This strategy is based on 30min chart. Trade is taken as per the trend, after
identifying a small inside bar.
For a buy:
Risk = Range of the small inside bar.
Entry = High of the above small inside bar
1st Target (Exit 1/3) - When price reaches your Entry Price + Risk
(Here, move your stop loss to the Entry Price)
2nd Target (Exit 1/3) - When price reaches your Entry Price + (2 times Risk)
3rd Target (Exit remaining) - When price reaches your Entry Price + (3 times Risk)
Opposite for a sell.
So, it doesn't matter whether you look at a 30min chart or a 5 min chart.
Exits are as per pre-determined levels, they are not as per pivots.
Hope this helps you..
Ok. I did something weird but it worked.
Actually i did the following today---
before market picked up 3 stocks--cipla,rcom,dlf by looking at 30min charts along with 21sma.
Criteria for selection-
1.slope of 21sma was good(upwards).and not touching the bars.
2.30 min was in uptrend visually
So took long trade on cipla after pivot break to upside on 5 min. Made 2 later adds and exited at a good positiion.
Dlf failed and gave a pivot break on 30 indicating down movement but skipped the trade as i was not confident.
Rcom also gave a good trade later in the day but i missed the move as i was busy with some other work.
As you can see i tried combined 30-5min dual tf with 21sma.
I will also post the charts, seniors plz comment.