iCharts Discussions

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Important Instructions for taking the intraday calls provided in intraday veiws:

1. The calls provided are purely intraday and position has to be squared off same day.
2. Minimum of 2 lots is recommended.
3. Open 2 mins charts (3 mins for commodities).
4. Buy when 2 candle closes above Buy Above levels on 2 mins charts. Similarly Sell when 2 candle closes below Sell Below levels on 2 mins charts.
5. In case the SL hits without meeting any target, then wait again to get the signals from ‘Buy Above’ and ‘Sell Below’ Levels as per point 4.

Profit Booking

For 1 lot traders: In case you are trading only 1 lot, then it is highly recommended to trail your Stop Loss to immediate previous level. For e.g. if we are long and when 1st target is met, your SL will be changed to ‘Buy Above’. When 2nd target is met, your SL will be changed to ‘TR1’ and so on. If your risk appetite is big, then instead of keeping the previous level as trailing SL, you can keep it to previous next level i.e. When 1st target is met, your SL will be still unchanged. When 2nd target is met, your SL will be ‘Buy Above’. When 3rd target is met, your SL will be ‘TR1’ and so on. Similar action should be taken for Sell.

For 2 lots traders: In case you are trading 2 lots, then it is recommended to book 1 lot at the first target and trial the other lot to the previous level. For e.g. if we are long with 2 lots and when 1st target is met, book 1 lot at TR1 and for the remaining 1 lot; keep the SL as ‘Buy Above’. When 2nd target is met, trial your SL to TR1 and so on. Similar action should be taken for Sell.

For more than 2 lots traders: In case you are trading more than 2 lots, then it is recommended to book at least 1 lot at each target level. You can also follow the concept of trailing your SL as mentioned above ‘For 2 lots traders’.