trading futures on technical analysis with toocool

[toocool]

i am not trying to prove anything but i think some traders unless hit by outer forces do not wake up , i have been there , i have done that exactly what augubhai is doing right now ,only difference is number of trades i maximum traded 6-7 trades whole day and i could be down 30000 that day and augubhai does that in 30-40 trades (and thats insane) , i have self sabotaged me for more than 3.5 years , in my last 5 years of trading i have been a loser in 4+ years

but thats okay that has to happen to become a better and profitable trader

i trade light when i am not sure and trade more when i am sure, but i trade only when a trade is there , there cannot be trade every second in the markets , its just impossible

i do not put my trades in front of public but for better understanding of what some traders do i am putting it here .

in just 8 lots in august futures i made some 29000 , and number of trades in September(a lot of them were still in august month but in september futures) are higher but they are not insanely higher just a bit more , and profits is much higher in that

i just wish all traders best of luck and please stop self sabotaging yourselves .

cheers

 

[stock72]

i am not trying to prove anything but i think some traders unless hit by outer forces do not wake up , i have been there , i have done that exactly what augubhai is doing right now ,only difference is number of trades i maximum traded 6-7 trades whole day and i could be down 30000 that day and augubhai does that in 30-40 trades (and thats insane) , i have self sabotaged me for more than 3.5 years , in my last 5 years of trading i have been a loser in 4+ years

but thats okay that has to happen to become a better and profitable trader

i trade light when i am not sure and trade more when i am sure, but i trade only when a trade is there , there cannot be trade every second in the markets , its just impossible

i do not put my trades in front of public but for better understanding of what some traders do i am putting it here .

in just 8 lots in august futures i made some 29000 , and number of trades in September(a lot of them were still in august month but in september futures) are higher but they are not insanely higher just a bit more , and profits is much higher in that

i just wish all traders best of luck and please stop self sabotaging yourselves .

cheers

means 29000/400 = 73 points ...in how many days boss ?

 

[toocool]

73 points is the average, i traded in 4 lots each time , shorted and covered , in 5-6 days 2 short trades done

 

[DSM]

Thanks Toocool for taking the trouble to write and post chart with fibo. I am passionate about trading, and by nature I am curious and always look to check out theories, charts and numbers. At times, these tend to be contrary and can mess up the mind. Right now, only dipping my toes in Fibo theory and only if I can statistically check out or by experience be personally satisfied about Fibonacci trading - will I take it up as an additional input for my trading.

At the same time, knowing Fibo trader, I think there are quite a few things that are not known to many of us. Will keep posting and sharing whatever I find.

Once again, thanks for posting.

hi @DSM


sorry for the delay

here it is , since you gave me the new info about your trader friends setup , i must tell you its almost next to impossible as of now to identify what exactly he does in only 2 days of intarday chart , after identifying high low of 2 days and applying fibonacci on that , you know its very very discretionary in nature , and since the guy trades 30 lots for that means he is very very experienced guy , so that even makes it hard to guess , what i can tell you about fibo is how that works in principal .

markets are always in motion , all intarday movement is not any random event , i will prove it to you right here in my post , whatever level markets are today is because of all previous historical movements all intraday movements are extention of all previous intraday movements , which in turn are all extention of previous daily chart movement which makes daily charts and inturn makes weekly charts

now markets tends to take supports/resistance of fibo levels based on its importance (whatever the basis of importance of a level is a huge matter of discussion and we cannot get into that , but we know markets has its own minds ,it will take support and resistance where it has to)

most important fibo levels your friend told you are almost right , but let me tell mine , levels are 23%.38.2,61.8,76, and 127% and 161.8%

lets see some charts

its daily chart of nifty from 2008 -2010 , all alphabets are moves on upside and all % retracements are the fibo levels of that particular move in alphabets , 50% is also a fibo retracement however i do not give any importance to it .
there is no exception to the retracement , markets always always always take retracement based on the important lows and highs , what level will markets decide as important only markets know , it can be predicted but not 100%

more to follow

cheers

 

[toocool]

regretting not buying any option strangle kind of pair in nifty options , till the time i made up my mind @2.30 pm , prices were very high , even still its making money though i think .

however my 1 positional holding is doing ok which is fsl , i have more than 10000 and plan is to keep them for an year to make the profits tax free , bought @12.50 now @16.10 , break out looks valid targets are 35-40 in an year time

 

[toocool]

also bought some jp in delivery for some short term gains , lets see , price-41.60

 

[toocool]

long half the qty @5972 , because daily trend is still up , there was a 7-8 day consolidation on 60 minute chart and testing that area should be a support now lets wait and watch what happens

cheers

Edit - booked 50% @6013, rest carried home

 

[toocool]

@DSM , i already have this thread and the way i trade is totally discretionary , i am already sharing all here , so thats about it

regarding the fibonacci levels in the markets , as you were wondering about it , remember there is nobody in control of the markets other than the natural forces and nature itself , this market 1st found support on shown 38% levels in 2011 and that level is not yet challenged after that , infact the breakdown we saw few weeks back has been nullified as of now , i have a feeling that market may sooner or later break out on upper side now , when that happens , i cannot say , time is the unknown factor even in physical universe properties

one thing i want to make clear is that no matter if anyone likes "thali ka baingan" or "chameleon " here .

but both's characteristics are basic necessities for a successful trader , if my analysis fails me anytime i will change my stance as per requirements by the markets , and there is nothing to be ashamed of, and being ashamed would be a situation in stock markets which will be triggered if i didn't change my stance , even if i am being proved wrong , so its better to be ashamed than being killed ,in the markets

 

[toocool]

the great indian bear market found great support at 61% levels in 2008-09 , i know it gone too far below that but one must remember that there was still good support @76.4% support level , so we can say that it found support between 61% and 76% levels , and that is perfectly normal

 

[toocool]

Theoretically every one trading should be comfortable on each and every trade taken by him /her, even if it turns out to be a loss or profit, whatever, basically you should be confident enough about yourself that you would be able to do the right thing as and when the markets require you to do so

When the trader reaches at above level only then he would be able to make profits consistently, you have, really have to stop fearing the markets, because when in fear, human being hardly take right decisions ever, only without the fears of the markets a trader is in complete harmony with market, himself and his trades