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BNF Trading Dairy... Trying to become disciplined

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  #1  
Old 5th April 2016, 04:51 PM
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Default BNF Trading Dairy... Trying to become disciplined

Hi All,

This is my first thread in TJ.

Intention of this dairy is to become disciplined myself + to get different views from seniors - so that i can correct my entry and exits in future...

First of all I will try to give my trading rules...

1. Purely intraday trades only BNF 1 Lot
2. Entry in the direction of 1H chart + MACD Histogram
3. Will enter once 20m chart is broken up/down
4. Will exit once there is a visual pivot break in opposite direction of trade in 2m chart.
5. Will book profit if there is a 40/50 point profit.

My problem is psychological. once I enter, Fear and Greed comes into play. Most of the time i exit with break even , the market rally in the direction of my trade. But if i wait the market just punish me...In order to make me stick to the rules this thread

Basically unable to follow the rules. So I have made these 4 simple rules and will try to follow next 10 trading days. and find out the result.

All seniors/fellow traders - Suggestions and Advises and Analysis MOST WELCOME


Thanks in advance to all


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Dr. A.K (11th April 2016), karthik_sri (6th April 2016), The Disciplined Trader (5th April 2016), TraderRavi (5th April 2016), vijkris (5th April 2016)
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  #2  
Old 6th April 2016, 11:06 AM
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Default Re: BNF Trading Dairy... Trying to become disciplined

Not taking any trade. 1H macd histogram showing up. but price going down...
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  #3  
Old 6th April 2016, 11:25 AM
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Default Re: BNF Trading Dairy... Trying to become disciplined

Entry at 15721. 20m breakout upside. (all tf macd histogram up)
SL 15674

Should break 1H high of 15745 for confirmation.

What should be my exit target?

SL modified to 15729

SL Hit! No loss no gain. Would have taken profit at 15760?

Last edited by Brill; 6th April 2016 at 11:57 AM.
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Old 6th April 2016, 08:49 PM
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Smile Re: BNF Trading Dairy... Trying to become disciplined

Quote:
Originally Posted by Brill View Post
Hi All,

This is my first thread in TJ.

Intention of this dairy is to become disciplined myself + to get different views from seniors - so that i can correct my entry and exits in future...

First of all I will try to give my trading rules...

1. Purely intraday trades only BNF 1 Lot
2. Entry in the direction of 1H chart + MACD Histogram
3. Will enter once 20m chart is broken up/down
4. Will exit once there is a visual pivot break in opposite direction of trade in 2m chart.
5. Will book profit if there is a 40/50 point profit.

My problem is psychological. once I enter, Fear and Greed comes into play. Most of the time i exit with break even , the market rally in the direction of my trade. But if i wait the market just punish me...In order to make me stick to the rules this thread

Basically unable to follow the rules. So I have made these 4 simple rules and will try to follow next 10 trading days. and find out the result.

All seniors/fellow traders - Suggestions and Advises and Analysis MOST WELCOME


Thanks in advance to all
Hi Brill,
Congratulations....This thread will be a nice motivator for you and can serve the purpose as Trading Journal also...
After seeing your rules....i want to ask some thing about your stop loss...it is clear from your rules that your profit taking exit is 40/50 points...what about stop loss exit....?
I think you are using Bracket order....if not try to learn about it as there is TSL feature also with that order type....(as you are a pure intra day trader)
Best Regards
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Brill (7th April 2016)
  #5  
Old 7th April 2016, 11:42 AM
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Default Re: BNF Trading Dairy... Trying to become disciplined

Could not take the trades today...as I had to go out for personal work.
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Old 7th April 2016, 11:48 AM
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Default Re: BNF Trading Dairy... Trying to become disciplined

Quote:
Originally Posted by praveen98 View Post
Hi Brill,
Congratulations....This thread will be a nice motivator for you and can serve the purpose as Trading Journal also...
After seeing your rules....i want to ask some thing about your stop loss...it is clear from your rules that your profit taking exit is 40/50 points...what about stop loss exit....?
I think you are using Bracket order....if not try to learn about it as there is TSL feature also with that order type....(as you are a pure intra day trader)
Best Regards
Thanks for encouraging words...

SL at present i am keeping the low of previous 20m candle. As and when the trade goes my way I modify it. Initial SL is very high with respect to my target of 40/50 points. But i don't know if this is right.

Need to learn more about bracket order.

Could not take any trade today(gone out for personal work)

Thanks
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  #7  
Old 7th April 2016, 09:17 PM
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Smile Re: BNF Trading Dairy... Trying to become disciplined

Quote:
Originally Posted by Brill View Post
Thanks for encouraging words...

SL at present i am keeping the low of previous 20m candle. As and when the trade goes my way I modify it. Initial SL is very high with respect to my target of 40/50 points. But i don't know if this is right.

Need to learn more about bracket order.

Could not take any trade today(gone out for personal work)

Thanks
Hi Brill,
Yes ...wrt your target...your initial stop losses will be wider ...i don't think that is right....Have you back tested your system? Please back test so that you can trade it with confidence in live trading sessions...
Try point and figure charting, if you are interested in trying other type of charts too apart from candle stick and bar charts...
Please go through this link to learn more about Bracket orders...
http://zerodha.com/z-connect/tradeze...ng-stoploss-sl
Best Regards
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Brill (8th April 2016)
  #8  
Old 10th April 2016, 12:34 PM
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Default Re: BNF Trading Dairy... Trying to become disciplined

Though Friday was an inside day for BNF, could get 38 points.

Praveen Bhai, I had gone thru P&F chart earlier. but could not understand it, also intraday I could not find any. So thought that it is for positional. But after reading posts in thread http://www.traderji.com/advanced-tra...nalysis-1.html i could grasp some points. i will further study the charts with Kite from Zerodha. Pi is not showing it correctly(for me).

Thanks...

Last edited by Brill; 10th April 2016 at 12:41 PM.
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  #9  
Old 10th April 2016, 09:07 PM
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Smile Re: BNF Trading Dairy... Trying to become disciplined

Quote:
Originally Posted by Brill View Post
Though Friday was an inside day for BNF, could get 38 points.

Praveen Bhai, I had gone thru P&F chart earlier. but could not understand it, also intraday I could not find any. So thought that it is for positional. But after reading posts in thread http://www.traderji.com/advanced-tra...nalysis-1.html i could grasp some points. i will further study the charts with Kite from Zerodha. Pi is not showing it correctly(for me).

Thanks...
Hi Brill,
Good that you made some profit on a sideways day like Friday.....If you are comfortable with the present charting technique you are using, that is enough...but if you want to learn about a new technique like pnf it takes time and effort...To understand intricacies of pnf, manual charting is the best way .....Around 6 months back i tried pnf charts of pi and kite but i am not happy with the quality as both pnf charts did not give any scope for user customization like box size....what is the present scenario in Kite and pi now..i don't know....If you need to learn basics of pnf please go through the following links...
http://stockcharts.com/school/doku.p...rts:pnf_basics
http://stockcharts.com/school/doku.p...pnf_trendlines
http://stockcharts.com/school/doku.p...sis:pnf_charts
Best Regards
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  #10  
Old 11th April 2016, 07:30 AM
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Smile Re: BNF Trading Dairy... Trying to become disciplined

Hi Brill,
Here is pnf chart of 5X3 HL of Friday's price action....



The pnf chart of 10X3HL of Friday's Price action



Both the above charts are based on 1M data...

Wish you a nice and profitable trading day

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