LONE WOLF's Trading Diary

LoneWolf

Well-Known Member
Hi Lonewolf
Can you please share afl of high Timeframe Pivot..I have checked every post of this thread & apply every afl which has shared, but HTF pivot is not showing..
so can you please share the latest afl you are using, so we both can be on same pages
thanks

The square with dots represents the equivalent of higher timeframe pivots. I got this idea from Subhadip's pivot trading thread, where he sees minor and visual trend in one chart. There are many rules for pivot up-gradation. Though I do not trade mp-vp method, I liked the idea of visualizing higher timeframe's trend in my trading timeframe.

My trading style is to trade the trading timeframe's (5M) trend in the direction of higher timeframe (30M/60M) trend. So the small solid dots show the trading timeframe pivots and the square with dots represents the equivalent of higher timeframe's pivot. Equivalent because nothing will replace seeing the real price turning points in the higher timeframe it self. These are close to doing that task
Ok NT, This HTF pivot trick is not shared in my thread before. But before sharing the AFL about HTF Pivots, I want to tell you what they are and what they are not..

They are not really HTF pivots, They are equivalent to HTF Pivots. For minor pivots I use a 2 bar fractals on 5m chart, and the Square dots are also fractal pivots with some higher value which come close to plotting a HTF pivots. For eg - for a 5M chart, a 12 bar fractal will more likely show 30M fractals, and 24 bar fractal will show equivalents of 60M pivots. Sometimes they dont represent a true price swing from HTF, you might find that on a 30M there is no price swing (may be only a congestion), but on 5m chart it will plot few squares as a 12 bar fractal condition is satisfied. So its always good to cross check them with HTF, nothing will replace that.

now the tricks -

Just copy the fractal AFL to a new AFL, name it as HTF fractals.
Now open the AFL in editor and replace the first 3lines by this -

Code:
ShowHTFPivots = ParamToggle("Show HTF Fractal Pivots", "Yes|No", 1);
rightStrength=Param("Fractal Pivot Right side Strength",2,12,50,1); 
leftStrength=Param("Fractal Pivot Left side Strength",2,12,50,1);
And the last 3 lines by this. (The complete IF clause)

Code:
if(ShowHTFPivots)
{
PlotShapes(shapeHollowSmallSquare*tr,IIf(Lx-ValueWhen(tr,x)>=rightStrength*fact,colorRed,colorWhite),0,L,-8);
PlotShapes(shapeHollowSmallSquare*pk,IIf(Lx-ValueWhen(pk,x)>=rightStrength*fact,colorBlue,colorWhite),0,H,8);
}
Then drag the 2 AFLS to your price chart, First the Minor fractal, and then the HTF fractals.
 

LoneWolf

Well-Known Member
Date : 30 Aug 2016

Another complete range bound session and SOH day in NSE for me, All my stocks were range bound offering no high probable trade setup. but NIFTY gave a nice uptrend today. I have not taken any trades in NIFTY today, so a no trade day in NSE.



Can some one share how do you see today's AXISBANK chart. Do you see any trad able setup ??

On a side note, I was thinking of maintaining my MCX trading journals, but since I have already this diary thread running, so from today onwards will post MCX trades whenever time permits.

So far just 1 trade was done in CRUDE.

 

rajesh.singh

Well-Known Member
Nice trade in Crude.
In Hindsight it's easy to comment, anyways in your chart where you marked you were looking for long, that was valid setup for me, it was very weak attempt by bear there in form of tiny doji, and we had trapped shorts there too, you can observe 2nd doji went few tick below the previous one trapping to eager shorts and close near high,( My fav. trades in open, spl. if traps near some obvious support) so they will look for cover, if fails and we have obvious magnet above PDH, so good for at least scalp till PDH, so here you can book profit here or can observe how both are reacting, here too bear make weak attempt by doji, so can hold for Measured move....i guess high was near that.
In general when we get weak two leg pullbacks on the break of PDH/PDL & it's reversal usually offers good swing opportunities, that can be held for whole day or at least 3-4 R. SO here either one can short at top when we see momentum waning, or if someone want to play safe, then when it broke PDH & weak attempt by bull there, then can short there.
Hope that helps.
All the best.
 

LoneWolf

Well-Known Member
Nice trade in Crude.
In Hindsight it's easy to comment, anyways in your chart where you marked you were looking for long, that was valid setup for me, it was very weak attempt by bear there in form of tiny doji, and we had trapped shorts there too, you can observe 2nd doji went few tick below the previous one trapping to eager shorts and close near high,( My fav. trades in open, spl. if traps near some obvious support) so they will look for cover, if fails and we have obvious magnet above PDH, so good for at least scalp till PDH, so here you can book profit here or can observe how both are reacting, here too bear make weak attempt by doji, so can hold for Measured move....i guess high was near that.
In general when we get weak two leg pullbacks on the break of PDH/PDL & it's reversal usually offers good swing opportunities, that can be held for whole day or at least 3-4 R. SO here either one can short at top when we see momentum waning, or if someone want to play safe, then when it broke PDH & weak attempt by bull there, then can short there.
Hope that helps.
All the best.
THanks Rajesh, your analysis are very good.. I am quite a beginner in price action trading, and in live market I fail to see the pullback/2 legged pullback inside the bar (1 bar), like you have explained here.. What I wait for is a clear price swing showing the retracment. Anyway, thanks for the explanation, and keep sharing, hopefully with time I will learn that skill too.. :clapping::clapping:
 

rajesh.singh

Well-Known Member
THanks Rajesh, your analysis are very good.. I am quite a beginner in price action trading, and in live market I fail to see the pullback/2 legged pullback inside the bar (1 bar), like you have explained here.. What I wait for is a clear price swing showing the retracment. Anyway, thanks for the explanation, and keep sharing, hopefully with time I will learn that skill too.. :clapping::clapping:
That's one of the best skill we trader can possess, waiting for setup what one understand , so keep focusing on what you can see and easily execute real time, that what matters, as any given point of time most of the setups having Probability of 40-60% only, so if we wisely chose our setups & go for reward that is at least twice the risk that suffice the purpose.
I trade on bars so i only see patterns based on bars as now my eyes trained that way, similar way if your comfort is on swings just follow that, with more screen experience you can see many more subtle cues, that market drops most of the time before any large move.
Your read is quite good....keep growing.
Best,
 

LoneWolf

Well-Known Member
Date : 31 August 2016

Just 1 trade in NSE today, most of the stocks were trading inside range. Yesterday I could not take part in NIFTY's strong uptrend, today tracked it for any consolidation and continuation, which I got finally..



There a SHORT opportunity in TATASTEEL in closing hours, But I missed it.

From MCX did two trades, one in CRUDE, and other in COPPER, Crude gave good profit where copper was scratched in minor loss.

 

LoneWolf

Well-Known Member
Good trades Lonewolf :)

Why did u book half of the profit at 8832 ? Was it exact half?
Recently I am booking half of the profit at 1:1 RR, the trailing rest, or addding further based upon the momentum seen after words.. Trying to improve the bar reading skill so that atleast I can gain some edge over strength seen in impulsive move. So that in such trades, I could wait further instead of exiting 50% right at 1:1 RR.. But till the time nothing concrete has come up, I will keep exiting half at 1:1 RR.
 

LoneWolf

Well-Known Member
August ended on a good note to me, I see consistency and improvement in disciplinary front in my approach of picking trades, Scratch and Loss trades had reduced, monthly accuracy improved to 58% from a 45% of avg. previous months.. There were few instances of casual attitude and missed trades, will be focusing to improve on those points. August ended with a 11.5% return on my trading capital.

Date : 01 Sep 2016

Seeing two high probable intraday setups in SBIN and TATASTEEL



SBIN intermediate trend has turned in to a likely downtrend below 253. Minor trend is down and is gaining momentum. Will use any correction in minor trend to create intraday SHORT as long minor downtrend shows signs of strength. There is another possibility that instead of a continuation of minor downtrend, there could be minor/intermediate consolidation. So any SHORT opportunity at the end of such intermediate correction will also hold higher probability of profit.



TATASTEEL intermediate trend has turned in to a likely downtrend, Minor trend is in downtrend and downtrend resumes after a minor consolidation, Expecting minor downtrend to continue further.

Like SBIN a similar analysis goes for TAATASTEEL
 

TracerBullet

Well-Known Member
Recently I am booking half of the profit at 1:1 RR, the trailing rest, or addding further based upon the momentum seen after words.. Trying to improve the bar reading skill so that atleast I can gain some edge over strength seen in impulsive move. So that in such trades, I could wait further instead of exiting 50% right at 1:1 RR.. But till the time nothing concrete has come up, I will keep exiting half at 1:1 RR.
You can also consider varying the size of exits instead of changing R:R, and/or scaling them out at 1R, 2R
 

Similar threads