thanks for clarfication..just a few follow up questions.
1) Can you please elaborate on 8/21 on 1/3 minutes. I am not sure I quite understand
2)when you say adx is trending, are you referring to +/-40 on +/-DI?
Thanks!
It is 8 ema/ 21 ema on 1 or 3 min. If ADX is above 18 and trending up, there is a possible trade. ADX trending in 3 min is a stronger indicator for me. Orientbank is the flavor of this month. I enter in 250 quantity at 5 paisa interval.
But the most important thing is the exit. In day trading (in my personal opinion), it doesn't matter much whether you make 10 paisa or 1 rupee, as long as you exit in profit, or minimum loss.
Today I shouldn't have traded OBC because it was the result day, but it had a very strong downtrend move on almost all timeframes from 1 min to 30 min, so I got greedy and had a small trade.
These are my OBC trades today. A small day, but on other days there may be 4-5 such occasions.
I know that there may be many improvements available, but this one suits my temperament.