iCharts Discussions

[sjjhala]

29th Jan 2009 Nifty trade

[sjjhala]

29th Jan 2009 Nifty trade

[sjjhala]

30th Jan 2009 Nifty Trade

[svkum]

dear SJ
so you are following ORB SYSTEM, and consistently and in controlled manner , good .
wd like to hear more on this.

SV KUMTHEKAR

[sjjhala]

2nd Feb 2009 Nifty Trade

[sjjhala]

3rd Feb 2009 Nifty Trade

[sjjhala]

4th Feb 2009 Nifty Trades

[sjjhala]

5th Feb 2009 Nifty Trade

[sjjhala]

6th Feb 2009 Nifty Trade

[sjjhala]

9th Feb 2009 Nifty trades

[sanmen]

Hi Sid

fantastic work...the best thing is easy and simple..not making it complex...however it would be good if you can explain the exit criteria from a trade...your entry criteria is well defined though...or is it one should exit as per his satisfaction...

thanx and continue the good work...fully appreciate

Sandeep

[pipstocks]

Respected sjjhalasir,
I am using 30min chart for nifty trading. I am also using macd crossover and 15min rule for entry purpose.You are sincerely requested to guide me about perfect exit point criteria. As on today 9feb when sts gave sell signal at 2840, in 30 min chart at 12:30pm but nifty was continue to upmove. even beyond overbought level of RSI.What should be done in this situation about profit booking? upto which point should we continue?

Thanks for your gentle cooperation.

[sjjhala]

Dear Sandeep,

Thank you for you comments and appreciation. It has boosted my confidence.

As for the exit criteria..it is completely dependent on one's own profit targets. For me, it is either of the following:

A) 10 Points Net or 20 Points Gross (net is after taxes and brokerage and gross is inclusive)

B) Letting my profits run (this is on the second trade I enter during the day after my part A is over) till I am comfortable / last 15 minutes

Just doing this with 500 Nifty (10 Lots) is enough.

Cheers,
Siddhartha

[sjjhala]

Dear Pipsstocks,

A) I use 5 minute charts for day trading. One can use any time frame one is comfortable with. Nevertheless, with 5 minutes, the moves are easily caught in time...though 15 mins time frame is also preferable.

B) As for indicators, I prefer to use Stochastics and RSI as they are momentum based and not lagging indicators like MACD which is a bit slow I find in intraday setting.

c) Whenever Stochastics gives sell signal, always look at RSI (I use RSI 14). Enter short if and only if RSI is below 50 (only then is the sell signal valid). Reverse for long (stochastics buy signal and long only if RSI is above 50).

D) Inspite of a signal by the indicator, the index / stock can continue to move in its original direction simply due to momentum. It is like even if brakes are applied on a train, it will still skid / slide along for a good distance before halting completely. Remember this.

E) As for profit booking & for the exit criteria..it is completely dependent on one's own profit targets. For me, it is either of the following:

10 Points Net or 20 Points Gross (net is after taxes and brokerage and gross is inclusive)

Just doing this with 500 Nifty (10 Lots) is enough.

Letting my profits run (this is on the second trade I enter during the day after my part A is over) till I am comfortable / last 15 minutes. Manytimes, I may not enter the second trade.

F) Regularly gathering coins is far better for me than waiting for a windfall treasure as an ocean is made drop by drop.

Cheers,
Siddhartha

[sjjhala]

10th Feb 2009 Nifty trades