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Trading Levels for 13.05.2009 |
SwingTrader
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Joined: 11 Aug 2006
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Location: Hyderabad, India
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Post: #1  Posted: Tue May 12, 2009 10:47 pm Post subject: Trading Levels for 13.05.2009 |
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Trading Levels for 13.05.2009
NOTE: Stock futures levels are experimental (they are being fine tuned). Please use with care.
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Srikanth Kurdukar
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LifeNMoney
White Belt
Joined: 12 Jan 2009
Posts: 4
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| Post: #2 Posted: Wed May 13, 2009 11:19 am Post subject: |
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Hi ST,
Thanks for theses levels. Nifty levels are a great help. Could I request you to include Bank Nifty also in your daily posts. That would help a lot. Best Regards.  |
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SwingTrader
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Posts: 2903
Location: Hyderabad, India
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| Post: #3 Posted: Wed May 13, 2009 4:28 pm Post subject: Followup |
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Posting today's NF chart (5 Min) with relevant levels and probable trades marked (on sandew's request in shoutbox).
Explanation follows below for each numbered trade on the chart:
1. Price had previously closed above LOC (1st bar of the day) and subsequent to that there were two closes below LOC triggering a regular short trade. SL is midway between LOC & BULL.
2. This trade is for those who missed trade #1. Price had previously closed above LOC (11:05 bar on 5 mins chart) followed by two closes below LOC triggering a regular short trade. SL is midway between LOC & BULL.
3. This is a continuation trade, it would be ignored if one was already in a short trade (previously entered in trades #1 or #2). Two closes below the bear level triggered a short trade. SL is midway between LOC & BEAR.
4. A regular long trade triggered after two closes above the bear level. SL can be placed just below BEAR because the trade entry is above the mid-point of LOC & BEAR.
5. Regular short trade triggered after two closes below the BULL level. SL is midway between BULL & R1.
I have not marked the last short trade and the end of day after two closes below the BEAR level as I would not have taken the trade so late in the day (after 3:00 PM).
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Srikanth Kurdukar
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kishy99
White Belt
Joined: 10 Feb 2009
Posts: 13
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| Post: #4 Posted: Wed May 13, 2009 5:47 pm Post subject: Trade # 3 and #4 |
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Dear Srikanthji,
If someone takes trade #3, where SL is midway between LOC & BEAR, his SL gets hit at the point where trade #4 is supposed to be initiated. How do we go about trading in such a scenario.
Thanks in advance.
Kind Regards,
Kishen Uchil |
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NORBE_1958
White Belt
Joined: 11 Feb 2009
Posts: 36
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| Post: #5 Posted: Wed May 13, 2009 8:20 pm Post subject: |
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STsir,
First of all let me thank you for the levels given daily,
Once there are 2 closings at a level you have said to go for long orshort as the case may be, my doubt is at what price should the longs or shorts be done, is it at the said level or any filter to be used +/- the said level, as the SL is very clear that is halfway between the level, only this seems to be troubling me.
My second doubt is you said 2 closings should it be 2 bearish /or2 bullish bars to confirm short or long
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SwingTrader
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Posts: 2903
Location: Hyderabad, India
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| Post: #6 Posted: Wed May 13, 2009 10:37 pm Post subject: Re: Trade # 3 and #4 |
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| kishy99 wrote: | Dear Srikanthji,
If someone takes trade #3, where SL is midway between LOC & BEAR, his SL gets hit at the point where trade #4 is supposed to be initiated. How do we go about trading in such a scenario.
Thanks in advance.
Kind Regards,
Kishen Uchil |
One must basically reverse the position at #4 if the trader's #3 trade is still active.
But do note that one must lighten the position once any level is hit so if a trader is short since #2 or #3 then the position should have been lightened at S1 level and then the remaining position closed and long initiated at #4. All this, of course, is applicable only traders trading multiple lots.
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Srikanth Kurdukar
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SwingTrader
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Joined: 11 Aug 2006
Posts: 2903
Location: Hyderabad, India
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| Post: #7 Posted: Wed May 13, 2009 10:46 pm Post subject: |
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| NORBE_1958 wrote: | STsir,
First of all let me thank you for the levels given daily,
Once there are 2 closings at a level you have said to go for long orshort as the case may be, my doubt is at what price should the longs or shorts be done, is it at the said level or any filter to be used +/- the said level, as the SL is very clear that is halfway between the level, only this seems to be troubling me.
My second doubt is you said 2 closings should it be 2 bearish /or2 bullish bars to confirm short or long
Thanks |
Once there are two closes above/below a level a trade can be taken at any point after that. The idea is to take the trade immediately on two closes above/below a level which means you can take the trade at open of the bar following the two closes. No filters etc are necessary.
About your second doubt.....please experiment on this and see what works better, look at all the previous days followup charts I have posted and see what is giving better results.
Ideally, my levels are best suited as supporting tools for other trading methods. The two "sort of" strategies that I have suggested are very basic and need to fine tune further. I have kept it like this on purpose so people using these levels start thinking about it. The strategies I have posted are rough and can be made better by small tune ups. So do experiment further and see how to can add further checks to get better entries/exits or ways to reduce risks.
Good Luck!!!
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Srikanth Kurdukar
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