Help with my trades.

[backbench]

Thanx a million that could be very useful. I will try that in real time trading tomorrow. I am using NOW.[/QUOTE.
There is no BO/CO available in NOW.

 

[Riskyman]

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?

http://imgur.com/a/6Pl7L

Your first trade..... : 1) the market gapped down and quickly filled the gap to go up. Not to mention , price already breached the downward TL. Where you initiated a short was nothing more than fishing for a top. ( No previous pivot lows had been breached then so no scope for a short). However, If you were adventurous, You could have looked to initiate a long when the Doji was painted at the retest of the TL. (Have marked it by an up arrow)

Your second trade... I think you switched to a 15 min chart???? Was your long based on a 5m chart or a 15m chart? Even on a 5 min chart I dont see a reason to go long at that point as the market is only struggling to keep at the high levels of the day. Price failed to make a higher high. (Yellow ) If at all , I was looking for a trade, I would have looked to go short at the break of the upward TL and the yellow line . Note the yellow horizontal line is a very small pivot low which got broken. So you could have taken a short scalping trade.

Couple of thoughts...
1)If you are looking for 20-30 points, use a fast chart like 1/3/5 mins.
2) If you wish to trade a 15 min chart then you need to have deeper stops.
3) On fast charts, there can be multiple trends in a day including counter trends on HTF. So, be mentally prepared to reverse trades.
4) If you are aspiring to be an intraday trader looking to trade fast charts, there is no point analyzing too many time frames as it doesnt make much sense. It will all lead to error in judgment. Therefore, it is best to trade what you see on the screen.
5)Decide your targets and be quick to book profits/losses. Dont wait endlessly for tops/bottoms.

Different traders see the market in different ways. These are just my personal thoughts and may not necessarily hold good all the time

 

[primitivetrader]

for your reference yday NF 5Min chart. hope it helps

 

[timepass]

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

1) I think that NOW allows BO/CO only for the indices.

2) Also, make sure to check how much margin is used while using BO, and compare with how much margin is used with MIS.

3) For using BO, I do the following :

Note : 1 tick = 0.05 points, 1 point = 20 ticks.

To place an order to buy NF @10150 with a SL of 20 points and a target of 75 points :

Make sure to tick the "TrailingStopLoss" to automatically trail the stoploss.

 

[MSN1979]

I checked in my software for now, It doesn't allow Bracket orders

 

[timepass]

Right click on the scrip in the marketwatch and check the whole dropdown menu. You should see an option for Bracket order. Else contact your broker.

I checked in my software for now, It doesn't allow Bracket orders

View attachment 24366

 

[MSN1979]

 

[timepass]

Ask your broker then.

 

[MSN1979]

done, moved my account to SAS online, they have less brokerage and they provide NEST

 

[MSN1979]

As adviced I did not take trades today but only Traded on paper.

Please let me know if my entry SL and Exit was correct

trade 1

Entry 207
Reason for trade : Break of Opening Candle
SL : 178
Exit as per system and TSL