Help with my trades.

[Riskyman]

Ok Posting my Second Trade for Today.

My entry was at 10167
Reason for Entry : Touch down on Channel of Acending TL
SL - previous Pivot 10128 (-3) 10124
Exit 10124
Result : Loss of 41 p+ Comission.

According to me this was better trade as I don't see breaking any rules. Was I correct to go long here? Please point out any problems with trade if any. The SL was according to chart.

View attachment 24358

Where you are entering Long is a place I would look to short ( if at all). A few bars up is not a change in trend. Its a counter trend on the time frame you have chosen to trade. You should have been looking for price failures to enter short on such rally. You should be aware of the larger trend. Also, at key support areas the markets can get a bit dicey. So you have to avoid trading them until you see clear direction. If you do not understand what the market is doing, sit out. Sadly, Trading is a job where people find hundred reasons to trade a set up.

Edit: Trading 1m/5m/10m/15m charts is not easy. Its takes years of learning and experience. Winning and loosing is a part of the game. Keep at it if you have chosen this is what you want to do in life. Good luck.

 

[timepass]

Upsloping trendline was broken. The price was just retracing to re-test the trendline.

If you are using trendlines for trade decisions, maybe you should search for the thread on Trendlines by 4xpipcounter.

http://www.traderji.com/community/threads/4xpipcounters-trendlines.52173/

In his other threads he has beautifully combined Ichimoku with trendlines.

Ok Posting my Second Trade for Today.

My entry was at 10167
Reason for Entry : Touch down on Channel of Acending TL
SL - previous Pivot 10128 (-3) 10124
Exit 10124
Result : Loss of 41 p+ Comission.

According to me this was better trade as I don't see breaking any rules. Was I correct to go long here? Please point out any problems with trade if any. The SL was according to chart.

View attachment 24358

 

[MSN1979]

You ignored the gap that got filled in the first 3-4 bars.

Hi

Can you please explain what do u mean by ignoring gap?

 

[timepass]

I need to learn more about bracket orders. So if the market move 1 point down it will hit my SL?

If you sell at 10142, and define a stoploss of 20 points (or 10162), then when the price moves down, say 3 points to 10139, the stoploss will automatically move to 10159. If the price then goes back to 10145, the SL will remain at 10159. Then when the price goes further below to, say, 10135, the SL will move to 10155.

Like this, the stoploss will move for every point in your direction.

That's how it works in Nest. Haven't tried it in Sharekhan. But should be similar across all the platforms.

 

[Riskyman]

Hi

Can you please explain what do u mean by ignoring gap?

The market opened lower than yesterdays's close (gap down, small albeit) but immediately closed this gap by going up. This means that participants think lower opening is an opportunity to buy. Some of the best trend reversals happen like this. In an uptrend prices will gap up and eventually slide and vice versa.
If on the opening tick, the gap fills out, its time to get patient

 

[MSN1979]

Where you are entering Long is a place I would look to short ( if at all). A few bars up is not a change in trend. Its a counter trend on the time frame you have chosen to trade. You should have been looking for price failures to enter short on such rally. You should be aware of the larger trend. Also, at key support areas the markets can get a bit dicey. So you have to avoid trading them until you see clear direction. If you do not understand what the market is doing, sit out. Sadly, Trading is a job where people find hundred reasons to trade a set up.

Edit: Trading 1m/5m/10m/15m charts is not easy. Its takes years of learning and experience. Winning and loosing is a part of the game. Keep at it if you have chosen this is what you want to do in life. Good luck.

Thanx for your valuable input, although this might seem like a silly questions to ask but I will ask anyway. My ego is less important then winning trades in market.

If you have gone through my first post, I did take a short as trend on HTF chart was down. So as other members here suggested breakout was a success and hence I should have gone long. Now this opens a new debate point. So let clarify You quoted you would go "short" can you help me as to where would you go short and reason why?

(My reason to go long) Also if the breakout on TL was a success and most have suggested that I should have gone long. While trading in real time, I realised the same thing that TL break out was a success and made my positions long. Now I understand it might have been a correction and not a reversal.

Yes I think now I understand your point as other and yourself have rightly mentioned "Trading at key points" I realize that now. Would be lovely to learn your reasoning of going short and why?

 

[MSN1979]

If you sell at 10142, and define a stoploss of 20 points (or 10162), then when the price moves down, say 3 points to 10139, the stoploss will automatically move to 10159. If the price then goes back to 10145, the SL will remain at 10159. Then when the price goes further below to, say, 10135, the SL will move to 10155.

Like this, the stoploss will move for every point in your direction.

That's how it works in Nest. Haven't tried it in Sharekhan. But should be similar across all the platforms.

Thanx a million that could be very useful. I will try that in real time trading tomorrow. I am using NOW.

 

[MSN1979]

Upsloping trendline was broken. The price was just retracing to re-test the trendline.

If you are using trendlines for trade decisions, maybe you should search for the thread on Trendlines by 4xpipcounter.

http://www.traderji.com/community/threads/4xpipcounters-trendlines.52173/

In his other threads he has beautifully combined Ichimoku with trendlines.

I am watching that funny accent video. Busy for tonight would be reading your link tonight. Will ask questions if any.

 

[MSN1979]

The market opened lower than yesterdays's close (gap down, small albeit) but immediately closed this gap by going up. This means that participants think lower opening is an opportunity to buy. Some of the best trend reversals happen like this. In an uptrend prices will gap up and eventually slide and vice versa.
If on the opening tick, the gap fills out, its time to get patient

If I understand you correctly, today was gap down opening and since gap open got HIT (filled) we should avoid trading (that day)?

 

[backbench]

There is no BO/CO available in NOW.