Trading the Ranges

[razx5]

Hi,

I tried my level best to compile an excel sheet for deriving support/resistance, expected trading day ahead, buy/sell/tgts.

I request one and all to check it out and give me feed back.
Thanks.[/QUOTEplease explain about stoplosses regrding this formula..i have downloaded the xcel sheet but nowhere stoploss s mentioned..for trading on monday 18/10/2010..nifty futuere succesfully broke the first hour low of 6033.15. and made a new low of 6007..according to the formula sell below 6033.15 for a target of 5930(stoploss not mentioned)..then the market reversed and broke all the resistances and closed at day high of 6138..almost gain of 130 ponts from day low..where should have exited my short position?please reply..

 

[veluri1967]

Hi,

I tried my level best to compile an excel sheet for deriving support/resistance, expected trading day ahead, buy/sell/tgts.

I request one and all to check it out and give me feed back.
Thanks.[/QUOTEplease explain about stoplosses regrding this formula..i have downloaded the xcel sheet but nowhere stoploss s mentioned..for trading on monday 18/10/2010..nifty futuere succesfully broke the first hour low of 6033.15. and made a new low of 6007..according to the formula sell below 6033.15 for a target of 5930(stoploss not mentioned)..then the market reversed and broke all the resistances and closed at day high of 6138..almost gain of 130 ponts from day low..where should have exited my short position?please reply..

These are the values shown by Excel sheet for Nifty futures.

RANGEBOUND
BUY ABOVE TARGET
0 6182.85
5921.15 6182.85

SELL BELOW TARGET
6034.2 5921.15
6182.85 5921.15

And Support is 5921.15 and Resistance is 6182.85.

Nifty was between Support and Resistance during whole of the day.

Please pay attention to two aspects here.

1.Buy above 5921.15 for a target of 6182.85
2.Sell below 6034.2 for a target of 5921.15



There are some important areas demarked for trading.

From 5921.15 to 6034.20 (bearish area)
From 6034.20 to 6182.85 (bullish area)

I think you can now visualise your STOPs. Infact, it is STOP and REVERSE point.

 

[razx5]

These are the values shown by Excel sheet for Nifty futures.

RANGEBOUND
BUY ABOVE TARGET
0 6182.85
5921.15 6182.85

SELL BELOW TARGET
6034.2 5921.15
6182.85 5921.15

And Support is 5921.15 and Resistance is 6182.85.

Nifty was between Support and Resistance during whole of the day.

Please pay attention to two aspects here.

1.Buy above 5921.15 for a target of 6182.85
2.Sell below 6034.2 for a target of 5921.15



There are some important areas demarked for trading.

From 5921.15 to 6034.20 (bearish area)
From 6034.20 to 6182.85 (bullish area)

I think you can now visualise your STOPs. Infact, it is STOP and REVERSE point.

which point..same sell poinjt?6034.20?can u please elaborate in detail?

 

[razx5]

u mean 2 say the stoploss is always the same entry point?can u please explain in detail n maintainin stoploss..if m not troubling you can u modify that excel sheet and mention stoploss in it?

 

[veluri1967]

u mean 2 say the stoploss is always the same entry point?can u please explain in detail n maintainin stoploss..if m not troubling you can u modify that excel sheet and mention stoploss in it?

Razx5,

Please study the chart in the following link. Pay attention to the remarks shown on the chart. You can do even without stop loss if you understand the chart thoroughly. If you find in understanding the chart, feel free to post your querries. Timing the entry is crucial and precise. No second guessing about entry and exits. If you want to trade for big return, keep a wider Trailing SL, but the problem with this is that you will have to take bitter pills more number of times as your profits will be wiped out by reversals. A filter is discussed there which is very effective in avoiding wrong entries. Study last 10 days charts by drawing resistance/support lines on them. Make out which is the minimum target reached after trade triggered. Accordingly, fix your profit targets and book your profits. Donot expect to reach Tgts as shown by excel sheet. Excel shows zones. Finally, always keep a track of Nifty Spot which is crucial when trading Futures.


Cheers.

http://www.traderji.com/swing-trading/40202-trading-ranges-3.html#post432135

 

[anlyst]

would like to hire your services sir......

 

[veluri1967]

would like to hire your services sir......

Friend,

Sorry. You have dialled a wrong number. I am not into that profession.

 

[Piuvbn]

would like to hire your services sir......

Sir you already getting it for free!!!!!!!!!!!!!!
TC

 

[Piuvbn]

Friend,

Sorry. You have dialled a wrong number. I am not into that profession.

But already giving it in this thread,only thing is that it is for free!!!!!!!!!!!!

 

[veluri1967]

1-2-3 Pattern on the Charts

Advantages

1. It helps to keep up with the trend.
2. Probability of winning trade is favourable.
3. Risk to Reward is favourable.
4. Simple rules of entry and exit.
5. Suitable for any time frame.

Basic Pattern

Bullish Pattern on Chart

Bearish Pattern on Chart

Entry rules

Bullish Pattern
Buy when Point 2 breaks upwards from Point 3.

Bearish Pattern
Short when Point 2 breaks down from Point 3.

Stop Loss

Bullish & Bearish Patterns

Obviously Point 3.

Profit Targets

Bullish Patterns

For Short Term
Profit Target = Point2 + (2 x (Point2 - Point 3))

For Long Term
Will add criteria in due course.

Bearish Patterns
For Short term
Profit Target = Point2 - (2 x (Point3 - Point2))

For Long Term
Will add criteria in due course.