iCharts Discussions

loke12k · White Belt Joined: 31 Mar 2008 Posts: 10

First of all, thank you for sharing this strategy. Smile

Today's trade saw a lot of whipsaws. Crying or Very sad

Is there a way to filter out trades ? like for example today's open [as per yahoo chart] was around 4185, would you advise a filter of +-5 points in this case? like long above 4190 and short below 4180?

thanks again for the simple but effective strategy.

Wrgds,

jimmie · Expert Joined: 13 Aug 2007 Posts: 357

Yes, today was a whipsaw day, and this kinda days happen after big candles..Such days happen bcos people try to get in on such days after having missed the big day.. and the operators are smart enuf to frustrate them.. So u got to remember such days and can avoid trading on such days or play for small targets... I too traded twice and SL hit.. traded for a third time to recover the lost points and closed it..

sanmen · White Belt Joined: 28 Apr 2008 Posts: 88 Location: Delhi

If someones style is to scalp a quick 20-25 points then todays Open price acted as a perfect pivot..a break either side gave quick results!!!!

different ways to see things Smile

Sandeep

rvg · White Belt Joined: 31 Oct 2006 Posts: 279

Jimmie.. your open price method rocks !!!

jimmie · Expert Joined: 13 Aug 2007 Posts: 357

Price & Action:

Todays Price Action could have given Atleast 3 Trades
I...... Short from 4135 to 4065
II..... Contra Long At 4065, with S-3 minus 15 SL... gave a target till 4113
III.... Again short near Open or when it broke Long TL near S-2.. to be covered again @ 4065 nearto S-3 or EOD..

A net net gain of 70+50+50=170 points.. Even if one made 40% of these, his day is worth the time he has spent in markets....!

vinst · Black Belt Joined: 09 Jan 2007 Posts: 3303

Hi Jimmie,

GOOD plan !

vin

Rcandle · White Belt Joined: 08 Apr 2009 Posts: 7

hello jimmie sir, todays trades what u have mentioned r great but one should have vast experiance and knowledge with neutral about trend.i pray let all our small traders shall get this

jimmie · Expert Joined: 13 Aug 2007 Posts: 357

Vinst,
Here is a plan, if one starts with 2 lots and aims at earning only 30 points using the OPEN PRICE n STs LEVELS....
In some what 50 odd days, he will end up with 20 lots and by that time, he will also cultivate that 30 points discipline in his life.. Can earn 30K daily later on.. LOL Very Happy

On serious notes how may think they can achieve it ?

neemtree · White Belt Joined: 20 Feb 2009 Posts: 43

Let me try this method and see how i can perform this magic and in how many days ?

I will prepare a sheet and share with you on a weekly basis for the progress, so that you can correct me if i go wrong somewhere.

Thanks,
Srinivas

neemtree · White Belt Joined: 20 Feb 2009 Posts: 43

Just to add to this:

Instead of nifty, try trade in banknifty, the returns will be awesome. However the SLs will be little more for banknifty as the moves will be so speed and any day you will easy see a 100 point move on either sides.

Thanks,
Srinivas

vinst · Black Belt Joined: 09 Jan 2007 Posts: 3303

Jimmie,

you have thrown too much Lalach! I can work such a plan only on EOD basis. Intraday I can't even be sure whether i'd be around my desk to close a tade.
I would wait for 20 weeks instead of days. I need something for EOD.

regards,
vin

jimmie · Expert Joined: 13 Aug 2007 Posts: 357

PRICE & ACTION:

TLs ans STs level COMBO gave too many trades along with the open price today.. Hope everyone made good money out of it..!

Please note that i am not boasting about my trades here.. I am just trying to present some good trades using TLs, STs level and Open price.. I may or may not have traded all teh trades shown.. They dont reflect my true ledger...! Its only an effort to help people out here, especially who find it tough to earn from markets..

kishy99 · White Belt Joined: 10 Feb 2009 Posts: 13

Hi Jimmie,

Just had a query regarding this method. How do u decide which side to trade for the first trade of the day because during the first 5 minutes candle the price can be very volatile. For eg: Suppose open price is 4150 and within a few seconds it goes to 4145 then it goes to 4155 so in such a scenario how do u decide whether to go long or short.

jimmie · Expert Joined: 13 Aug 2007 Posts: 357

Kishy,
i have already mentioned it in the earlier post...
Initially take any trade, say long from open price with a SL of 15 points... and when it moves 10-20 points away from ur buy price, shift the SL to open price or ur buy price.. and u can use this as a reversible SL..
just concentrate on small SL and earnings will come automatically..

jimmie · Expert Joined: 13 Aug 2007 Posts: 357

Price & Action:
TOday it gave too many Whipsaws in the intial 3 hours of trade, hitting either SL or TSL.
Finally i could collect 2 good trades.. 1) long from 4080, TSL hit @ 4110.. a neat 30 points.. and 2) Short from 4110... carried the trade till EOD and booked in the end @3975 another 135 points ... Laughing

Please note that there are many TLs during the course but i consider only those TLs that intersects with STs levels and price reverses from that intersection..