Method To Use For Successful Day Trading

newbee · #21 28th October 2007, 08:15 AM

Quote:

Originally Posted by uasish

There are many methods but primarily what suits my personality type.
My trader friend 'Santanu' ,he works on Cash Mkt only earning 1k to 2k daily ,consistently.
He never looks at EoD or 1 min or any charts prior to mkt opening.
After opening he will compare the Nifty chart of ***** with nifty stocks in PIB.
Select the ones in sync with Nifty movements & get those at top of his watch list & look at Tick charts Only of those selected .
Then he will find the Support / Resistance points (his proprietory method,though time & again he has explained that to me but as it is a bit subjective & cant be coded but only determined by observation i have never tried that) from EoD .After this he will place Alerts in those price points in PIB & move to next one.
When the Alerts come he will just look at Tick charts to observe how the scrip is reacting at that price point & take a position.Whenever the movement goes in his favour he will place a SL covering only the brokerage & simply forget that scrip for the time being & move to next one.Like this when 2 to 3 positions taken & SL placed,he will simply close every thing.
Periodically he will open his computer & increase his SL of those positions surviving,until 3.20.
At 3.25 he will sq up all his positions & after 3.30 simply switch off mentally from mkt until next day 9.55am.
He is one of the most Simple guy earning consistently since 4 yrs & never subscribe to any Forum or meet traders except few close old day trader friends.

Hello Uasish

Can you tell us more about this method, of marking S/R.

Currently, I am just using horizontal lines by trying to connect multiple points of congetion and the points where the price seems to turn on either side of the CMP, seems to work alright, no fixed rules just what eye can see.

Also use sloping (trend) lines by connecting the LLs and HHs the more the better. (Read this in SAINTs thread)

Thanks
nb

uasish · #22 28th October 2007, 07:55 PM

Connecting the H & L of previous bars ,by drawing a line High with Highs & Low with Lows but selection of the bars is very subjective.There is no rule or set of rules for selection of which earlier bars( this is what i have derived from what Santanu told me).
Saint's method has fixed rules hence can be coded and backtested.

roondg · #23 9th June 2008, 11:47 PM

Quote:

Originally Posted by as156

REPLY- Dear kiran , it is totally free , since developed by indegeniously from traderji member. You can see Mr.Murty's Blog ,u can see in software section of traderji.He has given all links for the software published here.
Thanks
as156

hii could u pls send me the link of Mr.Murty's blog for that excel sheet

vijayasaravanan · #24 10th June 2008, 06:29 PM

can u give the friends cell no ? we will ask and follow his style in future.

vijayasaravanan · #25 10th June 2008, 06:30 PM

Send Mr.Muthys blog link to me also. thanks in advance

arjunbhishm · #26 14th June 2008, 11:20 AM

foolish method! Because it is easy to determine after EOD that what is trend of a stock or NIFTY.for example, if trend of nifty is up, But next day market may come down means a bearish candle can also emerge. So if you buy at open you will have to suffer loss and there is no saying about stoploss in ur method.
thanks and regards,
Arjun
(Hit the bulls eye, if you cant do then you will have to cry)

uasish · #27 14th June 2008, 11:59 PM

Infact it is Santanu again who appraised me of TBQ & TSQ of PIB & how to decipher the info.Time & again he tried to hammer it to this block headed persons head but i have only understood that the ROC is imp. & to observe how is the reaction in TBQ TSQ at any Supp/Res point of chart.

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