My attempts at daytrading stocks

[NAVEEVIa]

24-6-2008 trades

today was extremely frustrating though some good setups came

Here are the trades
http://bp3.blogger.com/_2dzJJqfPriE/SGDD7v8P6ZI/AAAAAAAAAkk/1op-JO-a2y0/s1600-h/trade+1.png
http://bp1.blogger.com/_2dzJJqfPriE/SGDEAfzSSVI/AAAAAAAAAks/w1ADr5l-0ZM/s1600-h/trade+2.png
http://bp2.blogger.com/_2dzJJqfPriE/SGDEFYCTUDI/AAAAAAAAAk0/5dMoF2K9U28/s1600-h/trade+3.png
http://bp1.blogger.com/_2dzJJqfPriE/SGDEKwjo71I/AAAAAAAAAk8/ARVva2UD044/s1600-h/trade+4+&+5.png
http://bp1.blogger.com/_2dzJJqfPriE/SGDEOWumgvI/AAAAAAAAAlE/PxGhPmmmoWY/s1600-h/trade+6.png

Looking at trades , here are the problem areas
1. how to manage trades after entryi.e just set a stop & target level & be happy or watch every tick & exit when u feel like, i am doing the later right now,

i have thought about following exit rules
1.USE WRB( wide range bars) or marubozos as stop levels when trade moves favourably.
2.Use any bar with extreme volume to exit
3. use support resisitance levels( this i am learning)

Any thought on other method for trade managemnet?

Naveen

 

[NAVEEVIa]

Just seen higher timeframe chart posted by you. Alas. Had you seen it before trading, you would have noticed that the price has just broken down from an immediately earlier trading range, that too in the form of a WRB and what will happen next? Quite simple. Test of the range and then another move down. Had you seen that, then you would not have gone long. Reread the lessons once again. You will get ample clues there.

Hi RSI,
Are u talking about the third last bar from end then thats yesterdays session itself, remember i posted the chart till end of yeterday session so just ignore last day ), if not then please annotae the chart with range & WRB

Higher time frame chart are important but one has to do study them before open & then plan so can u please tell me with some example on that
thanks
naveen

 

[vpsarathy]

I donot understand the jargons that you use. I simply concentrate on one stock for an hour, browse thru the rest in next 15 mins, attack another stock next hour and so on.I exit when things are favourable or donot seem to favour me. It is a gut feeling. In a day I do 4/8 stocks 1 or 2 at time. Yesterday I gave scalping rest for a week.

Today sometime in the afternoon I bought 100 shares of RIL at 2065. It languished within 4 rupees for a longtime not even covering my brokerage and expenses. By the time I came back in 10 mins after tea it had shot up to 2120 and then on to Rs 2132.50. I sold it since I didnot want to be greedy. In the next 25 mins it crashed Rs2050/-

Who say there is no manipulation in NSE? It was blatant today in RIL.

vps

 

[NAVEEVIa]

24-6-2008 bases

saw two bases today
http://bp2.blogger.com/_2dzJJqfPriE/SGDL5I7Q4BI/AAAAAAAAAlU/Gef-ZExnygo/s1600-h/itc+base+forming.png
http://bp2.blogger.com/_2dzJJqfPriE/SGDL1NIokBI/AAAAAAAAAlM/-owuv47K1Zs/s1600-h/suzlon+base.png

 

[NAVEEVIa]

I donot understand the jargons that you use. I simply concentrate on one stock for an hour, browse thru the rest in next 15 mins, attack another stock next hour and so on.I exit when things are favourable or donot seem to favour me. It is a gut feeling. In a day I do 4/8 stocks 1 or 2 at time. Yesterday I gave scalping rest for a week.

Today sometime in the afternoon I bought 100 shares of RIL at 2065. It languished within 4 rupees for a longtime not even covering my brokerage and expenses. By the time I came back in 10 mins after tea it had shot up to 2120 and then on to Rs 2132.50. I sold it since I didnot want to be greedy. In the next 25 mins it crashed Rs2050/-

Who say there is no manipulation in NSE? It was blatant today in RIL.

vps

i wont use jargons & abreviated terms, u can ask if u dont understand any
The purpose of this thread is to become more systematic in our approach as i believe it will be hard to survive without that

 

[RSI]

yes i regularly take stoploss hits mostly when i place stop at BE, i am stopped out & market marches in my favour

Thanks for the reply. What I was fearing was that, whether you were reluctant to accept losses and consequently you are taking profits too quickly fearing losses.

 

[RSI]

Hi RSI,
Are u talking about the third last bar from end then thats yesterdays session itself

Yes. I did not observe the time on the x-axis.

 

[RSI]

Re: 24-6-2008 trades

Looking at trades , here are the problem areas
1. how to manage trades after entryi.e just set a stop & target level & be happy or watch every tick & exit when u feel like, i am doing the later right now,

You must have an idea about the target at the time of entry itself. I donot approve the exiting a trade as per "my feelings". There must be some definite signal to exit the trade. This can come in many forms for example (1) SL hit (2) Break of Trendline (3) Signals from WRB or VSA (4) Break of pivot low/pivot high as the case may be etc. It is really a matter of time and practice. After practicing a while, you will notice that these exit signals are coming in one or other form as identified by you and you will be comfortable with your exit signals. It may so happen that price may move to some extent even after your exit. But please do not chase the stock after you exit from the trade.

i have thought about following exit rules
1.USE WRB( wide range bars) or marubozos as stop levels when trade moves favourably.
2.Use any bar with extreme volume to exit
3. use support resisitance levels( this i am learning)

Any thought on other method for trade managemnet?

Naveen

Not all WRBs are same. It is their place that is important. For example you cannot equate a WRB in a trading range and a WRB breaking out of trading range and a WRB at the end of trend as equal. Their place and their formation are important. Even volume associated with it is also important. You will distinguish from one type or WRB from another as and when you gain experience. Have patience.

P.S. I have not gone through the charts posted by you today. It is already late in the night. Good Night

 

[RSI]

Higher time frame chart are important but one has to do study them before open & then plan so can u please tell me with some example on that
thanks
naveen

Something which I wanted to point out yesterday, but I forgot it.
You are treating 15 minutes as higher timeframe for 5 minutes chart, which may not be ideal. If you want to refer to higher timeframe, it should be at least 5 times higher than your lower timeframe. For example

Hourly - Daily - Weekly Or
10 Minute - Hourly - Daily

Sometime back I had run a thread as "Simple Analysis" in Traderji. If my memory is right, you too have made one or two posts there. If you desire, you can refer that thread again. There you will get exaples of multitimeframe analysis. See whether it helps.

I hope this post helps
Regards
R. S. Iyer

 

[chandu657]

what is the position of ifci if a person will short sell please guid