iCharts Discussions

[pradeepgolfer]

See first if the market is making are higher lows and higher highs or if it is making lower highs and lower lows. This can be seen with the eyes. Indicators are uneccessary-why eat with a spoon if you can use your hands? If there is a trend visible then go with the trend

Now repeat this process with a longer tf - I use 20 min and 60 min; if the trend is the same as in the 5 min tf, you will get a powerful move.

Trends may be clear but the sl is important - it should be within your risk profile. Any trend can change the next minute ! Where to put the sl? Put it below the higher low or above the lower high (if short). I personally put a deep stop.This will make it expensive for the operator to trigger your stop. However,if you are wrong about the trend however deep a stop you put,will be eventually triggerred

[smith06]

Thanks for your strategy. Would you please describe it in detail showing the charts of different TFs and the entry, exit and SL.

[pradeepgolfer]

yes I will post some examples of some actual trades.In the meantime keep seeing as many charts you can and observe the market without any distraction like indicators or moving averages.
If you do not know how to read candlestick charts learn the basics of that method.
make a note of swings and the lenght variation and the slope of graph.Meaning how steeply the market moves up.I will describe all this in some charts as time goes on.
In the meantime trade very small positions and try to observe the market.
Keep following my posts.I will try to post some educative material like videos which will help you gain some valuable insights into market action.

[aromal]

[pradeepgolfer]

Aromal Hi
You do not need indicators. I use a 240 period moving average in 5 min and 60 min.240 period ma in 5 min is the same as the 20 period ma in 60 min. This helps confirm the longer term trend.But if PT would tomorrow remove moving averages I would not be disadvantaged in any way.

To trade you need to know direction-that can be identified by the naked eye.Higher highs and higher lows define an up trend.
But since markets are fractal in nature meaning there may be different trends in different time frames it is not easy to know which position to take. Generally I see first the daily;then the 60 min then the 20 min and for entry use 5 min.
Since you want to be in the position till the trend exists you want to be stopped out once the trend is in doubt.So the stop should be below the higher low.
Sometimes there are major higher lows and major higher highs with a few minor ones in between.For a novice it may be confusing which ones to take-that will take a little practice.
However if you are not able to immediately see the trend do not try hard to find it out-do not trade when in doubt.

[pradeepgolfer]

Aromal
Indicators were useful before the advent of live charts and worked well in trading ranges on the daily.But, with intraday charts, there will always be a trend, in some small tf,even in a trading range.So if you want to trade a trading range, you can go down to the 5 min or 3 min or even 1 min tf. You will find always a trend if you go down to a low enough tf.
But you should put the stop according to the structure in the 5 min.
But you have to book your profits much faster in a 3 min or 1 min tf.

Indicators are therefore no longer necessary nowadays.

[sreenath77]

Hi,

Thanks for the strategy. Looks simple.

How to decide on target? Please explain.

Regards,
Sreenath

[ProTrader]

If I can remove MA..I can remove LL, HL, HH also...