Learning to trade breakouts, Supports & Resistance

sunny_cool

Well-Known Member
#71
yes it has broken TL....Thats why I wrote to just enter with 25% (though I haven't taken any position) to get best R:R in case it takes u turn... (sometimes these ppl give false breakout)..Other reason for enter long is it has bounced from @200 EMA with showing some volume support (not strong) on intra

I trade like this...I wait for script to enter support zone & then wait for intraday chart 30 mins to give me some kinda hint to go long (mostly volume)& then I enter 25% & after that keep adding to 100% on confirmation on EOD chart also

Agree with the SL, but not about the direction. Seems to me that a trendline was broken, and that today's upmove is simply the price trying to test the trendline once.

Seems like not a conviction buy unless closes above this line for 2-3 sessions.



Just my opinion. Not accumulating this scrip, intraday only.
 

sunny_cool

Well-Known Member
#73
Hi AK78,

I m getting private messages from you & not able to reply u as u have some message setting problem.

I trade FIB only as part of my system.. as one of the indicator to support my decisions. If you want to read more about FIB, go to link in my signature & its second post.

Regards,
Sunny
 

sunny_cool

Well-Known Member
#74
ULTRACEMCO~UPDATE

What a googly by market :rofl:
Best part of market it teaches something every day....you need to keep updating ur system & keep learning

**Changed my support zone as last one has mistakes as per me


ULTRACEMCO ~ UPDATE

Market again taught the same lesson.... MARKET IS SUPREME

made mistake by taking immature entry ...Booked loss...Lesson learnts

Always need to wait for some confirmation in contra trades even though you have no. of reasons to take trade

 

Sunnyraj

Well-Known Member
#78
Hi Sunny, How do you manage risk in Nifty position?

I guess you trade off the daily charts, so SL will be big ( 100 points or so), So how do you manage position sizing ? And your risk% in terms of capital ?
 

sunny_cool

Well-Known Member
#79
Hi Sunnyraj,

If I take positional trade then SL is approx 100 points. I usually start with 1 lot & if it moves in my favour then I keep adding to winning position.

About % , I dont really have any rules, I dont play BIG quantity that distrubs my peace. I exit position early if it moves against me if I dont feel comfortable. Like this time I exit with 35 points loss.

Regards

Hi Sunny, How do you manage risk in Nifty position?

I guess you trade off the daily charts, so SL will be big ( 100 points or so), So how do you manage position sizing ? And your risk% in terms of capital ?