Trading as a part time profession.

[praveen taneja]

Laugh at your obstacle and cry at your success, make challenge your friend and come out triumphant.

 

[ag_fx]

Nice graphs rajendrani..Kudos..:thumb:

As usual, I have some questions from my keeda mind I hope you wont mind.

1) Several patterns during 5 min intraday charts are honoured w/o the volumes supporting them. How can we distinguish them?
2) What kind of filters should we use in pattern breaks. Since there is no SAR, we have to be cautious in trading the failed breakouts or false signals...Any thoughts on the same?

I believe targetting 15 points or more per trade is a super idea and this strat might as well serve as a scalpling kind of strat where we make some quick points and get out of the trade.


Happy Trading

 

[rajendrani]

 

[rajendrani]

 

[rajendrani]

 

[rajendrani]

 

[rajendrani]

Nice graphs rajendrani..Kudos..:thumb:

As usual, I have some questions from my keeda mind I hope you wont mind.

1) Several patterns during 5 min intraday charts are honoured w/o the volumes supporting them. How can we distinguish them?
2) What kind of filters should we use in pattern breaks. Since there is no SAR, we have to be cautious in trading the failed breakouts or false signals...Any thoughts on the same?

I believe targetting 15 points or more per trade is a super idea and this strat might as well serve as a scalpling kind of strat where we make some quick points and get out of the trade.

Happy Trading

Ankit ask as many question as you want. I will try to answer most of them.

1. Not all the time, we get so many chart patterns in Intraday, also patterns like rising wedge and falling wedge are the common types of pattern which are most found in intraday charts, and break of that is supported by volumes, to check for the volume you have to switch back to the little tf charts like 1 min or 2 min just to compare the volume, comparision of volume should be done with comparision to the previous bars volume.

2. I guess no filter for pattern break, as we are targeting very less points, so its better to save those from the filter too, ususally you can enter with bar high or low which breaks the pattern. stop loss keep it at the pivot as we do with the 5 min pivot method.

Thanks and regards,
rajendrani

 

[ag_fx]

Wud u elaborate more on this entry? My guess is that the gap Up caused a PH being taken off and of course the filter too...But on THAT DAY, at what time/position did you enter the trade? What was the thought process behind the entry?

Happy Trading

 

[ag_fx]

The long close to 3 PM...On what basis was that taken? The channel had broken 2 candles ago...What additional analysis went in to take the said trade at that particular candle?

ALso, the first long was taken after 4-5 candles of the break out...Why so?

 

[MurAtt]

@ Ankit

The idea is nice. Abt the 15 points. Try it initially, then when confident, increase lots. say from 1 u go to 2 and then 4. Book profit at the 15 pts but not whole when u r into 2 or 4 lots, that way yr filter can increase (u hv more space for errors/whipsaws) if u hv booked 1 lot @ 15pt or 2 (out of 4) lots @ 15pts.

Just an Idea. I still am not comfortable dealing NF but do so sometimes, still learning .....