Trading NR7 setup

[angira]

Hello every1,
I'm also using NR7 setup.NR7 is simple and strong method thx AW10&Traderji for this. As of my experience sometime if we enter when price go above yesterday' high then it go down and go up to below pivot (May be test 2nd suuport) and then price go up and if cross pivot then it will make new high.

 

[nac]

Hi!

Nifty is on NR7 day, today...

There is a coincidence. Last year, the same day 2nd Dec 2009 was NR7 day. Let see whether history repeats or not...

May be the thread starter could add some point on this... (He is there around after a little while)

 

[MindlessTrader]

Hi!

Nifty is on NR7 day, today...

There is a coincidence. Last year, the same day 2nd Dec 2009 was NR7 day. Let see whether history repeats or not...

May be the thread starter could add some point on this... (He is there around after a little while)

what about today, nac......BTW how to keep track of so many stocks for NR7.....4-5 can be managed...

 

[AW10]

NR7 is indicating the pause in the market before next move is developed. Yesterday's NR7 has come at key location i.e. just below 20dma and 50dma lines and also at psychological level of 6000 and recent swing high level of 22-nov..
After 2 days of strong bounce (shown by wide range days), it was no surprise that mkt ill pause for some time.

Going forward, let big boys come into action and let them take the market beyond 6030 -5970 range. Most likely, after initial break of this range, the range will be tested again and that will give us low risk entry point. Beware of false breakout which generally comes after long consolidation (like last 2 days of narrow range).

As per the tendency of Dec month, mkt sees a minor correction in first 5/8 days of the month and then goes up in second half. It is in the interest of all big boys to see the mkt ending on higher notes in Dec so I will not rule out that.

Just 2 cents of my observation.

happy trading.

 

[nac]

what about today, nac......BTW how to keep track of so many stocks for NR7.....4-5 can be managed...

If you scroll back a page or two, you could find an excel file with which I am tracking NR7 scrips. It's a manual process, but it takes less than a minute to complete.

On an average we are getting around 200 scrips which fall on NR7 day. You then filter based on some criteria like price, daily/average volume, market cap, beta/volatility etc... I hope we don't trade all those 200+ scrips. You can filter 'em, get/pick good stocks and trade this setup.

Since 11th Nov almost all (except few days nifty was trading in wide range (more than 100 points a day)). So even if nifty moved more a percentage, it could be a narrow range. As AW10 said, NR7 indicating a pause (like taking enough breath to run either north or south).

If you just want to track Nifty alone, follow this link and download the file. Again its a manual process. You need to enter nifty data @ EOD.

http://www.4shared.com/file/ZXAVrP0n/NR7_Tracker_-_Nifty.html

 

[AW10]

Maybe, one can define their own "basket of stocks" in advance and then care for the signal on only those stocks. One can also segregate based on sector.
So next day, monitor the sector index first to see which sector is showing the action and then quickly move down to the stocks in that sector for day trading.

Or use some other criteria like manual chart scanning to identify your prey for tomorrow.

Happy Trading

 

[rrmhatre72]

If you scroll back a page or two, you could find an excel file with which I am tracking NR7 scrips. It's a manual process, but it takes less than a minute to complete.

On an average we are getting around 200 scrips which fall on NR7 day. You then filter based on some criteria like price, daily/average volume, market cap, beta/volatility etc... I hope we don't trade all those 200+ scrips. You can filter 'em, get/pick good stocks and trade this setup.

Since 11th Nov almost all (except few days nifty was trading in wide range (more than 100 points a day)). So even if nifty moved more a percentage, it could be a narrow range. As AW10 said, NR7 indicating a pause (like taking enough breath to run either north or south).

If you just want to track Nifty alone, follow this link and download the file. Again its a manual process. You need to enter nifty data @ EOD.

http://www.4shared.com/file/ZXAVrP0n/NR7_Tracker_-_Nifty.html

Hi Nac,

Appreciate if you can post the trade also on next day...
e.g 5th Nov was NR7 day. this means trade was taken on 8th Nov. i.e short @6300..
When this trade will get closed?... after gaining 200points???

Next NR7 was on 29th Nov so new long initiated @5845
Now another NR7 on 2nd Dec.
Is position opened on 29th Nov closed on 30th in this case? based on considering low of 2nd Dec as SL i.e. 5980
& new short is created @5980....

I am just trying to understand actual application....
appreciate guidance.

 

[nac]

Hi Nac,

Appreciate if you can post the trade also on next day...
e.g 5th Nov was NR7 day. this means trade was taken on 8th Nov. i.e short @6300..
When this trade will get closed?... after gaining 200points???

Next NR7 was on 29th Nov so new long initiated @5845
Now another NR7 on 2nd Dec.
Is position opened on 29th Nov closed on 30th in this case? based on considering low of 2nd Dec as SL i.e. 5980
& new short is created @5980....

I am just trying to understand actual application....
appreciate guidance.

rrmhatre72,

I just took AW10's NR7 setup and tried it out in cash segment (paper trading). I have posted the result last month.

I tried as AW10 suggested except stop loss (most of the time or all the time stop loss (i.e. high/low of NR7 day) is higher than 1% and most of the time above 2%. So I kept 1% as stop and tried. And it worked well.

As he suggested, we can trail with stop and continue to hold until our stop triggers. I am yet to start this setup in derivatives. Actually, never give a thought about trading this setup in derivatives. I am regularly watching NR7 scrips even though when I ain't trading it.

Factually speaking, as of now I am not trading this set up. But I am picking stocks to trade based on this NR7. I don't know for some reasons or the reason which I don't know, I couldn't hold my position for a long time (even few hours in day trading). May be this is because of the experience I have in trading. I tried to hold and did it few times. But the stock moved even further after I exit. (Recently I shorted HDIL and I thought this will fall 3% from its close on next day and it has fallen and I covered @ 3%. But the stock fell to 7%.

The right person to guide you is AW10. I share up to the best of my knowledge.

 

[OptionScalper]

If you scroll back a page or two, you could find an excel file with which I am tracking NR7 scrips. It's a manual process, but it takes less than a minute to complete.

On an average we are getting around 200 scrips which fall on NR7 day. You then filter based on some criteria like price, daily/average volume, market cap, beta/volatility etc... I hope we don't trade all those 200+ scrips. You can filter 'em, get/pick good stocks and trade this setup.

Since 11th Nov almost all (except few days nifty was trading in wide range (more than 100 points a day)). So even if nifty moved more a percentage, it could be a narrow range. As AW10 said, NR7 indicating a pause (like taking enough breath to run either north or south).

If you just want to track Nifty alone, follow this link and download the file. Again its a manual process. You need to enter nifty data @ EOD.

http://www.4shared.com/file/ZXAVrP0n/NR7_Tracker_-_Nifty.html

thanks nac...

 

[rrmhatre72]

Hi Nac,

Appreciate if you can post the trade also on next day...
e.g 5th Nov was NR7 day. this means trade was taken on 8th Nov. i.e short @6300..
When this trade will get closed?... after gaining 200points???

Next NR7 was on 29th Nov so new long initiated @5845
Now another NR7 on 2nd Dec.
Is position opened on 29th Nov closed on 30th in this case? based on considering low of 2nd Dec as SL i.e. 5980
& new short is created @5980....

I am just trying to understand actual application....
appreciate guidance.

Thanks Nac for your explaination.

So going back to master.....

Hi AW,

Appreciate your help.
I am bit confused here. Hence it will be better if you can explain by taking above example...