Friends talk on My daytrading

[balasoft80]

Hello Raghav,
Thanks much for your time and effort. I think I am getting clear picture. The followings are my observations. Please correct me if I am wrong

1. If retest is not successful then we consider that difference as a gap (here A to D) and add our positions without doubt.

2. If retest is successful then we look at the price action and oscillator to confirm the trend. Am i correct?

3. Will Gap concept work for 5 Minutes charts too?

Thanks
Bala

 

[Raghavacc]

Hello Raghav,
Thanks much for your time and effort. I think I am getting clear picture. The followings are my observations. Please correct me if I am wrong

1. If retest is not successful then we consider that difference as a gap (here A to D) and add our positions without doubt.

Ans:Bala,Kindly make some homework on retest,sucessfull retest and unsuccessfull retest.For these terms,Just google around You will get a clear picture.

2. If retest is successful then we look at the price action and oscillator to confirm the trend. Am i correct?
Ans: If retest is successfull ,here where we add to our positions.You are right. price action and Oscillator also compliment retest.

3. Will Gap concept work for 5 Minutes charts too?

It will.That is too with great success.!!!!

Thanks
Bala

 

[kumar_b_s_99]

I am trader of NSE India. I planned to trade in the following style:

1. Wait till 9.30 am, afterwards Buy the stocks with open = low, Keep the SL below Low. After 10 am, if trading above the ATP, trail the SL below ATP and move the SL with ATP.

2. If Open = High, after 9.30 am, Buy the stocks above day's High, put SL in day's Low.After 10 am, if trading above the ATP, trail the SL below ATP and move the SL with ATP.

3. If, Open # LOW # HIGH, If trade above ATP, buy the stock and keep sl below day's low. After 10 am, if trading above the ATP, trail the SL below ATP and move the SL with ATP.

Is it correct and Can i make profit, Seniors pls advice

 

[vijaybhai]

Helo

goodmorning,can u tel me today market view for nifty future

 

[Raghavacc]

Helo

goodmorning,can u tel me today market view for nifty future

Hello Bhai,

Please note that I do not believe in having an upfront view on market.What all I do is do homework comeback in the morning with horizontal lines,marked places and use the tools and trade as the price unfolds.

However there are lot of great people in this forum who do give the views and they do it with good accuracy too.I respect them.Hence a view on market is something above my head I must say

 

[Raghavacc]

Bala,

Let these 2 charts be here.I will start answering the questions from 17th of this month.

Till then try to google around and study the basics of fib as much as possible.

Hello Bala,

I know this matter was pending for long time.

Regarding usage of Fib tool for Intraday.

Above we have 2 charts.Nifty and Telco respectively.

Do note that as per my style during intraday to use Fib tool I need atleast..atleast..atleast 30-40 points movement in a single direction..

Lets take Nifty.from 5540 it slides to 5450.Almost 100 points decline. Now we have a slow retracement.once we see little candle making higher low its an indication that its a retracement and the cyclone is taking little rest.Now we draw a Fib line from 5540 to 5450 .Now we start watching levels 23%,38%,50% and 61%.If the trend is strong most of the times,the price reaches only 23 or 38%.To remind you 38% and 61% are very significant levels.Most of the time price reacts at these levels.

Now price reaches 5485 at 38% and starts building shooting stars,candles with wicks etc which is a sign of weakness. I do go short around 5474 with S/L at 5485-5490 just little above 38% level.However brokers do some goofup!!and take my S/L.

Now once my S/L is hit I again look for next level that is 50%.However in this particular case from 50% it makes a very quick move.THATS WHY WHEN PRICE REACHES 50% I PLACE A SHORT ORDER JUST BELOW 38%. Thats called planning and strategy.Most people chase market and thats why high BP.Now price makes a sudden move and declines to 38% and catches my order .SAR /S/L just above 50% levels. Thats it .Its done.

Its a general idea of trading fib.Fib is one of the tool and long with other tools it a powerfull weapon.In Fib itself,diff people trade it in different styles.All boils down to what style is suited for me?Thats important.

Now an exercise for all of you.

Tell me how do you trade the Telco charts above?

 

[murthyavr]

Tell me how do you trade the Telco charts above?

Let me try..

1. The scrip retraced upto 38%, came down to 23% levels.

2. But again, it has gone into consolidation between 23% and 38% levels.

3. The general assumption about consolidation is that the prior trend is likely to continue.

4. Hence place your Short order at (38% level - filter), with stop loss at (50% level+filter).

5. At the time of placing the Short order, the risk was about 4 points. The trade could have been carried forward till EOD, since there were no signs of reversal and the reward was about 13 points.

6. As such, the trade was with a RR Ratio of 1:3

Please correct me, if my perception of the things went wrong anywhere!

 

[Raghavacc]

Let me try..

1. The scrip retraced upto 38%, came down to 23% levels.

2. But again, it has gone into consolidation between 23% and 38% levels.

3. The general assumption about consolidation is that the prior trend is likely to continue.

4. Hence place your Short order at (38% level - filter), with stop loss at (50% level+filter).

5. At the time of placing the Short order, the risk was about 4 points. The trade could have been carried forward till EOD, since there were no signs of reversal and the reward was about 13 points.

6. As such, the trade was with a RR Ratio of 1:3

Please correct me, if my perception of the things went wrong anywhere!

Murthy,

I am sure you guys have gone far ahead of me....Lovely interpretation....100% correct.....:clapping:

 

[murthyavr]

Thanks Raghava, for your nice words.

Beyond all that stuff we tried to assimilate through the books, several aspects of trading - the practical strategies, the nuances, the pitfalls, the opportunities, the intricacies are beautifully, elaborately and patiently detailed by people like you, ST and several others.

I, alongwith so many readers of this forum, have learnt several things from these threads.

We should be grateful for your selfless contributions.

 

[balasoft80]

Hello Raghav,
I was away from system past two days due to personal work. I happen to check today only and all I can is wonderful explanation. I have gone through lot of books and google... But I have never got answer to my question. But when I see your post, I have no question to ask

Thanks
Bala