iCharts Discussions

[jimmie]

TRADING THE PRICE:
Some common methods i follow during intraday trades, i will be posting it here.. to begin with a few set of rules.
1) If price is above open price, then my main trades will be long. I may take quick short trades at resistances, but they will be fast, with strict SL of around 15 points and quick targets too of 10-20 points.
2) The reverse holds for Price below Open price.
3) Getting IN: Try to get in as near as possible to the open price with Low or 15 points SL whichever is higher. Same holds when u are trying a short.
4) Once the price moves 15-20 points above Open Price, move ur SL to Open price or ur Buy Price.
5) Booking: Usually look for STs level to book profits.. and if they are clubbed with Pivots Classic, more chances of Nifty stopping or reversing from that point.
6) Use of TLs help in booking profits like shown in the charts today.

Todays Trade.. A Good entry today @ lowest possible tradable value was between 4320-4223 with the low 4305 as SL. Once it moved away from the Open price i moved the SL to open price 4315 ( use a bit tolerance as sometimes it hits n returns) Today the first booking was done when the TL & LOC were breached around 12.45. A neat trade of 30-35 points to begin with. Could have tried a quick short also here, but avoided... Well i was rather waiting for it to break open price so that i could enter a better short.
Next trade i preffered getting in again @ breach of downward TL and LOC.. ( always remember, we didnt breach the Open price even once, so i was interested only in long trades, my main trades would be all long)
A general observation when Nifty acummulates for some time around one of STs levels and when it starts moving after that, Nifty will skip the next level and jump to the next level... For eg: in todays trade, it accumulated in and around LOC for queit sometime and when it began rising, it discarded BULL level and jumped to R-1/R-2..
Note: this holds true only when the levels are not wide apart.. Yesterday the difference between Bull n Bear was 100 points and Nifty respected each n every level. Today Bull n Bear were only 60 points apart and Bull level wasnt respected..
The reason why i am writing this here so that when u find such things happening, u dont make the mistake of booking at Bull level, rather u can smartly use ur trailing SL to grasp the full range.
No doubts today 2 trades gave a clean 100 points...|xx

[sanmen]

Hi Jimmie

Good one!! This is pretty simple method to be used in intraday trades giving good results if someone follows it diligently...

I am sure a lot of people would benefit from this!!!!

Thanx

Sandeep (sanmen)

[saikat]

jimmie,

I hope many will be benefitted from this.....

Simple approach without any indicator.......

Regards,

Saikat

[maneesh007]

Dear Jimmie sir,

It's really great method to practice. I am thanking you from the core of my heart for sharing such a wonderfull method to Trade. I will call it " seedhi baat, No Bakwaas "

Warm regards,
Maneesh Bhardwaj

[sriki_r]

Jimmie,

Thanks for sharing this strategy.

I have few questions:

1] Can we use this strategy in all kinds of markets like range bound, trending etc?

2] Some market experts advice not to trade in the first hour or so. So should we wait for some time for the market to settle down and then depending on the price take the trade?

Thanks,
Sriki

[trendy]

Hi Jimme,

Your post is really interesting!

Just one query - how are levels Bull, Bear, LOC, R1 etc.. calculated?


Thanks in advance.

[jeyar2008]

hi jimme..

simply superb.....[/b]

[jimmie]

Friends,
To your queries below, i have named the topic itself Price & Action.
Reasons for naming it so was to cut your BIAS when u enter a trade.

When u enter a trade, probably u have seen DOW 223 minus, or Hanseng showing 500 minus,
You have probably heard Mickey Mouse on Blue Channel talking about 4100,
You have referred some Blog or watched my or someone else' Levels in SB.
No harm if u have watched all this ... but if u r a disciplined follower of this strategy, you will cut your above BIAS and get in ACTION with the PRICE.


diwakarv: No idea, they are proprietory levels of SwingTrader.
sriki_r: yes in all kinds of markets... yesterday was a trending day and there was no looking back ... on doji days it will move 50 plus and 50 minus from the open price.. if u r strict with ur SL and reversing at open price you will still manage to earn 25 -35 points on both sides.
i may agree with that about not trading for an hour or so.. but i dont think it will help in this specific strategy.. as on some days it moves away from the open price by 50-70 points in the first hour and then u may not get an appropriate trade.. And above all, what is at risk when u enter this trade ? a SL of only 15 points ?? when u start following this strategy in a disciplined manner u may even want to change ur SL depending on the day.. It varies for me from 5-20 points.. mind you all, no scope of hope above 20 points as that will be putting ur trade against the Price.. So be strict in your SL. And again Open price SL is always a reversible SL.. so Higher the SL , ur reverse trade will suffer by that much points..

NO SCOPE FOR HOPE,
BE WITH THE PRICE,
KILL THE BIAS,
THROW UR MIND OUT
Its like, I CAME, I SAW, I CONQUERED..

There will be whipsaws on some days when Price keeps moving around open price, but if u r strict with ur SL, and Reverses, finally u will catch the hundred odd point move when it finally trends.

IMP NOTE: Announcing the launch of my Paid Services, Whosoever calls me 'Sir" or wishes to call me 'Sir' will have to pay me 2000/- rupees monthly, (TAXES as Applicable). The amount should be sent by Money Order in the name of my Ex-Servant.
Maneesh now that u have already called me 'Sir' ur free trial period is over . Kindly subscribe if u want to further call me 'Sir'.

[naresh1711]

Hi Jimmie

pardon me for not calling you sir wanted to save on my subscription. I must say ur PRICE & ACTION observation is perfect and there can not be more simlified way to trade the gains irrespective of any action however one needs to control his emotions and plug there ears to get BIASED.

KUDOS you really doing it fine

BEST WISHES
Naresh Kotwani

[maneesh007]

Hi jimmie Bro,

I believe that we shld always learn like a student & Sir is the appropriate & formal word for a Guru . Actually, Trading has already involved many expenses, So, I don't want to add any more, I will call u Jimmie Bro ....


Warm regards,
Maneesh Bhardwaj

[mbh]

Jimmie Hi

Good work...I doubt if anyone could have put it into more simpler terms!

Now the TOUGHEST part for many would be to accept it and follow it, the main points ppl will ponder;

1. No Indicators (Damn a lot of ppl might suffer withdrawal symptoms!)
2. Kill the BIAS (Many already struggling in the SB with that)
3. Its too SIMPLE (Cmon if trading would be this Simple every body would have been a trader).

In fact I have observed that in trading many ppl have come to think that a receding hairline and Grey hair are passable for experience!

Anyway you have posted a wonderful method and done a grt job...showed the water to the horses and now let em drink!

KISS works everywhere; in the markets and with woman too!

Cheers!

Mbh

[vinst]

mbh,

i thought COMPLICATION worked women ?!?!?

vin

[jimmie]

The Big Budget day :

Had a nervous weekend, with the budget fever in my mind.. All previous budgets i had either avoided trading or ended up with losses.. Today morning when i was going through the Morning Newspapers, i found one Mickey mouse talking about a huge movement today, If this broke then this will happen and if that broke that also can happen.. So confused he was.. Well, any TOM, DICK & JERRY might have said that a big movement of 200 plus points is in the offing.. but which way, noone was sure..

So what was gonna work and what was not.. Till morning i was not sure which way i should be trading... ? I needed a strategy for today.. a strategy that would have minimum losses and maximum profits.. Finally i made up my mind that instead of going HUNTING & PUNTING , i would go on with the Open Price, but wont be using anything else than the Open Price... and would play the trade till EOD.. reason for deciding this was that levels n TLs and other patterns may not succeed on a volatile day like.. i might hit SL 2-3 times but finally i would grab 200 points.. yes this strategy was perfect for me.. and i was well confident , all geared up for the day.....

Well, i planned a 30 points SL from Open price today and yes like everyday i jumped on seeing OPEN LOW same @ 4427.. When it moved above BULL level, i put a a Reversible SL @ Open price.. as i wasnt sure yet which way.. 200 plus or 200 minus ?? Well as the day progressed it hit my SL at 4427 and made me reverse my trade.. rules being the same.. i have to Grab 200 plus points today.. and there it went.. the wait was not long.. could easily book 200 points some 100 minutes later....! did some small shorts after that..... today was my first blasting Budget day trade.. |xx

Hope everyone enjoyed the day too.. Happy Profiting... |xx

[jeyar2008]

Hai..jimmie

to days trading idea of urs really fine n thanking u for sharing ur experience here.

[saboonr]

jimmie
can u post your idea at the time of running market ,that will more benfecial for our members, they can also earn something