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
Will try n comment
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 :)
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@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
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InsiderB crinvestments
@crinvestments, Cool, we are here to learn together, lets grow together , cheers !
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@InsiderB, Have followed you here. hoping to learn from you! cheers bro!
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Hi Bro, I am also looking out for almost the same kind of set up n deciding to go for the PRO Version. But my requirement is, I need a scanner for 8 and 34 EMA cross over in a 15 mins Time Frame in REAL TIME as I am an Intraday Trader (What I mean is, in any NSE stock whenever the 8 EMA crosses the 34 EMA, the scanner should scan it n provide me the list in real time) ... Can you plz let me know if this can be provided by tradingview.com ? Also the 7 EMA that u have drawn, is it pre-built or have u set it urself ? If u have set it urself, that means they have an option to set the EMAs of any number, is that right ?

Also do they provide the NSE real time data as well ?

Thanks.
Reply
crinvestments mangalece
@mangalece
Hi i do not know if tradingview provides such scanners. But you can scan these ma crossovers from a software i use called as keystocks. Subscription is also v low and a very effective scanning software.
Check out keystocks.in
Reply
crinvestments mangalece
@mangalece,
In tradingview you can customise your indicators but i dont know it if scans. For scanning i use keystocks
Reply
Hi Bro, I am also looking out for almost the same kind of set up. My requirement is, I need a scanner for 8 and 34 EMA cross over in a 15 mins Time Frame in REAL TIME as I am an Intraday Trader ... Can you plz let me know if this can be achieved from tradingview.com and do they provide the NSE real time data as well ?

Thanks.
Reply
Buddy: I dunno abt ur stratergy as yet .. will think on it .. but then its working for you isntthough i like you discussing it here.. thats y they put a box here isnt it. Ppl can learn by sharing and discussing. Chillax
Law of gravity can also be learned by dropping a apple on head in a open field even without an apple tree. not really need to and sit and bench with a physics text
but yes learning concepts then getting a mentor .. sounds good . enjoy..
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