My daytrading

Did my thread made any difference to your trading?

  • Yes

    Votes: 12 92.3%

  • No

    Votes: 1 7.7%
  • Total voters
    13
  • Poll closed .
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R

Raghavacc

Well-Known Member
#121
#121
raunakagarwal said:
Raghav,

This is sincerely a very good effort by you.

I think you are in a way re-iterating a fact that many fail to understand even after being in the market for long. The fact that analysis performs well than some dud system giving buy and sell signals proves that human mind is far capable than some dumb computer system.

I like the way you are integrating different aspects of TA. This is good and will put you light years ahead than most who follow some computer generated systems. Keep it up. Will be watching this thread with interest.

Tc
Click to expand...
My humble thanks to you Raunak.

Interestingly I am a silent observer of all your threads and I really liked all of them for their simplicity.The irony is that our public does not believe anything which is simple. Its because of the atmosphere in which we were brought up.
There is a saying that "We can take a horse to a pond but cannot make it drink".

I really feel happy to hear such good words from seniors like you.

Regards
Raghav
 
R

Raghavacc

Well-Known Member
#122
#122
laxsri said:
Thanks Raghav.

Can you please help me understand on what basis (apart from the peaks / troughs of the day) should an intra day target / support price be decided.
Click to expand...
I suggest you to Read "A complete guide to Technical Trading Tactics " by John L.Person.It should help to build some good base.

Regards
Raghav
 
R

Raghavacc

Well-Known Member
#123
#123
Just to mention the fact that for day trading the levels play major role.

What I mean is For Tata Motors ( Chart I have attached few posts ago) Firdays Pivot levels were

Resistance
R1. 771
R2 .777

Support

S1.758
S2.753

Key is to know weekly as well as daily Pivot levels.

Now just look at chart what happened.Early morning it slided and haulted @757-760 range. we have 3 hammers.Lower Bollinger system cutting through the tail of a hammer. Isnt that enough confirmation?.

We know that at all major pivot levels we have floor traders waiting for picking the orders.so it pays to get in to trades at those levels when our system tells to go ahead.

Then if you see R1. is 770 where we have a long consolidation. There is no harm in using this knowledge to make this system more reliable. We can just have an excel sheet on desktop keeping these numbers .No need to put up lines ON THE CHART and mess up . Let the chart be with as less indicators as possible. Charts looks beautyfull without any indicators.

Trading as well as highly profitable traders were there well before computers software/systems/programs were invented.Do we think the people before it were dumb?

Just Stoch and candles. Thats enough once we get a hang of it.

However additionally I am keeping 21SMA and BB for confirmations since we are in initial stages and also we need to make new comers comfortable.Thats it. no more indicators.

Regards
Raghav
 
S

simple_trader

Well-Known Member
#124
#124
Hi Raghav,

I too did long in TATAMOTORS on Friday. My reason for going long was last EOD candle was a close above 20 EMA and it came down and found support at 20 EMA on Friday morning. Though I could not ride till closing, got out early as it was having OH.

regards!
 
R

Raghavacc

Well-Known Member
#125
#125
TATAMOTORS stayed in OB>5 bars twice today and now its dipping.As per our system its heavily bullish.Also note the 753 range where its consolidated for long .Thats where we have R2 for the day.

Lets see how does it go forward

Regards
Raghav
 
Last edited:
R

Raghavacc

Well-Known Member
#127
#127
vssoma said:
dear raghava,
pls. post the chart of today's nse with you setting ( which is my fav. settings too...)
here i am not able to get that type of settings in my chart since i format my sys.
pls. check the chart and give me suggestions.





tnx,
Click to expand...
I do not use Amibroker hence no idea on its settings. However these are settings for this method.
Stoch:

Average type:Simple (S)
Avg Period:3
% k period :8
% k slow :4
OB=80
OS = 20

Regards
Raghav
 
R

Raghavacc

Well-Known Member
#128
#128
Raghavacc said:
TATAMOTORS stayed in OB>5 bars twice today and now its dipping.As per our system its heavily bullish.Also note the 753 range where its consolidated for long .Thats where we have R2 for the day.

Lets see how does it go forward

Regards
Raghav


Today TATAMOTORS did move either way.Same time it also teaches lot of lessons.

1. We have OB>5bars and then a pivot break .Long. It did produce a tiny trade. as P/L is broke after an hour.
2.Now we are going to buy at dip. So it is at Point number 2 in stochs it comes back without being in OS>5 bars. Then there is a window ( Gap up) which shows the strength.We are long.got good move. OB again >5 bars.Again everything is bullish. R2=753. See how usefull that information was. I never expected such crash but bias is an enemy of a trader. Here we clearly see the difference between mechanical trading and emotional trading.

Upper BB piercing both in 4 and 5 Minute chart when in OB zone ( 4 minute chart is for the confirmation of signals.).As per the method I was still bullish and it is our commitment to do only what system says.Next we have 2 consecutive P/L's broken and S/L also being taken. Stoch also makes lower high which indicated weakness in upmove. Shorted at the break of window which gives almost 18 Rs. move.

Also to note is the fact that one can ( Agressive traders) cover positions once it reaches R2 and would have made more profit than what I could. However my aim is to persistently stick to rules which gives more and more confidence in what we do.Also a kind of satisfaction by EOD.Its again individualistic.

Its second time that I encountered 2 extremes ( Up and down) under this method and it pays to listen to the system.



Remember in initial posts what I said. "Shorting when upper BB pierces in OB and long when lower BB pierces in OS". how many more examples we need?....



Regards
Raghav
Click to expand...
 
R

Raghavacc

Well-Known Member
#129
#129
Also one may ask why one day I put SMA 20 another day BB and some day only candles.However it makes no difference as long as we follow price action. The purpose of putting them is to just show how resistance and support works .
One can make use of any one of them or all together depending on comfortable levels.

In market Price is king ,volume is queen,indicators are servants.

Regards
Raghav
 
R

Raghavacc

Well-Known Member
#130
#130
[/QUOTE]
once it reaches R2 and would have made more profit than what I could. However my aim is to persistently stick to rules which gives more and more confidence in what we do.Also a kind of satisfaction by EOD.Its again individualistic.

Regards
Raghav[/QUOTE]

A golden day for our system.

Yesterday late session OS>5bars.

Early morning comes out of OB zone. BB confirms shorting.

Then double bottom.+ve divergence.

OB>5bars add.

_ve divergence .Cover longs and open shorts ( Reverse).So we have caught a down move, then an up move and again a down move. Chart is infornt of you for rest of the calculation.



Do we need still more? Watch where is stoch when lower BB pierced.



Regards
Raghav
 
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