crinvestments

My Intraday Strategy

NSE:TATASTEEL   TATA STEEL LTD
I have a very simple Intraday strategy which works really good. I would like to know your comments, advice or any faults you think my system might have, do paper trade this before actual trading.

After market hours I scan stocks in the 15 min time frame to find out which stocks have broken above or below a range of say 20 bars behind. Meaning from last 300 mins range of the stock and a break above or below that at day end.

After seeing the breakout I generally see the volume with which the stock has broken the range either above or below and the closing price at end of the day. If the volume is above average till the end that gives me an idea that the probability of the stock moving in the direction of the breakout or breakdown is more at the next day opening.

RSI or the relative strength index plays a crucial role too. In case of a breakout the RSI should be nearing 70 and ready to cross it from below ie sloping upwards. In case of a breakdown RSi should be sloping downwards and ready to go below 40-38-35 levels from above.

When these three factors come into play, I decide the price at which i will keep a buying stop order in case of a breakout and selling stop order incase of a breakdown and place the order after premarket close ie at 9.07am. I immediately place my stops as soon the market takes my orders.

I will wait for 45mins to an hour to see if my trade entered is moving or then i exit at CMP .

Youll can see from the ideas that i have published that mostly i do get good quick trades. except todays HDFC bANK which isnt going anywhere.

Please let me know your feedback!

Thanks

Comments

Hello....
Thanks for your ideas. I follow you on Youtube and you’ve been very helpful.

Is there any chance you could share with me your screener criterias to see if there’s any way I could look up for similar setups?? I’m struggling with my screening/scanning process and kind of overwelhmed as of where to look at...

Thank you very much in advance.

Best,

DC
+8 Reply
Hello Buddy, though its bit late to comment, Am glad to see your post which has a good trading plan :) In My Opinion, You are on right track, as you are very well aware of when to enter, when not to, what are your system rules. I really appreciate the structured rules you have for trading, most of the people lack exactly what you are having - " The Rules". A trading system's win loss or performance is irrespective, what we need is structured plan and You have it.

Never worry about few comments which is questioning you, in public forum those happen, never mind... but You are absolutely on right track, even if the system fails you know how to adapt or tweak something to make it work. In short, you know how to have a trade plan & I really appreciate for what you have, All the Best,Keep going high :)
+2 Reply
@InsiderB, HI thank you so much for your reply! You hit it spot on. It is really the discipline that has held me in good stead. I have made mistakes in the past and have learnt from it. Discipline to follow rules has really helped me get the results I am getting. Like you said I am not after finding the perfect strategy and i am not afraid to make mistakes as long as i learn from it.

I still learn something new everyday. but from all the experience which i have ( 5 years only not that great) I have understood that proper risk management and discipline will help even a simple strategy get you good results.

thank you for your encouragement. Hopefully we all together can learn from each other and become better traders!

As for criticism I always try to take something out of what everyone says. It doesnt affect me negatively.

Thanks for the comment though! Really means a Lot!

Cheers
+3 Reply
InsiderB crinvestments
@crinvestments, Cool, we are here to learn together, lets grow together , cheers !
Reply
joshvsp crinvestments
@crinvestments, YES, I AGREE BRO. NO THING SO GREAT ANY STRATEGY BUT, DISCIPLINE AND COMMITMENT TO THAT STRATEGY GIVES RESULTS
Reply
@InsiderB, Have followed you here. hoping to learn from you! cheers bro!
Reply
Thanks for explaining the strategy. It is definitely good to have our own strategy and stick with discipline into that. Patience pays off well in that case. I have two questions on your strategy. Could you please reply?

1) How do you scan the stocks during the after market hours? Do you look at every stocks from NIFTY50 or do you use some kind of a screener like Chartink.com?
2) Also, how do you determine your purchase price, target price and stoploss price?
Reply
Sir if you can share your WhatsApp no or contact no for further discussion .
Reply
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