using pivot points

#1
Dear Traderji,

I want to be an intraday trader, I sit in front of terminal with pivot points, but just not able to earn profits using pivots, Can any one help me with that.

Regards

KM
 

rangarajan

Well-Known Member
#2
for intraday,pivotpoint for a particular share is like a turning point.By & large if the stock opens above the pp ,the chances are that the share would go up atleast near the first resistance level in a non volatile market.when it retaces,the pp would be a support point initially.This is what Camarilla equation says.Others may pl comment & correct.
Happy trading
ranga
 
#4
you cannot trade without intraday charting provided by 5p trader, motilal oswal etc.even so reading charts is also a learning process.to make life easy buy and hold stocks for 15 days and trade in the stocks that are mentioned in economic dailies like new highs and high volumes


bo
 

vince

Active Member
#5
Day trading should only be done by traders who have a sound knowledge of technicals and good chart reading skills.

Pivot points are only probable points where a particular stock may get support or may reverse direction. Nothing sacrosant about them. The should be used in conjunction with other technical criteria to design a trading system that suits your trading style.
 
#6
Dear friend
As pointed out by other senior and junior members, before PLUNGING into day trading (note : I used the word PLUNGING!, because it is kind of a trap!),have a look at previous week's or probably previous month's data. This will help you in ascertaining whether the stock you are going to day-trade will go up or go down for the coming session.

Few technical tools like MACD,Momentum will help you in identifying a trend.
To begin with concentrate on any 5 stocks and do a PAPER TRADING.

This gives you confidence. There is no certain formula to predict the market!
One has to FEEL the market. Devise your own strategy and experiment it in your paper trading. Get confidence and follow it religiously. Probably if you are confident you can make 80 to 90% of winning trades.

Regards
spstrade
 
R

ratan jain

Guest
#8
sunil I disagree with you.....Its 99.99999 % psychology and the rest charts :)

You hit the right point sunil

I have a few books on trading Psychology.

I you want, let me know....I would be most willing to share with you.

Best Regards.
 

swagat86

Active Member
#9
sunil I disagree with you.....Its 99.99999 % psychology and the rest charts :)

You hit the right point sunil

I have a few books on trading Psychology.

I you want, let me know....I would be most willing to share with you.

Best Regards.
Wud be very much intersted Ratan, pls name them.
 

Linus

Active Member
#10
Dear Ratan,

Thank you very much and I would sure love to know about those books.

Trading as you know, is a difficult game and my little experience with the markets (1986) tells me that it is not the charts, but our mind !

I read a lot and found something on the net which will be useful for all of us. See this link http://brettsteenbarger.com/weblog.htm

Best regards,

Sunil Saranjame.
:)
 

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