Intraday Trading Banknifty with a solid EMA

[suri112000]

Ok....fellow traders.

None of us is claiming its our creation. Its me who has failed miserably to dig the source and give due acknowledgement to the creator.

I clearly mentioned in my first post that the strategy is talked about a number of times earlier in this forum as well as other places.

The idea here is not about the entries to be taken based on the strategy but about the follow up of trades. This thread is about building a clear cut road map on how to follow up the trades. Rather the entry could be based on any strategy, but I took this strategy which sparked controversy on copyright issues.

I have taken out this setup from the bulk of setups available in my harddisk which has no clue about the creator. I am extremely thankful for bringing up the clue of actual creator. I am hereby duly acknowledging the creator.

Sorry for the inconvenience caused.

 

[traderchandra]

@Traderchandra

santosh 2010 is his ID and i know him in person my dear.. iam also great fan of him... no doubt in that...
i never mentioned that it is my own creation and the post in mudraa is after my post in TJ note that
it seems you are not understood my post and replying to rkarnani post.....

So that why you were making fan of him, sorry fun of him in a post.
And perhaps, I am a dumb so didnt understand your above post.
Ok, now we should stop this conversation, otherwise this thread may derailed, off the track. (however, if you want to continue, I can continue)

 

[MARUTIMANE]

Dear Suri,

Now issue is solved we have lot discussed abt creator, now we want your inovation in this set up to benefit the followers. I expect from you the same and continue your finding on this setup.

thanks

Maruti Mane

 

[traderchandra]

Ok....fellow traders.

None of us is claiming its our creation. Its me who has failed miserably to dig the source and give due acknowledgement to the creator.

I clearly mentioned in my first post that the strategy is talked about a number of times earlier in this forum as well as other places.

The idea here is not about the entries to be taken based on the strategy but about the follow up of trades. This thread is about building a clear cut road map on how to follow up the trades. Rather the entry could be based on any strategy, but I took this strategy which sparked controversy on copyright issues.

I have taken out this setup from the bulk of setups available in my harddisk which has no clue about the creator. I am extremely thankful for bringing up the clue of actual creator. I am hereby duly acknowledging the creator.

Sorry for the inconvenience caused.

Its good that you are discussing this setup/strategy. Nothing against you
It enraged me when the other member blamed VimalRaj for lifting his setup.
The topic is closed from my side.

 

[laotze]

i have mentioned in the post in which i shared in traderji..about its source...
well i know the person in traderji and vimalraj are of same person including
the ID in TJ.....i have never said that it is my copy right ....

it is a setup and suri seems to be researched on this for better trade entries
we should stop this topic for the better interest of the this thread

Why secret, Santhosh is the person..

Moreover, if setups are working, then why the dispute, who has invented...

Nobody is going to give any award for this...

Let us improve our trading skill...instead talking unwanted irrelevant subject.

 

[suri112000]

We now know that a trade set up is in place, we place the order for trigger.
But the price retraces to EMA and touches it. We cancel the order. We will wait for next set up to take place. Say now we have next set up in place. We will place the order for trigger. Say now the order is triggered. Next immediate step is to place the Stop Loss order for the entire lots. Now wait for the first target or Stop Loss. If stop loss hits and if that happens to be otherside of trade developing, then we wont take the trade that is developing on the side in which our SL is taken out. Kindly understand this point. Because this is going to be very crucial in managing the trade. We will wait for the price to close otherside of the EMA and new set up is emerging. We take trade only then........ONLY THEN.

If unable to understand this point, please revert back I will explain it with the help of charts.

 

[MARUTIMANE]

It is better to explain through chart.

 

[traderchandra]

It is better to explain through chart.

Even better, with charts and comments both, if possible
Thanks

 

[suri112000]

Trade 1 is intiated.
Booked 1 lot at Target 1.
Brought TSL to breakeven on remaining 2 lots.
TSL was hit eventually.

Now, the question is when to intiate next trade?

We can see clearly our TSL was hit when the price was below EMA.

To intiate next trade, the price should test EMA and atleast one bar should preferably close above EMA (In the chart it was shown as down arrow mark).

 

[laotze]

Trade 1 is intiated.
Booked 1 lot at Target 1.
Brought TSL to breakeven on remaining 2 lots.
TSL was hit eventually.

Now, the question is when to intiate next trade?

We can see clearly our TSL was hit when the price was below EMA.

To intiate next trade, the price should test EMA and atleast one bar should preferably close above EMA (In the chart it was shown as down arrow mark).

My Queries ..

- How you have fixed Target as mentioned
- As per rule candle closed below EMA, then necessary we have to close our long and go short...why we should wait till level you have mentioned to exit our long with breakeven.

Confused...please clear the air.