My Day Trading Dairy.

[imfine]

Are there no trades today?

no not done as want to relax after this heavy loss. will resume on monday

 

[sridhga]

Okay Good. Take a break and get back. Wish you good luck.

 

[sridhga]

Your thread is such an inspiration for me, today, I was reading it again from the beginning. I have an observation. On 3rd April, you set a very high target for Mothersonsumi. That resulted in a loss.
I trade ORBs on FnO, but the biggest challenge that I face, is, getting caught on false breakout. How do you handle this?

 

[jagankris]

I trade ORBs on FnO, but the biggest challenge that I face, is, getting caught on false breakout. How do you handle this?

You can only know after false breakout happens.So wait for false breakouts to happen and trade.

 

[imfine]

Your thread is such an inspiration for me, today, I was reading it again from the beginning. I have an observation. On 3rd April, you set a very high target for Mothersonsumi. That resulted in a loss.
I trade ORBs on FnO, but the biggest challenge that I face, is, getting caught on false breakout. How do you handle this?

Though i dont like to add studies on chart but loss is inevitable, you can only lessen it.

Its what i found to check false breakout.

Use of exponential moving average EMA13 on 15 mins chart.

If the breakout is towards buy then the EMA13 will be below each candle. So your breakout is right till the candle is above it.
Now there is high chance of false breakout if a red candle is not only created but crosses and closes below this EMA13. A sign to move out of the trade.

Just check this on your own also.

 

[imfine]

Your thread is such an inspiration for me, today, I was reading it again from the beginning. I have an observation. On 3rd April, you set a very high target for Mothersonsumi. That resulted in a loss.
I trade ORBs on FnO, but the biggest challenge that I face, is, getting caught on false breakout. How do you handle this?

this is what happened on 25th in Cipla as sell breakout fails and how EMA13 be used.

 

[sridhga]

this is what happened on 25th in Cipla as sell breakout fails and how EMA13 be used.

View attachment 25623

Thank you for your inputs. They do offer some insight. Zerodha has a new offering 'Sentinel'. I am just checking if that could be used instead of a BO that would instantly trigger a trade even on flase breakouts. See, a false breakout does not carry volume with it. So, if you get a sentinel alert and then check volume to get into the trade? I am wondering if that works.

 

[sridhga]

Though, I am not very experienced, (of course, I have great experience in blowing up my account), after observing you trades, I would like to suggest the following. Since it is weekend you may have time to ponder about them.
1. Do not keep targets more than 0.5% of the price of the share. After the trade is triggered, based on the strength, you can revise your target to suit your comfort. If you are not at your terminal, you have a better chance of hitting it and exiting with lower profit and then have no regrets.
2. Prefer shares above Rs. 500 in price. Lower priced shares can stop us out of trade due to whipsaws.
3. Keep unfavourable Risk Reward ratio. This may sound ridiculous, but will save you from whipsaws. Target is to get better Win-Loss ratio.
4. If you are trading shares below Rs. 500 you should have even more unfavourable RR.

Just look at my observations over the weekend and you can comment on them.

 

[Satya.]

@sridhga @imfine orb is certainly a nyc systm n i can also offer my suggestions
if i say orb can offer u 80% win rate if u use my tweaks den traders will laugh on me as i m a looser myself..
i dnt hv ny rights 2 suggest nythng 2 ny1 lyk do dis-do dat untill i raise abv dat loosing streak

happy weekend

 

[sridhga]

@kisna Please share your views and tweeks