Intraday Scalping in Mcdowell-N

[rkkarnani]

Hi GKPC, The first positive thing that came to my mind after going through this thread was that you learnt the lessons well!
Happy to see your confidence ! Though I would have preferred if this wasnt discussed in an open Forum. Now that you have started it, I will try to share my thoughts on the strategy. This is more because of a PM from a member here : rangarajan !
Keep it up gkpc but try to do it without posting in Public Fora ! Also read your email, PM is not abled in your account here. Do reply ! You surely owe me an explanation.
All the best.
-R K Karnani

 

[rangarajan]

Hi GKPC, Though I would have preferred if this wasnt discussed in an open Forum. Now that you have started it, I will try to share my thoughts on the strategy. This is more because of a PM from a member here : rangarajan !
Keep it up gkpc but try to do it without posting in Public Fora !
-R K Karnani

Karnaniji,
From yr posting ,it seems there r some issues here due to which u r reluctant & unable to share yr thoughts & the strategy here readily.
No problem.
As u r a pioneer member,almost from the inception,i fully understand yr dilemma.

Hence,you are at full liberty to refrain yrself from discussing here & there is nothing wrong about it.

We may treat my request as closed.

I request GKPC to act in Harmony with you & keep this thread closed.
I also wish GKPC continued success in his trading.

 

[rkkarnani]

This scalping strategy is based on inputs taken from the Net, active participation of friends in back testing and some really valuable inputs from one Shravan Kumar.

People use IDNR set up in various ways and for various things in trading. We have tried to use it for Scalping.
Though gkpc says it does not work on SBIN and NIFTY but a few people do use it successfully on these too.
I personally do not do scalping but I do use this formation at times to exit my Trade even before the SL is hit thus saving some precious points.
One can observe on historical charts that it occurs rarely in some frequently in others. It varies a lot from one stock to another.
This works on different stocks in different time frames. In mcdowell 5 minutes TF is the best for scalping.
Taking Mcdowell as an example I proceed further.

What we need :
01. RT data feed for Macdowell futures in 5 minutes time frame.
02. Any charting software. (A few people even do it with RT data in excel)
03. Identify IDNR4 formation : A bar is IDNR4 when the next three bars do not breach or equal this bar's high or low.
04. A suitable filter is added to the High and Low levels of IDNR4 bar to get the entry levels. In the case of Mcdowell gkpc finds Rs.2/- as appropriate. Maybe even slightly smaller filter would also do.
05. We enter multiple lots and book first lot at a small target and carry the second till it reverses or a higher target. gkpc has taken Rs.8/- as first exit and Rs.18/- as second exit.
06. Locate the Pivots as per Saints rules but in the 5 min. TF chart and exit your position if it is moving against our direction and breaches a Pivot high or low. I would rather use my own strategy to exit. (This strategy also works well in a few stocks on being in the trade perpetually, i.e you simply exit one lot and carry the second lot till the trade reverses.) Here gkpc has added some value to the strategy... by one of his comments it seems that after a loosing trade he exits the first lot in second trade just to cover the Loss incurred in previous trade. This is good thinking. Thanks gkpc.
07. Set yourself a Target in terms of Profit and Loss too for the day. Stop trading on loosing "X" amount and also stop trading on gaining Y amount.
(My suggestion, do not trade after your set target of profit or loss is met, but be with the chart, paper trade the remaining trades. This helps in strengthening the confidence on the strategy.
I will try to post a few charts of Mcdowell in next few posts.

 

[rkkarnani]

Rangarajan Sir, I was also in the process of draft a Post while your post came. No major issues here hence posting max details.
Please give your valuable input to strengthen the strategy.

 

[rkkarnani]

Mcdowell futures chart 5 minutes , 16th Jan.

Please ignore the small arrows, as they are something to do it, Overbought or oversold in small TF.
Concentrate on IDNR4 Yellow bars with a Bomb below them !

1st Yellow bar high 1834.15 , does a high of 1848.70
2nd yellow bar low 1813.35 does a low of 1805.60
3rd yellow bar low 1814.90 does a low of 1803.70 which continues with another yellow bar and makes a low of 1782.45


I would request those who are interested to have a look at Mcdowel data and to post the dates for which they would like to see the charts.

 

[gkpc]

Hi GKPC, The first positive thing that came to my mind after going through this thread was that you learnt the lessons well!
Happy to see your confidence ! Though I would have preferred if this wasnt discussed in an open Forum. Now that you have started it, I will try to share my thoughts on the strategy. This is more because of a PM from a member here : rangarajan !
Keep it up gkpc but try to do it without posting in Public Fora ! Also read your email, PM is not abled in your account here. Do reply ! You surely owe me an explanation.
All the best.
-R K Karnani

rk Sir, My apologies. Details in your email. Please allow me to assist you by posting Charts. Do let me know if more charts are required to be uploaded.
My covering the previous trades loss in subsequent trade was influenced by your guidance only. I am happy that you liked it.
I am really happy that inspite of my repeated mistakes you have chosen to overlook the same. As explained in my mail, I did not wish to make it an issue as I had done earlier. Do share any further inputs on "exit" after booking Profit in 1 lot. There were times when Mcdowell rose or fell ny 50/60 points but I had exitied in only 18 points... how to catch longer moves?

 

[rkkarnani]

rk Sir, My apologies. Details in your email. Please allow me to assist you by posting Charts. Do let me know if more charts are required to be uploaded.
My covering the previous trades loss in subsequent trade was influenced by your guidance only. I am happy that you liked it.
I am really happy that inspite of my repeated mistakes you have chosen to overlook the same. As explained in my mail, I did not wish to make it an issue as I had done earlier. Do share any further inputs on "exit" after booking Profit in 1 lot. There were times when Mcdowell rose or fell ny 50/60 points but I had exitied in only 18 points... how to catch longer moves?

Can you post charts of Nifty and SBIN of the period where you felt this strategy was not working. You may post the dates and I shall have a look.

 

[rkkarnani]

Lost labour.

Welcome to Traderji! Surprising that for the first post someone should land up in this thread and then post just 2 words ! You seem to be lost in this vast ocean called Traderji!! Seek help, many will come forward!

 

[rh6996]

Trying my hand at this strategy :
Entered long 2 lots at 1836 exited at 1842 (Out of fear) !
SL for 2nd lot at 1831.80

 

[rh6996]

SL hit in Mcdowel 2nd lot at 1831.80 !
Whatever gained in first lot lost in 2nd lot!!