Let us bet on Nifty Intraday Breakouts

suri112000

Well-Known Member
#1
Hi,

Most of you are aware that I am a big fan of Pure Price Action breakouts without the use of fancy indicators. Many of you are aware that 5 minutes breakout on Nifty has not given much desired result. The fancy of trading Nifty has made me to think new way of trading breakouts.

I will post subsequently my throughts on Nifty breakout trades. This time I have compromised and started using volumes and MA embedded on volume.

I have not backtested this strategy except to roll out charts randomely to see where the trade succeeded and failed.

Hoping all of your participation to make it tradable profitably.
 

suri112000

Well-Known Member
#2
First let us setup the chart.

1. Candlestick chart of 5 min Timeframe on Upper Panel.
2. Open Coloured Volume on down panel.
3. Drag and Drop MA (20) on Volume panel.

Thats it. Now we are ready to move on.

 

XRAY27

Well-Known Member
#4
@SURI112000
Great start...for nifty future trading..you are a good mentor of price action trading in simple way:clap::clap:
 

suri112000

Well-Known Member
#5
Breakout.

1. Let the first three 5 minutes candles close.
2. The bar which breaks either the high or low of these three bars collectively is the breakout bar. It is nothing but break of first 15 min candle high/low by 5 min candle.


Use of Volume

Notice the volume of breakout bar. It should be higher than previous volume bar. If the volume of the breakout bar is higher than MA(20), it is strong breakout. If it is lower than MA(20), it is moderate breakout. No matter whether it is strong or moderate, the condition that volume of breakout bar should be more than previous bar’s volume. If the volume of breakout bar is less than previous bar, it is weak breakout.
 

niftyoption

Well-Known Member
#7
@suri112000 sir,

Great Stuff Sir,

you are simply MASTER in " price action "
it is a boon to every TJ member
i request you to continue your valuable posts in your thread ...
KEEP IT UP Sir
.......:thumb::clap::clapping:
 

suri112000

Well-Known Member
#9
@suri112000 sir,

Great Stuff Sir,

you are simply MASTER in " price action "
it is a boon to every TJ member
i request you to continue your valuable posts in your thread ...
KEEP IT UP Sir
.......:thumb::clap::clapping:
Sirji,

I am master of none.:D. I am just an average trader with mediocre results and i like to be that way.
 

suri112000

Well-Known Member
#10
Well, we have understood various Breakout bars. It is very personal to different people how to use these bars. My view is that it is better to discard weak breakouts because they are probably just like discarded boats which are on directionless sail.

We are aware that breakouts should have a proper follow through otherwise they are likely to fail. Failure of breakouts through at us an opportunity to play failed breakouts.

We are betting on either side of breakout bars in order to make a killing. So, our set up is the breakout bar, and the entry will be on break of either high or low of breakout bar. Exits are based on the style and appetite of the trader. A scalper can exit on seeing a profit of 6 to 8 points profit. The scalper can expect a high hit rate because of low target. On the contrary, the day trader can exit first lot on seeing a profit of 20 points and trailing the stop depending on pivots formed or 20 points trail whichever the trader is comfortable with on second lot. The hit rate is low of day trader and he makes up his profits on long run. The choice is upto the trader which type of trades he wants to make.

This setup is to see the traders can now not complain of making losses on a fairly long period. The setup is not intended to give windfall profits either.
 

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