One Good Trade

I will Try to post my trades and my views, thoughts etc.... here...

ok todays trading booked loss. sold 300 of pnb stocks and booked a loss of 1000... never into longside...

Mistake: As a trader i should have a mindset and willing to trade in both ways.... but since i was having a mindset on shortside... i went short and paid the price for wrong mind set... hope i shall correct it from tomorrow....

Moral: Day traders must be willing to trade on eitherside... should not have frame set....

Regarding your Moral of the Day - I am trying to change myself for several years but couldn't.
So I suggest you to have a backtested mechanical Trading system if not as advised by experienced loosers turned winners.

Wish you best of luck.

Today nifty breached 34 ema and stopped by 50 sma... if nifty opens up to 6230 further upside possible for day trading.... if nifty opens above that i wll not go long in the morning will wait for pull back....follow ORB if nifty opens btw 6200 to 6230 in 5 min time frame....

6030 ??

Is there a mistake ?

Best timeframe to daytrade is 5 min or 10 min during first half hour of the market open. here you can apply open range breakout method during this time... after that switch to 15 min timeframe for ema cross over trades.... for ORB, avoid trading if first candle is very big . but trade if first candle is little bit large than normal candles...

This my observation.....before applying this observation first observe whether this strategy works for u...

Apart from open range breakout, you can also go for another type of break out method....tat is half an hour break out method.....use two 15 min candles however Avoid half an hour breakout under following condition....

1. if first two candles are very large and if their range covers 2 percent of the price
2. if market is moving just because of world market...

consider trading under following conditions....
1. IN bullish trend and bearish trend..if first two 15 min candles are of average size
2. in the middle of the day some time the price will try to break the range second time( provided already a try to break the range is failed early)
3.during bullish trend..day open price is above the 34ema /50 sma ,first 15 min candle is red ( some times stopped by emas which acts as resistance..) and second candle will be green )
4. In bearish trend vice versa of 3 point may occur....

In upcoming threads i will try to dicuss about crossover trades... most of my observations will be about how to avoid bad trades... It is said some times a system which provides 40 percent wining trades is enough to make money provided discipline and money management....

This haapens often... for example IN EOD chart a stock may have bearish trend...but in 15min tf price opens below 34 ema and it is moving dow downwards for sometime.... after that it is rapidly retraces back to 34 ema... now the 34 ema/50 sma will be acting as a strong resistance...but remember if a candle closes above the 50 sma , there must be some reason. add two or 3 pt filter to the cross over candle. if that filter taken out enter into long position.... some people wil also short the stock when price approches near the 34 ema hoping there will be a rejection.... i will dicuss the rejection and cross over strategies briefly in subsequent posts....

good observation's from u ,
thanks for posting ,
i also trade six months sucessfully 34 ema rejection system ,
it is a well discussed system in other forum by naveen , i learnt it from traders carnival ..
ur inputs on orb are good ,

can u suggest some filters on orb 5 min and 30min, to avoid bad trades , as i am trying to use 5min and 30m orb sys in bnf-1 , there comes certain whips ,so your obersavation around filters to avoid bad trades and to reduce drawdown in an orb system is welcomed ...