wolfe wave at the top of the head

* Shown with yellow from 15th April 1:50 PM to end of the day
* Good Symmetry and at point 5 volumes are high as required.
* Target is reached the next day.

Small Head and Shoulders

* Formed at the left shoulder of big H&S, shown in Blue -Grey color
* Volumes are accordingly with the pattern.
* Neckline is broken and target is reached in the same day.

 

[kiranb]

Its abso ok kiran....But i dint get wat u said....What is meant by "downloadin data from investbulls" ? and which broker trading terminal are u using for live charts?

Thanks

I download data from invest bulls from here "http://investbulls.com/download.php?list.40" everyday evening and its freeeee
and i am using ttadvance( 5 paisa trader terminal) for intraday live charts.

 

[ag_fx]

The flow method works so fine with Nifty futures that I am discontinuing following of Reliance Cash intraday charts. From next month onwards, I would start following RIl futures chart though.

 

[pleaseharsh]

hello ankit ...in the above chart u shown sar for short at 12.05 ...then didnt u shift the sar to 12.20 bar.....(u have directly shown sar at 12.55 after 12.05)

ps: ankit will be feasible for u to disclosed the moving filters, small fitlers, add for nifty future & reliance....

thanx
harsh

 

[ag_fx]

hello ankit ...in the above chart u shown sar for short at 12.05 ...then didnt u shift the sar to 12.20 bar.....(u have directly shown sar at 12.55 after 12.05)

ps: ankit will be feasible for u to disclosed the moving filters, small fitlers, add for nifty future & reliance....

thanx
harsh

No Harsh. I didnt move the SAR to 12.20 bar. if you would go through latest 4-5 pages of this thread, particulalry after when I started posting, you would see a post from rajendrani and kiran on visual pivots.I trade ONLY visual pivots. That is, the pivots from where the price turning around is actually visible. if u see here, 12.20 bar doesnt mark such a pivot and thus SAR wasnt moved.

Also, i had already posted filters etc before. But for ur convinience, here are they agan:

Nifty Futures.
Filter = 6 points . I usually round off the high of bar to upper number and low of bar to lower number before applying filter to it. Thus, almost all my entries are at whole numbers.
The filter size has remained constant so far. however, i am contemplating using a 4 point filter for ADD only.
Also, at times, seeing the market conditions and volumes, I reduce my open positions by cutting some of them in small profits. Like for example a few days ago, RIL was heavily rangebound and vols were very low. I had then cut 2 out of 3 lots with minor profits in order to cut down the risk.For me, a smaller profit is much better than a loss.

Take profits:

If all 4 lots of NF are open, I TP in following manner : +11,+22,+35 & +55 levels. Thereby reducing risk with every step as market moves in my favour. Many traders question my technique, as they usually add more and more to winning positions. I would rather take home some money with every passing step than increasing risk with every movement in my favour.
Also, at times you would find, market moves +15-20 in ur favour and then reverses. In situations like these, the step TP reduces ur losses too. I am very comfortable with this method and follow it to suit my personality.

In some cases it happens that I enter with only 2 lots and no ADDs have occurred. In such case, my TP levels are +22 & +55.

I would like to quote anoder example here.Suppose I enter a short position at 3400 with 2 lots. My first TP is thus 3400-22=3378. At 3378, i cover one lot and my net position is of one short @ 3400. Now suppose another pivot forms and I ADD 2 more lots at 3370. Now you see my net position is short 3 lots @ 3380, with market at 3370. Thus, there is no point taking a TP @ +11 points as it would only pay my broker and no one else. In such a case I use +22,+35,+55 as the 3 TP levels.

I hope it is clear, or else you can again ask.


ADD: I add 2 lots only(irrespective of how many lots are open) when a new pivot is formed and taken off.





The trading strategy for reliance is same so far, though it sufffers from larger whipsaws and sometimes I use discretion in taking positions. I have found myself not too comfortable trading cash intraday for RIL and thus plan to move to RIL fut soon. For the time being, here are the levels:
Filter: 4 points
TP: 4.5,9,16,33 points in our favour.

 

[pleaseharsh]

i m like u too....in small tf's we need to keep check on tp......
somehow i missed or overlooked yr prev post stating add,filter...etc..level
thanx for putting it once again....
ok i think it does make sense using visual pivots.....i dont trade but do follow this 5 min charts regularly...it requires lot of eyes to see the correct pivot ...
yr profit level booking method is very much similar to the one stated by one of the member (flock) in 30tf....this is nice way of profit booking....

 

[kiranb]

Hi ankit,

You are doing good :clapping: .Just one suggestion from my side, when u see the patten in 5 min BO of which is towards your trade then add trade there so that u get good profits in small time, when the target is reached take the add lot profits and keep the remaining for SAR.

for example today when we are short we got symmetric triangle BD at 3405, You add 1 or 2 lots to gain immediate profits and take profits at 3338 as the target is reached. U can add some when the flag is formed as it is continuation pattern.

if the patten is against your trade then exit immediately, coz BO or BD will through in big loss with in no time.

 

[pleaseharsh]

kiran ..i have seen lot of time in yr charts...u use patterns.....dosent it get confuse with pure flow method..i mean analysing candles or bunch is ok but patterns in flow method...is it necessary to grasp patterns here to get an advantage /edge ? do u take patterns into consideration for decision making here ?
thanx
harsh

 

[ag_fx]

Hi ankit,

You are doing good :clapping: .Just one suggestion from my side, when u see the patten in 5 min BO of which is towards your trade then add trade there so that u get good profits in small time, when the target is reached take the add lot profits and keep the remaining for SAR.

for example today when we are short we got symmetric triangle BD at 3405, You add 1 or 2 lots to gain immediate profits and take profits at 3338 as the target is reached. U can add some when the flag is formed as it is continuation pattern.

if the patten is against your trade then exit immediately, coz BO or BD will through in big loss with in no time.

Thanks kiran for your valuable inputs.
The idea suggested by you is fairly well taken. One case use patterns at his or her own comfort levels. For me, not all patterns are comfortable and I have not had good screen exp with them so far.
But, your suggestion is worth keeping in mind as it surely increases your profits on daily basis. Also, as harsh said, some people would find it better to keep away from patterns when following the flow method. The reason is that at times it contradicts the flow theory. Like, i mentioned some time back that a break of trendline on RIL made me stop out, which otherwise would have been a great trade.
I guess it needs more screen practice before a comfort level can be found.

Thanks for ur suggestion

 

[kiranb]

kiran ..i have seen lot of time in yr charts...u use patterns.....dosent it get confuse with pure flow method..i mean analysing candles or bunch is ok but patterns in flow method...is it necessary to grasp patterns here to get an advantage /edge ? do u take patterns into consideration for decision making here ?
thanx
harsh

Hi pleaseharsh, nice to see u after long time, how are u?
coming to pattens with 5 min visual pivots they really add flavor to trades, yeah i really love trading pattens. Just try them and enjoy.

for example look at 17 april charts which i have posted, i entered short trade when the channel is broken, and in second gartley we got one visual pivot instead of exiting there, in fact i added short at the top at "D" of Gartley and exited all my trades when Inverted h & s neckline is taken out. entered short at wedge resistance like keeping SL above that descending broadening wedge which gave me very good profits.

Watching volumes in the trends also give u good clues.

i am posting some interesting pattens in this thread when i see them.

kiran