Intraday trades - 29.11.2013

Intraday: Was not available full day for trading. Took only 1st trade in the morning..
1) Long on the initial range candle hi cross. I was bullish from yesterday due to OI roll over, so took the trade very easily.. Closed with 40 points..
No further trade, & thank god, as i would have given some points in the trade marked with pink arrow..

Intraday Trades - 28.11.2013

Intraday: Today was expiry so wasn't confident to take any trade. Took only one..
1) Shorted on the break of the range low. Ended up at my SL. No further attempt. market was choppy in the end.

Intraday trades - 27.11.2013

Intraday: Took only one trade today as market was choppy & didn't find any good RR for any other trade..
1) Mid BB was down, 6100 was broken & a pullback occurred. Took a Short on Breakout Pullback. Closed it with 10 pts only at the retest of BB, when it refused to go below in 2nd attempt.

Bollinger Bands (BB) Rule 2 (Reversal)

Second Rule of BB.. Pay attention to Hammer/ Stars on BB

One of my simple rule to find out a reversal is to find a Hammer at Lower BB or a Shooting Star at Upper BB. But always remember, in all the cases, we let the mid BB flatten.

That means we don't take the first reversal of BB after any Range breakout. We trade 2nd/ 3rd reversal signal on Lower BB & 3rd reversal signal on upper BB. This is due to the fact that reversal from Uptrend generally takes time, so we generally take 3rd reversal sign. Better to miss a trade then to be in a Bad one.

See my below trade as an example on 11.11.2013. After range breakout, 1st & 2nd reversal candles left. Took 3rd reversal at the marked place..

Reading BB is an art. Read it with Candlesticks but no need to remember the technical names of the candles. When we see a candle & tell to our self that people are buying/ selling or are in indecision, it's enough. We are trying to read the sentiments from candles.
Also, we need to wait for the second candle (one candle makes fool generally) & of course near to our DP.

Intraday Trades - 26.11.2013

Positional: Closed all the longs in today's Range @ 6120 Nov NF. Market is turning without giving any good signal, so not attempting any Shorts right now.

Intraday: Today market was choppy/ Took 2 trades-
1) Took 1st short on the Breakout Failure of morning range high at crossing mid BB. Closed it when price was not able to breach Lower BB & morning range low.
2) Took 2nd short after breaking Range low, but ended up giving my SL.
No Further trade found reliable, as no good DP nearby. Could have taken the last Short trade on pullback at Range low (Pink line), but avoided as RR was not adequate.

Intraday Trades - 25.11.2013

Positional: Exited half longs at 6100 NF & holding remaining lots with SL 6085. Will exit all longs most probably by tomorrow & will plan to take positional shorts as per my RR..

Intraday: Attempted 2 trades today-
1) First was the break of 1st candle + Close above upper BB.  A 30 pt move
2) Didn't find any reliable signal for long trade at an early stage, so took again a long in the last 30 mins. Trade didn't move well & closed it at No Loss.

Bollinger Bands (BB) - Rule 1

First Rule of BB..  Pay Attention to the 20 MA (Mid BB)

Although, this is one of the rule of my rules, I follow to Day trade. You need to combine it with your other rules..

So, whatever Timeframe you use, You need to initiate your trade only in the direction of 20 MA (Mid BB). When its Up, you need to Buy & when its Down, you need to Sell only. The Flat mid BB suggests to Buy/ Sell on the touch to the BB extremes.

I know, this is a Simple rule & people don't follow simple rules. Human mind believe complicated things more over simple ones and try to find out a way in which simple systems don't work. But Trading is a Probability Game. This simple rule will ensure increase in the Probability of success.

No Index/ Stock can stay much away from its 20 MA. It's also used by majority of traders and place their SL above/ below it. So consider another factor of Order flow above/ below it.

See the below trades of 22.11.2013 and look at the mid BB just before the entry. Include this simple rule in your Arsenal & feel the difference..

Intraday Trades - 22.11.2013

Positional: Have taken a Long Position today @ 6000 NF. OI Data, BB, RSI as well as the Price movement suggests that it will hold 6000 for a minimum target of 6100. RR is good with small SL @ 5975 for positional.

Intraday: Market was in a Range till 1 PM.  INitial range marked in pink. Day's Hi/ Lo with light blue. Took 3 trades today-
1) A Short on the BPB of Yesterday's Close. Ended in giving my SL
2) A Long above Initial Range at a Pullback below it. Closed with 8 pts.
3) The third traded, which made the day was a Short on Failure to continue, break of Previous low & move below Lower BB. Quick 25 pts.  It was same trade as was on 20.11.2013
Didn't attempt the BOF of 6000 as it was already 3:00 PM, so was not expecting it to move on upside..

Intraday Trades - 21.11.2013

Intraday: Took 2 Trades today- Bad trades -
1) Shorted on the pullback after breaking the previous hourly DP. ended in few points
2) Shorted again on the Range breakdown and close below lower BB, ended up giving my SL.
was getting chopped out so no further trade taken today..

Intraday Trades - 20.11.2013

Intraday: Market moved in Yesterday price range for 2 hrs & around 75 pts in last 30 mins. Took 3 trades, and missed 1 (marked in pink)
1) Shorted on the Break of Range, but closed at No Loss.
2) Missed the 2nd trade marked in Pink. Didn't find any suitable entry point as all the Resistances were just above the entry.
3) Took the long, when it closed above mid BB after touching the Yesterday's Low. Got 6 pts only.
4) Shorted when it closed below all DP & lower Bollinger also ..Closed trade with 40 pts.. Couldn't sit tight more than that !!

Set your Charts for Day Trading

Today I will discuss about enhancing Day Trading performance by adding some very essential markers to your charts..

No matter what time frame you trade, you should always be aware of the situations on the time frames superior than yours. E.g. in my case - if I trade on 5 min time frame, I must know what conditions are on 1 hour & Daily Time frames.

What kind of conditions am I referring to? I’m referring to major Decision Points (Support and Resistance levels) traders must, must and must know about. Therefore, the First & Foremost Aspect of trading is finding Decision Points (DP) & then planing your trade based on RR (Risk Reward)

In particular, mark the next price levels by drawing Horizontal lines:
- Monthly DP (if any, no need to draw them all, just nearest and most essential ones, for the current day)
- Weekly DP (same, only the nearest ones)
- Daily DP means High, Low and Close of the Previous day
- Big Round Numbers (BRN), close to ’00  E.g.- 6000, 6100
- Zoom out to draw DP based on latest major swing high/ low, or which looks like a Range for your main Trading chart. (I Preferably use Bollinger bands for defining Ranges)

Done!

I have additional levels for you.. Always remember to check out today’s economic news schedule, if any. Set vertical lines highlighting the time when fundamental news are due what may affect today.

Now we are done!

So, What to do with all that? Just, Look at them! & Believe me that you will like it, because you will see how predictably price bounces at all those levels you have drawn, and how well it accelerates after breaking through those levels.

The grid of levels will become your map. This Map will drive you to the Success...

Intraday Trades - 19.11.2013

Intraday: In today's Ranging market, i was chopped twice. Took 4 trades -
1) When price didn't even rise to the high after testing yesterday's Hi, Close, Shorted on the break of Pivot & mid BB. only few points.
2) Entered Long on Breakout failure on the candle touching mid BB (although no Pullback). Got 10 pts to the range high.
3) Entered long again at the break of recent high taking it as breakout Pullback. Ended in giving my SL.
4) Entered Long again the 2nd time. Ended again at my SL.

Intraday Trades - 18.11.2013

Positional: NF has given a Breakout above mid BB in Daily chart after a Morning Star formation. RSI rising from 40 after a Hidden Divergence. It seems Upper BB & Range high - 6400 will be the next TGT as BB is suggesting Ranging market..

Intraday: The market was confusing in the morning & was Ranging. Marked a range with Pink lines. 2 breakouts with close outside range but no Pullback trades available..Took 2 trades after that-
1) After a Big pullback, Nifty came out of Range, but with no momentum. It wasn't able to close above upper BB. Shorted after breaking the pivot made by Doji. Covered with , when a Hammer formed on Range Low with 6 pts.
2) Nifty Tested the Range Low, then a Failure to continue. Initiated the Long with Pivot break + close above mid BB. Got good 20 pts..

Intraday Trades - 14.11.2013

Positional: As expected & was suggested by OI data yesterday, Nifty took a Bounce from BRN 6000. This minor rally will be a good Shorting opportunity.
Intraday: Took 3 Days today-
1) A long on the Pullback at the mid of Initial WRC (Wide Range Candle). Closed with 20 pts
2) Nifty gave 3 close above upper BB. then a lower relative close of Swing high. Market become ranging for a while as suggested by BB. was waiting for a Close below mid BB after touching upper BB range. A Short done with WRC low as target.
3) Another Short, when Nifty broke the WRC low with close below lower BB. Expected to go down fast, but ended up with SL.

Intraday Trades - 13.11.2013

Positional: Nifty almost touched 6000. No chances of exhaustion of the move, but OI suggesting that market will hold 6000 Level for a time, then can move sharply towards 5750..
Intraday: With yesterday's bias, I was only looking for an OK upmove/ Gap filling to short the market today.Took 2 Trades
1) Shorted at yesterday's close with Good Bearish Momentum. This trade ended eating up the SL.
2) Shorted again, when nifty refused to go above the same point. Came out with 6 pts only.

I was looking to short again at the Pink arrow, but trade went without me left me waiting...

Intraday Trades - 12.11.2013

Intraday:- Attempted more than normal trades today. Usually 2 is the max no of trades, i take but as Market was ranging & gave so many opportunities..
1) Shorted on the Failure to continue upside& close below mid BB for 14 pts
2) A pullback bought into, when market didn't go below second Support level & formed a hammer.
3) As the market was Ranging, another Short on Failure to Continue. Closed at day's low with big green candle
4) Shorted again , when market didn't give any breakout above mid BB and previous Pivot..

Intraday trades - 11.11.2013

Intraday: Took only 1 trade of 20 points- A short from the Lower high at upper BB and Previous Day Close.
No other signal looked reliable.

Intraday Trades - 08.11.2013

Intraday: The market was Ranging all the Day.  Went Short once price broke the Range Low with BB signal, but stopped out when price moved above mid BB. No further attempt.

Intraday trades - 07.11.2013

Positional: Nifty Confirming its negative stance. I am still waiting for a Pullback to NS to cross mid BB to enter the shorts fro a TGT of 5750/ 5700

Intraday: Took 2 simple trades-

1) Long on Close above upper Bollinger after good ranging.. This is The Squeeze Play..

2) Short at the break of Previous low, when Nifty didn't cross mid Bollinger. 

Intraday Trades - 06.11.2013

Positional: Nifty Showed strength in the morning after morning recovery but ended up Bearish. Rising up a little again on Daily chart & then crashing will give a good Positional short with fast movement.

Intraday: Market was difficult today. Took 2 trades:-
1) First was to go Short on the breaking of low with close below Lower Bollinger band. Ended in loss.
2) Went Long when found market Ranging & not closing below Lower Bollinger, but ended in giving my SL again..

Intraday Trades - 05.11.2013

Nifty OI is changing in interest of Shorts.. Today's move also supporting Shorts in future.. Lets see how it unfold tomorrow & then can make 1 positional trade...  Once initiated this trade, My target will be around 5750 depending on the momentum

For Intraday, Attempted 2 Trades:-
1) Went Long when nifty closed above mid BB & 6300 after Consolidation.. A nice 30 point move
2) Shorted , when nifty crossed mid BB, took 12 points, when it moved in range at Lower Bollinger..
No other reliable signal