Manoj's Trading Diary

Discussion in 'Trading Diary' started by manojborle, Dec 8, 2016.

  1. manojborle

    manojborle Well-Known Member

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    Good morning everybody

    I will start posting my trades here, as of now they will be paper trades as i am just back from ship.
    I will also share strategies I have learned till now.
    I trade basically with indicators ADX and RSI for intraday. These are used for entry and exits. I use Supply Demand zones, Demark Trend lines and fibonacci retracements in higher time frame to decide the market trend/range.
    My trading timeframe is 3 minutes and I use daily chart as higher timeframe.

    All members are welcome for suggestions and healthy criticism.

    Thanks
     
  2. manojborle

    manojborle Well-Known Member

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    RSI :

    RSI is used to define market trend/range. As most of you might be knowing this that in an uptrend RSI travels in 40-90 zone and in downtrends it travels 65-20 zone. So generally in up trends markets will find support in 40-50 zones and resistance in 75-85 zones. Similarly in down trends it will find Support in 20-30 zones and resistance in 55-65 zones. In range it will travel from 40-65.
    Signals from RSI are divergences and reversals.
    Reversals can be used to fix the price targets.
    I will keep on adding as and when I remember some points.

    Thanks
     
  3. manojborle

    manojborle Well-Known Member

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    ADX:

    ADX is pretty straightforward, it helps is deciding strength of a trend.
    ADX above 25 indicates strong trends and below 25 indicates range.
    ADX values above 40-45 indicates trend is overstretched.
    With DMI we can find either bulls or bears have upperhand.

    I use 8 period ADX and 13 period DMI.
     
  4. manojborle

    manojborle Well-Known Member

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    RSI/ADX Up Trend Example

    [​IMG]
     
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  5. Dom Perignon

    Dom Perignon Active Member

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    Hello manojborle
    my compliment :clapping::clapping::thumb:

    nice to see someone with clear ideas and can transfer then into writing
    I used to use the ADX but didn't help me much (maybe I wasn't as good as you) but in my scalp I don't need many "tools" my way-plan anyway

    keep it up... for me it is interesting all the same :)
     
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  6. manojborle

    manojborle Well-Known Member

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    RSI Down Trend Example:

    [​IMG]
     
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  7. southpaw

    southpaw Active Member

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    manoj any trades fr today?
     
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  8. manojborle

    manojborle Well-Known Member

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    Hi Southpaw
    I haven't started trading yet and I will mark the paper trades at EOD.
    I will be working towards achieving it in realtime.

    Thanks
     
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  9. manojborle

    manojborle Well-Known Member

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    Date: 8 Dec 2016
    1. Rsi trading near 75 zone, indicates up trend
    with trend entry will be in 40-50 support zone
    rsi falls below 50 @ 1130 candle, long above this candle @ 8241 with sl 8235
    1224 candle goes above previous high & rsi fails to make new high & trade is exited @ 8260.

    2. Rsi falls below 50 @1300 & long is above 1312 candle @ 8248 & sl 8239.
    This is rsi positive reversal also for which target comes @ 8266.9
    which is achieved @ 1418 candle.

    Total trades : 2
    total win : 2
    total loss : 0
    total profit/loss = 19 + 18.9 = 37.9 points

    note: There are 2 counter trend trades also which are rsi divergences which i will skip until i master with trend trades.
    Short @ 1254 @ 8262 and exit @ 8247 @ 1315
    short @ 1418 @ 8263.95 & exit @ 825 @ 1451

    [​IMG]
     
    Last edited: Dec 9, 2016
  10. niftytraps

    niftytraps Active Member

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    Manojbhai,

    RSI Also dropeed below 50 in 13.03 candle of which high broken in to 13.09 candle ,similar entries above 14.27 and 14.48.. why and how we would avoid those entries. expecting trend continuation ?
     
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