1)download the excel sheet gann stuff posted by our member praveen pious
here
http://www.traderji.com/day-trading/39185-intraday-trading-using-gann-calculator-12.html
2)always trade the breakouts..that means long above the highs and short below the lows of the day
for eg=if nifty day high is 5926 and ltp is 5908..if u c the excel sheet that ul say buy above 5909..NO..u should not go long at 5909..instead the day high 5926 is crossed ul give u buy above 5929..reason for if u had bought at 5909..market would have gone up down up down behaving like drunkard and it ul take atleast 30mins to reach 1st trgt..that too after threatening to trigger ur stoploss many times
3)egarding entry..wait for the 1st minute of market open..wait til 9.16 a.m..c the highs and lows of the 1st bar of both spot as well as nifty futures..
example 1)=if the opening bar high of spot is 5865 and nifty future is 5885..buy obly when nifty futures crosses 5890.75 same time spot also should break above 5871.65..usually nifty futures breaks first..so one should not rush in to trade..wait for the spot also to break its next level..
example 2)if the opening high for spot is 5848 and nifty futures is 5861..spot ul quickly break its level of 5852,50 while nifty futures ul b trading below its level of 5871..so wait till nf break its level..same way like i said b4 one should not go long on nf as spot has broke some level..i repeat both spot and nifty futures should break one level above or below depending on whether its trading at premium or discount..rarely such conditions occur where either only one breach some level and other not..usually in a minute or 2 both break some levle..
3)max stoploss for a trade is one level high/below..
example 1)if u r long above 5795.15(1/8 level)..stoplos is 5776(0/8 level)
HERE COMES THE MOST IMPORTANT MODIFICATION
for eg..after long above 5795.15,if market makes a high of 5803..then again comes down to 5780 and then keeps rising..after 5mins u raise ur stop to this low formed(5780) after ur long entry..that means stoploss is the breach of high/low formed after our entry..this requires some good chart reading..
4)book 1/2 or 1/3 of ur postions at 1st trgt comulsory..bcoz once u book at this level..even if the stopls is hit..u ul b out of the trade cost to cost..
example..4 lots of nifty long at 5776..bkd 2lots at 5795.15..then if the stoploss of 5757 is hit for other 2 lots ..on avg ur purchase ul b buy at 5776 and sell at 5776(5795+5757 divided by 2 is 5776)
5)always use trailing stoploss for the rest 1/2 of ur positions so that v enjoy the full swing of market..when trgt 2 is achieved dont bk any quantity..instead riase stoploss to trgt1..same way when tgt 3 is reached raise it to trgt 2..
6)book all ur posiotns at 0/8 levels or 8/8 levels..
example=5776 and 5929 r 0/8 and 8.8 levles respectively..so if u r short bleow 5852.50 and hav bkd half at 5833.40..then use trialing stops till 5776..if the 5776 is touched jus bk full..
7)during range bound days..u c this often..once u r long or short neither the trgt or stoploos is met..or the price is between ur buy/short level and trgt1..in those circumstances(stoploss is same like 3)..after the high low is breached and if the price start to come down(if u r long) then jus bk at that old high..
example=if ur short below 5814.25..it makes a low of 5804..then hovers around ur entry level for 1 hr..niether hitting stoploss if 5833.40..and then the price starts falling below 5804..it should achieve trgt 1 of 5795.15 immediately without seing upside..otherwuse again if price jumps above 5804 jus bk full..
8)do not enter freah postions after 3.10 p.m..that does not mean v should enter befor 9.30..v can enter at anytime of market open as long as it fills our criteria..
for further clarifications please folow me n gann calculator thread..thanking u all
here
http://www.traderji.com/day-trading/39185-intraday-trading-using-gann-calculator-12.html
2)always trade the breakouts..that means long above the highs and short below the lows of the day
for eg=if nifty day high is 5926 and ltp is 5908..if u c the excel sheet that ul say buy above 5909..NO..u should not go long at 5909..instead the day high 5926 is crossed ul give u buy above 5929..reason for if u had bought at 5909..market would have gone up down up down behaving like drunkard and it ul take atleast 30mins to reach 1st trgt..that too after threatening to trigger ur stoploss many times
3)egarding entry..wait for the 1st minute of market open..wait til 9.16 a.m..c the highs and lows of the 1st bar of both spot as well as nifty futures..
example 1)=if the opening bar high of spot is 5865 and nifty future is 5885..buy obly when nifty futures crosses 5890.75 same time spot also should break above 5871.65..usually nifty futures breaks first..so one should not rush in to trade..wait for the spot also to break its next level..
example 2)if the opening high for spot is 5848 and nifty futures is 5861..spot ul quickly break its level of 5852,50 while nifty futures ul b trading below its level of 5871..so wait till nf break its level..same way like i said b4 one should not go long on nf as spot has broke some level..i repeat both spot and nifty futures should break one level above or below depending on whether its trading at premium or discount..rarely such conditions occur where either only one breach some level and other not..usually in a minute or 2 both break some levle..
3)max stoploss for a trade is one level high/below..
example 1)if u r long above 5795.15(1/8 level)..stoplos is 5776(0/8 level)
HERE COMES THE MOST IMPORTANT MODIFICATION
for eg..after long above 5795.15,if market makes a high of 5803..then again comes down to 5780 and then keeps rising..after 5mins u raise ur stop to this low formed(5780) after ur long entry..that means stoploss is the breach of high/low formed after our entry..this requires some good chart reading..
4)book 1/2 or 1/3 of ur postions at 1st trgt comulsory..bcoz once u book at this level..even if the stopls is hit..u ul b out of the trade cost to cost..
example..4 lots of nifty long at 5776..bkd 2lots at 5795.15..then if the stoploss of 5757 is hit for other 2 lots ..on avg ur purchase ul b buy at 5776 and sell at 5776(5795+5757 divided by 2 is 5776)
5)always use trailing stoploss for the rest 1/2 of ur positions so that v enjoy the full swing of market..when trgt 2 is achieved dont bk any quantity..instead riase stoploss to trgt1..same way when tgt 3 is reached raise it to trgt 2..
6)book all ur posiotns at 0/8 levels or 8/8 levels..
example=5776 and 5929 r 0/8 and 8.8 levles respectively..so if u r short bleow 5852.50 and hav bkd half at 5833.40..then use trialing stops till 5776..if the 5776 is touched jus bk full..
7)during range bound days..u c this often..once u r long or short neither the trgt or stoploos is met..or the price is between ur buy/short level and trgt1..in those circumstances(stoploss is same like 3)..after the high low is breached and if the price start to come down(if u r long) then jus bk at that old high..
example=if ur short below 5814.25..it makes a low of 5804..then hovers around ur entry level for 1 hr..niether hitting stoploss if 5833.40..and then the price starts falling below 5804..it should achieve trgt 1 of 5795.15 immediately without seing upside..otherwuse again if price jumps above 5804 jus bk full..
8)do not enter freah postions after 3.10 p.m..that does not mean v should enter befor 9.30..v can enter at anytime of market open as long as it fills our criteria..
for further clarifications please folow me n gann calculator thread..thanking u all
