Why to avoid looking for trade everyday?
Why should u avoid following those who posts plenty of delivery trade set ups daily?

If u are an equity trader who looks to hold the stock for a short time such as fee weeks to few months,
u dont need to search for stocks everyday

1/5
All u need is to filter the stocks on weekends and prepare levels
When it comes to ur level on any following day, u make an entry
Afterall how many stocks u r looking to hold in ur account?
8-12 mostly
Not more

2/5
For that, if u r looking for scrips daily,
u tend to cut down the potetnial big winners early and
hope from one scrip to another endlessly
removing the chances of getting the big winners

If u create a theme based portfolio based on ichimoku/Elliott wave/gann etc

3/5
nearly 30% or 3/10 are going to be big winners in it
U can mostly identify them at a very earlier stage
And nearly 30-40% are going to be laggards.
That too u would identify pretty soon
If ur perspective is clear
then what ideally u should do is to

4/5
keep the identified winners in ur PF and cut the laggards short early
U can add the free capital to scale into the winners

U repeat this over a period of time
It might take an year or two at times
But, u would end up making long term potenial winning PF

5/5

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More from @ProdigalTrader

17 Jan
Suppose u r in a long trade in 5min TF,
How would u assess trend is still intact
and
u can scale into the trade to maximize the profitability ?

1.
HH HL formation and pin bar with good vol at vwap or just abv previous low. ADX greater than 25

1/6
2.
Low volumes on counter trend move and price not closing below Vwap

3.
HH and HL formation on 5 min time frame. Volumes expanding when making HH and low volumes when in LL. Price above vwap

4.
SuperTrend 10,2, for scale in at ST retracement

2/6
5.
a). Bullish PA when candle is at VWAP
b). Minimal Overhead resistance (Volume Profile can help) helps in making the stock to trend more easily
c). Can Scale in when Price retraces to VWAP during low volume period mid-afternoon and forms a Bullish candlestick

3/6
Read 6 tweets
7 Jan
Habit of systematic day trader
focuses mainly in how does he prepare himself for the next day.

Lets see how does he do that

(method describes below isnt the last successful method available out there, its just one out of many)

1/9
He needs answer to 4 questions basically in order to take a trader

WHAT - He prepares a watchlist for next day based on trend, both bullish & bearish

WHY - He will analyse the trend based on past data, find out major trend in HTF & chk if its aligned with other LTfs too

2/9
WHERE - depends on if he a pullback trader
(who short on pullback rallies or long while weak corrections)
or a breakout trader
(who long abv or short below some particular event),
he prepares the levels to long/short based on the trend he analysed earlier.

3/9
Read 9 tweets
30 Dec 20
Few concepts upon which day trading systems can be built upon

1.In up trending market look for pin bar with good volume
2.Rsi divergence and macd histogram divergence both at the same time on 3 min chart
3.Open = Low (15min)

1/7
4.ORB with 15 min candle stick along with support and resistance of previous 5 days
5.Pullbacks in Strong momentum (wide range candles + Volume) stocks
6.ORB with volatility contraction and then wide range candle breakout with volume expansion

2/7
7.Fakeout like spring and Upthrust for entry pullback with low volume
8.CPR analysis with standard pivots
9.PDH/PDL breakout with volume, vwap and RSI confirmation

3/7
Read 7 tweets
27 Dec 20
If u are looking to enter a scrip just before the breakout
what would u look for?
How would u identify scrips just before breakout?

Here are a few pointers
Carefully understand the them and use at ur own discretion
(All comments r compiled from a question i posed)

1/23
Price is testing the same resistance repeatedly since long.
But now in recent times it's forming multiple candles near the same resistance with low volume.
Observe it and see for opposite move.
As soon as u get a positive candle, get in to it.

2/23
1. Volume buildup (vol > when resistance point created) along with, increase in OI, increase in delivery % on HTF
2. On LTF, price stalling around breakout area for at least 1-2hr.
3. No major events.

3/23
Read 23 tweets
20 Dec 20
How would u obejectively determine 'Bullish Stocks"
in case if u want to create a mechanical scanner for that

here are 15 directives for that

1st time making ATH after 6-12 months consolidation

1/8
Weekly TF
No breach of previous swing low.
RSI above 70 for continuous time duration
Never breached and closed below 34 week ema.
RS comapre to sectoral index is highest.
Sectoral index is at 52 week high.
Daily:
Position be taken on breakout of consolidation

2/8
Stocks which were trading continuously above 200 EMA,
Monthly RSI >60, Weekely RSI>60,
Market structure on monthly basis HH HL

Stock schould be above daily/weekly/monthly above ichimoku cloud
Relative strength out performing

3/8
Read 8 tweets
17 Dec 20
How to identify if an instrument trading sideways?

here are a few pointers

1. stock is stuck between swing high and low or SR zones which are in very tight range

2. Anchored vwap from last swing high and swing low converges each other and price howering near by

1/8
3. Short term moving average crosses long term MA several times in both direction in short period

4. Price crossing 200sma several times with flat 200sma with average or below average volume

5. Contraction of price structure & formation of chart patterns

2/8
6. RSI trapped between 60 and 40 for long period & ADX measuring below 20

7. False break out on either sides at support n resistance

8. Price is overlapping between Ichimoku clouds, and taken/kejun and clouds are flat

3/8
Read 8 tweets

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