LONE WOLF's Trading Diary

If you are taking entry in pullbacks. You can use Albrooks H2 method. It is very simple. So, when the stock is doing a pullback, the first time the bar high crosses the previous bar high it is called as H1. The next time it does that it is called as H2. So, we place a buy order SL at the high of previous bar after H1 is completed.

You might get a better entry with this. Snakehead uses Albrooks method. He can provide more clarification.

Ref to this if you are interested

Date : 13 Jan 2017

A bad day to end the week.
There were stocks from my watch which are in trade areas. One was AXISBANK and other was TATASTEEL.



AXISBANK gave a new intermediate uptrend and minor uptrend reversal when price found support near PDC and started bouncing. The uptrend gained momentum once it crossed the PDH. A very high probable and juicy setup, never to be missed.



TATASTEEL's minor trend consolidated near its sideways support and PDL. No clear setup came out of it.

I was so deeply in to managing the TATASTEEL, chart I missed the entry in AXISBANK. And added to it, I also did two short scratch trades on TATASTEEL, which on post market analysis i am realising that should never have been taken.

Anyaway, as the saying goes - "There is no mistake, Either you do the right things, or you learn the right things". Thanks to this profession which has been always reminding me how important and necessary it is to keep an open eye and calm mind with a deep trust in your heart.

Its probably not an issue, but if needed you can consider writing a scanner afl ( ie exploration ), that lists stocks as per your requirement. So say list stock if price near your decision areas( PDH/PDL/PDC/recent HTF pivots etc). The afl can be run over a watchlist which can include stocks that you use.
Then you can keep that exploration window open somewhere and quickly look at it at some regular intervals. Looking at it will take less than a second. This way wont have to cycle through every chart too much, only when needed.

Hi Tracer bullet,
Do you have any such scanner?

Vivek

Yes, Tracerbullet, I have previously attempted to code my strategy for a scanner with the intention to include more good intraday candidates but firstly could not come down to simple steps through which an algo can be made to automate these price action studies. And currently my focus has been trimmed down to only this 4 stocks to trade all its signals, which is quite normal on behalf of me..

Yesterday the miss in AXISBANK was more due to forgetfulness and I stayed longer on 1 chart..

My scan is different from pivots/trends. I scan for stocks that have made large moves, defined in few different ways and weighted. I look for large spikes, Band touch/close, MACD H/L and some simple logic to rank based on it ( say 3 points for medium spike, 5 points for large spike, but reduce points for spikes both ways etc )

This is only a first step in finding possible candidates. I did not try to put every PA criteria in it to get setups

Point is that you can write exploration to filter out / rank stocks that might be interesting to you and then manage the queue.

To begin, say you can simply write exploration code to find which of your 4 or more stocks are interacting with PDH/PDL/PDC/Fractal Pivots etc.
Simple things may be enough, you will have to see whats important to you in your method that can searched for and perhaps ranked. Perhaps add some trend filter, so say trend up and price touches ema etc. But with only 4 stocks maybe its not needed as much, i just suggested to check if its worth it.

When you know where and when to look, you wont have to flip through charts too frequently. From there still have to look at chart and judge if its interesting or not. Most of my scanned events are ignored, some go to a monitor watchlist and some finally go to a 'look for entry' watchlist

You can consider making it a habit to just glance at scanner say every 15 mins. So when you are looking at TS with scanner window open you will know there may be something else too and then judge what to do. Even then sometimes trades may be missed, thats tradeoff in intraday as time is less.

Thanks a lot TracerBullet for the above post.. These few lines of yours has gave me few ideas to work upon and are beyond the conventional way of looking into a chart. So yes I have got things to work on them..

But also as you have rightly pointed out, these things are not highely needed for only 4 stocks, I am developing a habit of going through all the 4 charts in every 15m. But its worth considering. So now my focus is on improving the trading skill and consistency.. and in future I will definitely work upon the way you suggested. Thanks again.. :clapping:

Also suggest reading that blog when free ..

Saying this in hindsight. TD set up 9 was completed at high of the day and divergence in MFI and price which ST Sir uses for exit.