I have been in this forum for the last 3 months learning all the stuff required for a successful trading. A lot of thanks to all those learned seniors and learning peers for making my journey a fruitful and rewarding one. The selfless help from seniors has gone a long way in building up trading knowledge for which I am always indebted to them. Even I am mimicking some of their writing skills, to mention one. The mentioning of their names is immaterial.
I am gearing myself to put forward a trade setup called "VKR'S 4HL INTRADAY/SWING TRADE SETUP" which I hope would help many of those around here and I feel previleged if it is accepted as a gift from me. The roots of this setup are of Richard Donchian 4 Week Rule. Richard Donchian's 4 week rule is for a long term perspective and has been very successful. Mine is a modification of the same for intraday/swing trades. Since it is a setup I have no claims over the success of this setup. I need to test it over a period of time how it works. I would be grateful if members on this forum backtest the same post the results here. However, I am going to forward test it.
It has been well established fact that the success of a setup/strategy doesnot depend upon how complex the setup/strategy is. In other words, even a simple setup can work wonders. This is the fact that prompted me to experiment this setup. As for my observation of the past data, the signals are not generated regularly, but if generated, there are profits immediately. Since we have a lot of cash stocks apart from various indices we can have a decent number of signals. Fortunately we have a lot of members over here who have advanced softwares on which AFL can be written and scanned for possible trade signals.
Initial set up is as follows. As the backtesting and forward testing takes place in due course of time, I will put forward a final strategy which is ofcourse a matter of time and effort.
I am gearing myself to put forward a trade setup called "VKR'S 4HL INTRADAY/SWING TRADE SETUP" which I hope would help many of those around here and I feel previleged if it is accepted as a gift from me. The roots of this setup are of Richard Donchian 4 Week Rule. Richard Donchian's 4 week rule is for a long term perspective and has been very successful. Mine is a modification of the same for intraday/swing trades. Since it is a setup I have no claims over the success of this setup. I need to test it over a period of time how it works. I would be grateful if members on this forum backtest the same post the results here. However, I am going to forward test it.
It has been well established fact that the success of a setup/strategy doesnot depend upon how complex the setup/strategy is. In other words, even a simple setup can work wonders. This is the fact that prompted me to experiment this setup. As for my observation of the past data, the signals are not generated regularly, but if generated, there are profits immediately. Since we have a lot of cash stocks apart from various indices we can have a decent number of signals. Fortunately we have a lot of members over here who have advanced softwares on which AFL can be written and scanned for possible trade signals.
Initial set up is as follows. As the backtesting and forward testing takes place in due course of time, I will put forward a final strategy which is ofcourse a matter of time and effort.
SET UP FOR INTRADAY
Consider Highest High of the last 4 days.
Consider Lowest Low of the last 4 days.
Next day,
Go long above Highest High.
Go short below Lowest Low.
Initial Profit Targets
0.50% of the Entry Price for intraday.
Stop Loss/Trailing Stop Loss
0.25% for intraday.
Other issues.
Money Management Techniques and Risk Management is not a problem, I hope. We have here many posts/threads covering these aspects.
REVISED SETUP FOR SWING TRADE
LINK http://www.traderji.com/day-trading/35550-vkrs-4hl-intraday-swing-trade-setup-6.html#post387497
Consider Highest High of the last 4 days.
Consider Lowest Low of the last 4 days.
Next day,
Go long above Highest High.
Go short below Lowest Low.
Initial Profit Targets
0.50% of the Entry Price for intraday.
Stop Loss/Trailing Stop Loss
0.25% for intraday.
Other issues.
Money Management Techniques and Risk Management is not a problem, I hope. We have here many posts/threads covering these aspects.
REVISED SETUP FOR SWING TRADE
LINK http://www.traderji.com/day-trading/35550-vkrs-4hl-intraday-swing-trade-setup-6.html#post387497
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