Intraday Scalping in Mcdowell-N

gkpc

Well-Known Member
#1
Mcdowell seems to be an excellent candidate for intraday scalping.
Position I take is for 2 lots exiting one lot at 8 points and then ride the move. Max looking at 18 points in 2nd lot.

18th Jan :
Trades already taken :
Long 1790.70 , exit : 1798.45 and 1808
Short 1798 exit : 1790.35 , and TSL hit at 1805.20

Waiting to Long > 1810.3
 

gkpc

Well-Known Member
#4
Exited within minutes of entry 1 lot at 1818.30
Second lot tgt 1828 and TSL now 1798 but will rise on close of the current 5 minutes candle.
 
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gkpc

Well-Known Member
#5
Booked profit in 2nd Lot at 1828 !

Now waiting for fresh signal. Though shall not take any actual trade. Shall post the details only.
Quota for the over.
 

gkpc

Well-Known Member
#8
can u explain one trade in chart pl & link to this strategy if available in this forum.
If not,pl explain.
This strategy is not here on traderji ! Was given to me by rkkarnani for some other stock but I found it works wonderfully well on Mcdowell 5 minutes chart.
IDNR4 is plotted in Metastock as per Expert Adviser given by him.

If desired I can post a chart. Basically when three candles following any candle do not breach the original candles High or Low , the Candle is called IDNR4 ! Long is above the high and Short below the low of this candle. Some filter is used to avoid whips.
 

rangarajan

Well-Known Member
#9
This strategy is not here on traderji ! Was given to me by rkkarnani for some other stock but I found it works wonderfully well on Mcdowell 5 minutes chart.
IDNR4 is plotted in Metastock as per Expert Adviser given by him.

If desired I can post a chart. Basically when three candles following any candle do not breach the original candles High or Low , the Candle is called IDNR4 ! Long is above the high and Short below the low of this candle. Some filter is used to avoid whips.
Thanks.
Pl post a chart if it is not inconvenience.
What r the Filters.
Does NR4 means Narrow range in consecutive 4 bars.
What is meant by Pivot reversals in yr post .Any Exit criteria.
Is this strategy applicable in other TF also.
By any chance,have u traded this successfully for other shares.
 
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gkpc

Well-Known Member
#10
No idea what is Pivot reversal, rk sir calls it by this name, something to do with Pivot formation.
I did try on SBI and Nifty but wasnt successful.
Even Mcdowell was really dancing to my tunes today but its not that always.
I use a Re.2.00 filter above/below the IDNR bar level.
Exit Lot 1 at 8 points, 2nd at 18 points or on Pivot reversal. It is basically (if Long) exit below the lowest level of the bars that make the Pivot level. I have no idea how this calculation is done. Shall post the chart asap.
 

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