Intraday Trading

[TradingFloor]

Summary: Both Trades were correct and as per system.

Pre Open : -0.38 % down. Flat open with bullish bias.

 

[TradingFloor]

1 Trade booked profit at 1:2

Weekly PnL

How I did this week

 

[Taiki]

Outlining my rules for Sideways:

1. If Price is trading below PDH and above PDL. I would like to call it as range. Since this would mean nothing much has changed since last day.

2. If price is trading within same candle

3. If Price is making similar highs and lows then wait for PA to form, instead of rushing into a trade

Defining Rules for Ranges

Rule 1: I will trade extreme rejection of ranges from now on.
That is : Rejection/Failure of PDH, PDL ( but no direct entry, I will wait for PA to form). These would be considered as normal trades and would not affect Log book in any way

Rule 2: I can take 1 Trade in Range if I feel PA is very strong and could give a substantial move in one direction. If this trade fails or loss occurs, no more range trades allowed for that day. But can take Trades on Rule 1.

1. Good to see you taking steps for clear rrules from separating trend from range. But few things are not clear..

If you consider directly PDH and PDL as range extreme, and always wait for the PDH and PDL as trade zone this may make you miss few good high probable setups. Consider the below image -

lets say the big green candle is from EOD, The next uptrend is that equivalent intraday movment for same green candle. Its PDH and PDL is marked. Red line starts the next session. At the start since price is trading below PDH and above PDL, so as per your rule you will force it as a range. But what actually price is doing is consolidating with in the big UPtrend. At A the pullback ended and trend resumed. At A one can find high probable long trend setup. But you would be waiting for price to reach PDH as range extreme. So this may make you miss few good setups..

No deny PDH/PDL are important intraday levels for many high probable setups. But many times when the trend is strong price will offer good setups within prev day range and trend will continue. On days where trend is being exhausted and weakening, price might not find fresh interest to trade beyond previous candle's range high/low and on such days failure/rejection can offer good setups.

Hope you got my point. Rules for trend and range will go hand on hand. And also you need to be clear when a range converts in to a trend and when a trend enters in to range. If you are following swing high/low to mark intraday trend (as seen as yellow dots in all your charts) better you make some rule by using those swing high/low to identify trend or range. Once rule for trend and range is established then you can mark yor trade zone as PDH/pDL or some important S/R levels and watch how PA is forming around those levels. if PA supports your trend premise take the trade.

2. You wrote if price is trading within same candle.. Is it your trading timeframe candles or do you follow some HTF candle here ??

 

[TradingFloor]

At A the pullback ended and trend resumed. At A one can find high probable long trend setup. But you would be waiting for price to reach PDH as range extreme. So this may make you miss few good setups..

Thank you for pointing these out. I plan to look previous days PA to make decision if I would like to enter on Such Trades.

If Price is very bullish and making HH and HL on HTF or TTF then entry at pull back, i think this is easiest and very easy and every body can trade.

I also check level of retracement etc, If it is too deep then I avoid, If its within same candle then I want to enter. Also doing some reading on CPB as I find them more difficult to trade. Sometimes its a reversal sometimes it becomes sideways. So that's where I need lot of work on.

This is second setup which is a bit more complicated and requires trading discretion.

PA can be much more complex then what I draw in figure above, Just using it as an outline for my trading setups.



Also I can use rule 2 to allow myself 1 trade in Sideways where or when I feel the PA is bullish.

You wrote if price is trading within same candle.. Is it your trading timeframe candles or do you follow some HTF candle here ??

Same candle in LTF, I think in HTF if same candle it depends, it might be making Same Highs and lows on LTF, so that covers it.

This is what my eyes are trained to see now, Please suggest Areas of Improvements or mistakes if you see any.

 

[TradingFloor]

Deleted myself. Copy of above post

 

[TradingFloor]

Posted same 2 times...so deleting

 

[TradingFloor]

Some Fun Facts about my Trading:

Overall my position is in profit of Rs 86. After Paying Taxes balance is going negative.


If I traded every Pull back last week the results have been

Trading 60 Min chart would have given 2 Trades with a profit of 108/-

Trading 15 min chart would have given 11 trades with a loss of 28 INR/-

Back testing of 5 and 3 min still in process and would post results soon

PS: Spending time finding out best method on weekend .

 

[TradingFloor]

Summary of prev day trade : Good Trade as per system

Pre market open- Flat Opening, Trading at support of 260

 

[Happy_Singh]

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PS: Spending time finding out best method on weekend .

This is the most profitable activity you will ever do

Best Wishes

.

 

[TradingFloor]

No Trade Today, Sideways and more sideways