Ready to start the journey help needed to build trading plan....

[uasish]

http://www.traderji.com/technical-a...elp-needed-build-trading-plan.html#post229657

These are absolutely my subjective view ,plz take with a pinch of salt.

Your Golden Rule.

Add & decide on your Time-Frame first,each time frame has different Range ,when in trade for say few bars then it will pose different Risk & Reward,for different Time Frame.
Omit looking at Volume now at the begining,the volume analysis ,inspite of people's thinking otherwise needs more Deep understanding of chart.I know this will irke many if you believe me ,just omit the volume for first three months from your Analysis.
My basic analogy Price comes first & volume follows (several few months back had a long debate with Jesse on this ,but what to do my, experience says so i only stick to my everyday screen experience & utterly disregard every thing written in Gr8,Awesome Books.
Volume difinitely has a role but to analyse that one has to have some couple of hundred sreen Hrs experience,not now.

Your point No. 7 should be vis-a-vis Time not against Time,minus volume.

 

[uasish]

Now Your Basics := Agree with the same.
My view on your Question ,a Trend is strictly as per Saint's Pivot teaching,where comes the 2 or 3 bars,has Saint ever said that a trend is for 2 or 3 bars ?

Plz go thru his thread once again.

Point No 7 in basics regarding Stop Loss,if you are following Saint's Pivot set-up then Stop is defined there no other methodology ,hence for your Q2 ,yes it is safe but as per your Risk & Money Management principle the POSITION sizing is to be done.

 

[renu daga]

I observed that in last 6 months ,whenever MACD reaches 100 on top or -200 on down ,nifty reversal take place.Those following AWESOME OSCILLATOR ,the correspoding values are 300 and -600.On AO we are at -300 now.

yh/// evem i obserevd something liek that
it si minus 300 taht even on monthly basis
and stoch rsi.... is near by to cross teh alertline

so overall examining,,we have maximum 2/3 momths... of this bad phase,,,
( i jsut asume)...still in dilemmna.. second,,, maximum range to down is 3650 to 3200.....

renu
sorry for anwering in wrong thraed,, but actually it i wa sreferring to oscilaltor value so!!!

 

[uasish]

Supporting Techniques for Trend identification:-
1. MACD
2. RSI
3. TRIX
4. ADX

BUNDLE all this in a box & keep in the cuppboard now,only follow Price as Saint has taught.As a new Driver if a copassenger in your car (with 20 Yrs driving experience tries to guide you constantly) at critical juncture you have high probabilty of facing an accident & land up incapacited for few weeks in an hostipal.Believe in Price as Saint has taught ,& forget these 20 - 30 yrs age old indicators now.

 

[uasish]

So your one post is answered with my subjective views will proceed to next one only after you understand/differ these conceptual part first.

 

[renu daga]

dada,..u are so aginst tehse indicators!!!!

but many of here ,, trade with this u know...ad doing sucessfully too!!!

renu

 

[actuaryinmaking]

So your one post is answered with my subjective views will proceed to next one only after you understand/differ these conceptual part first.

Thanks muchly...understood...have gone through Saintji's 60 mins thread (with as much energy I have left in me....)...Pivots are the king !

Please carry on...when time permits....Jai Durge !

 

[uasish]

dada,..u are so aginst tehse indicators!!!!

but many of here ,, trade with this u know...ad doing sucessfully too!!!

renu

Renu,

One who has learnt to trade Price NOT THE INDICATOR,(we trade Price )for them indicators may be of some use.
We dont teach how to use scalpel to MBBS student first but we teach them the Anatomy first,scalpel is the Doctors TOOL only when the Dr knows precisely what he wants to do.
95 % of us (including me) does not KNOW when to use which Indicator,so they OPTIMISE ,they say as the bahaviour of Mkt has changed hence we Tweak !!
This is precisely what i say Un-Learning.

Every budding trader is taught in a wrong way.

Asish

 

[orderflow13]

Q14 - Does it sound practical? Is it missing anything?

Q15 - What is strongest indicator/technique to identify entry/exit?


V. Seize the opportunities

Thanks muchly in advance...

- Nisha Sharma (CFA level I & II)

Hi.

Reason i found ur post very interesting, is its very appreciable and very collective and neat.Right approach i rarely find posts so interesting.
One thing is missing, when a client come for making portfolio or manage his/her account, financial advisers runs the personality test and get a general financial idea of the client. No advice here will be helpful if u dont know ur personality. I am providing the link, take free time run, and post ur results then according to ur nature make ur system.See there is no holi grail in stock market, few things work for some and few things wont work for others, why ? answer lies in our personalities and behavioral finance.I am emphasizing it doesn't mean its very imp for trading but, its missing link in ur plan to build system.One who fine tune it can avoid lot chaos,There is nothing as this is good and that method bad, what is imp at the end of day is bank balance,
So if u took so much time for a system take more time and get to know what kind of person ur ( aggressive, defensive, etc.. )

http://www.marketpsych.com/personality_test.php#T4

Alex

 

[orderflow13]

Add edit
If your making a module ( as i found ur a certified financial adviser, cfa ) then give 56 % importance to individual preference.
Apology if i miss/add more/less
Alex