Trading Challenge II : 300% in 5 months

[SwagatN]

Date : 10 - sep - 2018

5m shows upthrust in an uptrend but a low volume test of supply zone with a 2B reversal shows strong supply coming on higher levels. So will be looking for counter trend SHORT.

Primary trade direction remains LONG, Need to see how price behaves when it approaches hourly support zone/oversold zone.

So TATASTEEL fell from hourly overbought to oversold zone in a very grinding manner, 5m downtrend was too narrow to trade. even though price had formed a intraday top in 1st 15m itself. No Trade today.. But my goal achieved for one more day.. Highly focused the price-volume action even with just one symbol..

Will post chart and analysis in evening.

 

[SwagatN]

No Trade Day.

 

[primitivetrader]

hi,
how many points on an avg per trade you can make in tatasteel as per your bactesting or study?

 

[SwagatN]

hi,
how many points on an avg per trade you can make in tatasteel as per your bactesting or study?

I have not started backtesting yet on this approach. So can not comment.. I am still reading..

 

[SwagatN]

Date 11 Sep 2018

Background =
Hourly uptrend channel is intact, Price has come down to oversold region. Last bar of the day was an high volume bar showing increased activity. This activity was on a normal spread and close is at the top indicating more buying. If today the 1st hourly bar closes as an upbar then this would add as an confirmation. Need to see the volume also.

5m shows a potential trading range. Price is trading at the middle of the range. The test shows a slight higher bottom.
Need to see how price reacts at the edge of the trading range.

 

[SwagatN]

Hourly shows a small volume bar on a wide spread low close down bar. If professional money are selling then it should show high activity. The activity does not justify the spread here. On 5m it shows effort to fall and then a stopping volume. Looks like this low is here to stay for sometime.. Perhaps..

 

[SwagatN]

On 5m price closed at a new low on closing basis but volume is much smaller than the last time price was here.. May be indicating towards a successful test.

 

[SwagatN]

2nd test near the day low, this time there is volume. Lets see what goes next.

 

[SwagatN]

2nd test near the day low, this time there is volume. Lets see what goes next.

Stopping volume/shake out below day low.. But looks like supply is still present which need to get absorbed for any upmarking..

 

[SwagatN]

ANother attempt to break below the day low. So far to me there was no high probable trade opportunity inside this narrowing range