MySLAJourney

[wrbtrader]

Debate and Discussion can also be a trader behaving in a professional manner along with commentary remaining in the thread.

Ridicule and Derision can also be a trader behaving in an unprofessional manner along with making off-topic commentary that merits deletion from the thread.

By the way, the journal section is the most heavy handed moderated section here at ET...just a hint.

 

[zdreg]

"Debate and discussion" means poster agrees with me, and "ridicule and derision" means doesn't?

ridicule and derision means that the poster can't back his play and has to hide his incompetency by attacking his opponent's character.
it is like a lawyer. When the facts are against you,” the first part of the old legal saying goes, “argue the law.” when the law is again you argue the facts. if both are against you attack the character of your opponent.

 

[OmDBnamah]

Namo Gurudev,

Please can you help me with the below trade I took today. This normally happens with me most of the time. The entry is more or less ok however I tend to play the large trend for the day and end up giving back the profits.

Your guidance on the matter is highly appreciated.

Regards,
K

P.S. Sorry the stop was at 49.15

 

[dbphoenix]

You're not trending; you're ranging. You had the beginnings of a trend when price made a lower swing low, but that was no longer the case when price rose back through 48.5.

 

[OmDBnamah]

Namo Gurudev,

Thank you for your reply.

However I am faced with this thing which I describe below on most days and if you can help me with some solution I will highly appreciate it.

"Even I saw (see) that the downtrend had been broken however I didn't feel like exiting near break even (small loss) as I think that I should have exited at the swing down low but at the same time I think that I might miss a trend day (as 49 was 50% of the down move and might provide resistance."

One solution which I am contemplating is to exit 50% of the position with 1/1.5 points (as per the stock) and play with the remainder to see if it is indeed a trend day.

Regards,
K

 

[dbphoenix]

Rather than do what you feel like doing, test all of this and rely on the results of your tests rather than your feelings and wants. The SLA removes feelings from the equation, but only if it's applied correctly.

If you want to trade longer intervals, then you should have entered on the failure of price to make a higher high on the 26th using either the daily or hourly chart. The smaller the bar interval, the messier it gets.

See this.

See also this.

And this.

 

[OmDBnamah]

Thanks Gurudev. .. I will go through the links again (and read it in light of my situation) and will do some backtesting and come up with some findings...

Is it possible/recommend to trade higher time interval intraday. ..I don't think I can short stocks normally and futures is too much risk due to lot size...

As side note I do trade the Index on hourly/15 min time and carry position for days... as you suggested somewhere that one should trade higher time frame with a portion of funds...
Regards,
K

 

[Gringo]

Is it possible/recommend to trade higher time interval intraday. ..I don't think I can short stocks normally and futures is too much risk due to lot size...

As side note I do trade the Index on hourly/15 min time and carry position for days I.e. not intraday..
Regards,

K

Hourly is easier to trade than 30 mins or lower. Daily is doable but the moves at times haven't been easy to capitalize on due to entry coming later and reversals also happening. I like the hourly in tandem with observing weekly and daily important levels.

I use the QQQ as well or options on it but it's the same underlying movement more or less as NQ futures. Are you trading the US markets?

Gringo

 

[OmDBnamah]

Hourly is easier to trade than 30 mins or lower. Daily is doable but the moves at times haven't been easy to capitalize on due to entry coming later and reversals also happening. I like the hourly in tandem with observing weekly and daily important levels.

I use the QQQ as well or options on it but it's the same underlying movement more or less as NQ futures. Are you trading the US markets?

Gringo

Hi Gringo,

... how are you doing...

No I am trading Indian markets during the day and try and observe NQ in the evening/night...

Do you have any view on using hourly for intraday.

Regards,
K

 

[Gringo]

I use hourly, but if price is weakening at at important level and there's a test, I do zoom in to lower bar intervals. Generally speaking though hourly itself gives reasonable entries and whether it's an intra-day or trade of a few days is dependent on price. You are using SLA so for you either the break of the line or if you are a bit secure swing highs and lows may be important. I have noticed that the good trades are good almost from the entry and the bad ones go red early on and choke the breathing.