Simple Intraday Methodology

[NTrader42]

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[NTrader42]

price did not move up to the expected morning range high of 63-65, closed trade @ xx54

 

[EagleOne]

Trend on M30 looks getting into sideways after an uptrend,

For now Long trades above 5470, and Short trades will come on radar only below 5410

Thanks

Crude oil long @ 5455

Hi
HLs in combination with flat tops are very tricky to trade. So, going long at 5455 and then 5445, breaking your own rule not to go long before 5470 (which was more logical), was not a prudent move, I guess. But then, it was your money, your chart, your trade. So forgive the intrusion. I just had a little more than usual spare time today.
Take care

 

[NTrader42]

Hello eO

True, should have stayed on the side lines, crude oil still gyrating the same range, good for those who trade these kind of reversion to mean moves, but for my method, no trade till confirmed trend develops on M30.

Thanks

 

[EagleOne]

Hello eO

True, should have stayed on the side lines, crude oil still gyrating the same range, good for those who trade these kind of reversion to mean moves, but for my method, no trade till confirmed trend develops on M30.

Thanks

Incidently, Nifty has been doing the same with 4780s tops. Very frustrating, for sure. But believe me, the breakout on either side is going to be worth all the patience. Fingers crossed.

 

[NTrader42]

Hello

We will have basically 3 scenarios on higher time frame (M30 charts).

Case 1: A clear uptrend on M30.

This uptrend can be defined by price action of getting higher swings highs and lows or
using one or more MAs or any other method we are comfortable with.
In this case we shift to M5 charts and take only long trades.

Case 2: A clear downtrend on M30.

In this case we shift to M5 charts and take only Short trades.

Case 3: Sideways.

Anything that cannot be defined as case 1 or case 2 falls into this category. It maybe the scenarios of the price going sideways just after a clear uptrend or downtrend. Or a scenario where the price has got into a congestion zone / range compression mode for a while.

Trading the scenarios from case 3 can be tricky and staying out on the sidelines maybe the preferred option. Another option can be trading these scenarios based only on M5 charts. When the trend from HTFs is not behind us then these trades should be treated as just scalping trades. With MCX Crude oil on M5 charts, these scalps can be taken for 8-12 points.

For now I will focus mostly on the trades that are in sync with HTFs trends (case 1 & 2 types).

Thanks

 

[NTrader42]

Gap down open on MCX crude oil as expected (with GCI crude oil trading at $101.5 and $ at 52.7xxx)

Now looking for Short trades on M5

Happy Trading to all Friends @ Tj

 

[NTrader42]

Hello

I had an interaction with Smart_Trade on his thread, he has introduced a similar method that i use for trading with one big difference of not referring to any higher TF and trading directly based on M5 charts with MA21. I am using MA20 and don't think 21 or 20 makes much difference, but the concept of identifying the sideways quickly so as to stay out of it is something I need to pick up.

I have been looking at tons of charts for seeing how it would be to trade directly based on M5 charts, very very interesting concept, Thanks Smart_Trade for that.

Posting today's Crude Oil Chart Below. Out of the 2 trades on M5 chart, with my method, i will not take the long trade but the short would have been the same.

Currently we have another Long trade going on lets see how this goes (again this would be no trade as per my method)

Thanks