Confused day trader

[rajsingh]

Hi Friends

Attached is an excel sheet for calculating resistance-support levels.

All you need to do is fill previous day's high, low and closing value, and you will get R1, R2, R3 (resistance levels) and S1, S2, S3 (support levels).

Based on that you may plan/change your strategy while day trading.

Enjoy!!:clap:

Bro , THis is amazing. You've gone from a confused newb to an expert call giver in a week. :clapping: This is what TJ can do for your trading I guess.

 

[deadbrain]

Friends!

I have been using India Infoline TT and I check all my charts in its TT intraday or historical settings along with icharts.com (though i have set ups of Amiobroker and Metastock as well but they seem quite confusing).

For NF, as per Pride's settings, I changed my settings to Stoch(8, 3, 4). EMA 5 and 13 settings are not making any crossover pattern, though when I tried SMA 5 and 13, they formed quite a good crossover pattern.

Can I use SMA 5 and 13 instead?

 

[deadbrain]

Uploading the screenshot of the same.


http://img31.imageshack.us/content_round.php?page=done&l=img31/3773/intraday.jpg

 

[aditya14]

There is a way of doing things and there is a way of doing things, whichever you choose.

The key for winning here is to be an incorrigible optimist in spite of several crying creatures around.

Charts are like music. Once you get accustomed to them, you will start feeling the tones in your minds, you will know for sure if you are riding on a correct tone or not.

Any strategy coupled with charts will help you out in planning your day. You will be able to change your strategy as soon as you see the pattern changing and another strategy will come in to play.

yaar tu ye bata tune ye thread hi kyu banayi ?????
pehle to kehte ho iam starting out aur 4 din mai aap tips dene lag gaye ab agla step ye hoga ki aap ek thread kholke chart picks dene lag jaoge..

aakhir ye maajra kya hai FAKE DAYTRADER bhaiya aap ho kaun?

 

[deadbrain]

yaar tu ye bata tune ye thread hi kyu banayi ?????
pehle to kehte ho iam starting out aur 4 din mai aap tips dene lag gaye ab agla step ye hoga ki aap ek thread kholke chart picks dene lag jaoge..

aakhir ye maajra kya hai FAKE DAYTRADER bhaiya aap ho kaun?

NAME A POST WHERE ANY TIP IS GIVEN...............

FYI, the one you posted is a general discussion of implementing basic strategies and is not a tip.


But I know no-one can help you bro because Thorns are sharp by birth.

 

[NiftyFantasy]

yaar tu ye bata tune ye thread hi kyu banayi ?????
pehle to kehte ho iam starting out aur 4 din mai aap tips dene lag gaye ab agla step ye hoga ki aap ek thread kholke chart picks dene lag jaoge..

aakhir ye maajra kya hai FAKE DAYTRADER bhaiya aap ho kaun?

NAME A POST WHERE ANY TIP IS GIVEN...............

FYI, the one you posted is a general discussion of implementing basic strategies and is not a tip.


But I know no-one can help you bro because Thorns are sharp by birth.

Arey yaar dont mind... yahan sabhi gadhe hain... aur ek doosre ko dekh kar bas cheepon-cheepon kartein hain.... par koi kya yeh bata sakta hai ki 5700 or 5100....

 

[praveenpious]

One of the difficulties that I am facing to this day, is the inability to find out how low a scrip's price will fall. I do not wish to sound stupid, but is there any method to forecast it? The volatility trading method claims to do something like that. But, I find it to be useful only during extreme market movements. And most of the days, the recommendations of the same script does not work out for biggies like SBI.

 

[gnsrikanth1986]

as i said pure intraday trading is disastrous no one and i mean no one can predict price movements. no charts no resitance no crap can predict price movements in a scrip.
i suggest think on the lines of long term investments.

 

[jagankris]

Don't try to predict the Intraday tops and bottoms.
No body can predict intra day bottom exactly.

No method cannot predict bottom/tops exactly.
It could be Fibanocci, Gann or volatality.It is only a probability.

Volatility again will vary periodically ie range contraction and expansion will happen periodically.

But average volatility can give you a more probable intraday range which can be used for entry and exit.

 

[deadbrain]

as i said pure intraday trading is disastrous no one and i mean no one can predict price movements. no charts no resitance no crap can predict price movements in a scrip.
i suggest think on the lines of long term investments.

Maybe you are right. These are definitely words of discouragement for an aspirant trader.

I will share experience of my CA(Chartered Accountant). He is earning so much being a trader that he has even limited his practice to very less extent. How is it possible?

I would definitely be seeking moderator's advice as well on the same, though I had plans to use 70% of my financials in investment and 30% in day trading.