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Trading Levels for 01.06.2009 |
SwingTrader
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Post: #1  Posted: Sun May 31, 2009 11:41 pm Post subject: Trading Levels for 01.06.2009 |
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Trading Levels for 01.06.2009
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Srikanth Kurdukar
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SwingTrader
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| Post: #2 Posted: Mon Jun 01, 2009 5:28 pm Post subject: Followup |
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Today's 5-min NF chart with relevant levels & probable trades marked
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Srikanth Kurdukar
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san77s
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Joined: 13 Jan 2009
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| Post: #3 Posted: Mon Jun 01, 2009 8:13 pm Post subject: |
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ST Sir,
After the 1st Short trade nifty hit and close bellow LOC, so we move our TSL to in between LOC & BULL , i.e 4504. That was hit by 11.40 candle.
On Friday you mention that avoid opposite direction trade until SL or TSL hit, but in todays chart you marked buy trade at 11.35.
After TSL hit by 11.40 bar nifty mostly trade between LOC & Bull, so what are all the factor we have to look to enter the next trade ?
pls. guide me sir
Thanks & Regards,
S.Saravanan |
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sandew
White Belt
Joined: 02 Feb 2009
Posts: 174
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| Post: #4 Posted: Mon Jun 01, 2009 10:01 pm Post subject: June 1 - Tricky Day |
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June 1 trade is simple only on hindsight but actually when in-trade had many whipsaws.
1. Short No. 1 met target.
2. Long No. 1 at 11.35. This trade hit Sl when 12.25 bar cut down the Swing Low at 12.00. result Loss
3. Simultaneously at 12.25 we reversed and went Short No. 2. This again hit SL when 13.00 bar pierced swing high formed at bar 12.45.
4. Here, we again reversed trade and went Long No. 2.at 13.00. (one could avoid this being too close to the target and having deep SL to begin) Still long trade was there as-per-rule-book on the chart. Met target.
5. A judgmental trade at 13.25, Short No. 3 in anticipation of bounce down when market unable to pierce Day Key Level at Bull. Did not meet target ( though 20 points were there for taking) Still, technically failed to meet target as market reversed back. SL at 15.10 when corresponding 14.25 bar swing high level pierced.
6. Tricky again. Go long No. 3 at 15.20 bar ( too near close and with all palpation of market breaking down any time ) This trade best to forgo.
In nett not much earned in the day. All gone !
And the last words from Gone With The Wind were not 'I don't give a damn." but "Tomorrow is another day" ! !
PS. 4500 appeared to be the Key level today ?
Sandew
June 1, 2009 |
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SwingTrader
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| Post: #5 Posted: Mon Jun 01, 2009 10:21 pm Post subject: |
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| san77s wrote: | ST Sir,
After the 1st Short trade nifty hit and close bellow LOC, so we move our TSL to in between LOC & BULL , i.e 4504. That was hit by 11.40 candle.
On Friday you mention that avoid opposite direction trade until SL or TSL hit, but in todays chart you marked buy trade at 11.35.
After TSL hit by 11.40 bar nifty mostly trade between LOC & Bull, so what are all the factor we have to look to enter the next trade ?
pls. guide me sir
Thanks & Regards,
S.Saravanan |
I have only pointed out probable "regular" trades today. There are few anticipatory trades (shorts) also that I have not pointed out (trades that turned down from key levels). About the 1st trade - it would have hit SL as you pointed out if you had not captured some profits when price closed below the next level (after trade was entered). I suggest you do not take a trade in the opp. direction if no levels have been achieved. But I have mentioned in the guidelines that you need to capture profits.
I have tried my best to try and convey my trading method. There is a ton of things I do when I trade. I do not trade a mechanical way with these levels. You will need to have a good method of capturing profits. The 1st short trade moved about 50 pts from entry....there is no way I am going to sit and let the trade hit my SL. I am very aggressive in booking profits. Once my trade hits a profit of 20 pts my fingers start twitching and I start to look for a reason to exit. That is my weakness, I don't keep the profits running. I book profits aggressively. I don't want to suggest you book profits once you have 20 pts profit but what I want to tell you is this: you got to have a very good way of capturing profits - that is the key to success. Entries are nothing, exits are everything.
The 2nd trade - regular long - lasted for the rest of the day (unless you wanted to short at key level - twice - these trades are for hyper active traders so I avoid suggesting those). The 2nd trade did not hit SL and it did not cross BULL level to suggest you to book profits until near the end of day.
Try combining indicators for both entries & exits. Have a way to capture profits. I have preparing few example charts but you got to have your own way of doing these things. I can give you ideas, I cannot give you a complete trading system. My levels are ideas, building blocks that you need to use to build your own trading method.
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Srikanth Kurdukar
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SwingTrader
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| Post: #6 Posted: Mon Jun 01, 2009 10:30 pm Post subject: Re: June 1 - Tricky Day |
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| sandew wrote: | June 1 trade is simple only on hindsight but actually when in-trade had many whipsaws.
1. Short No. 1 met target.
2. Long No. 1 at 11.35. This trade hit Sl when 12.25 bar cut down the Swing Low at 12.00. result Loss
3. Simultaneously at 12.25 we reversed and went Short No. 2. This again hit SL when 13.00 bar pierced swing high formed at bar 12.45.
4. Here, we again reversed trade and went Long No. 2.at 13.00. (one could avoid this being too close to the target and having deep SL to begin) Still long trade was there as-per-rule-book on the chart. Met target.
5. A judgmental trade at 13.25, Short No. 3 in anticipation of bounce down when market unable to pierce Day Key Level at Bull. Did not meet target ( though 20 points were there for taking) Still, technically failed to meet target as market reversed back. SL at 15.10 when corresponding 14.25 bar swing high level pierced.
6. Tricky again. Go long No. 3 at 15.20 bar ( too near close and with all palpation of market breaking down any time ) This trade best to forgo.
In nett not much earned in the day. All gone !
And the last words from Gone With The Wind were not 'I don't give a damn." but "Tomorrow is another day" ! !
PS. 4500 appeared to be the Key level today ?
Sandew
June 1, 2009 |
The two trades I pointed out on the chart were the only ones I took today. Both were profitable. It was not a great day but it was not confusing either.
One thing you need to look out for is that, you do not need to trade (should not) all the strategies combined/together that I am posting. If you use the regular trades to trade, use alternative strategy for exits and to give you clues related to change of trends.
Do one thing....use regular trades leave out alternative strategy and use few indicators for exits. Probably moving averages etc to capture profits and exit trades.
ONCE AGAIN...DON'T TRY TO TRADE ALL MY STRATEGIES TOGETHER...THAT IS WHY I CALL THE SECOND STRATEGY "ALTERNATIVE STRATEGY"...IT IS TO BE USED AS ALTERNATIVE TO THE FIRST ONE.
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Srikanth Kurdukar
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