I hope most of points are explained in Nifty chart itself. I chose to post this bcos this is another alternative way of finding same setup which we did with harmonics for past two days. So the point to be driven home ? There is alternate methods available, Never fret over that you don't know Harmonics or Elliott's or whatever, Just make use of what you know, Even simplest setups.
And InsiderB has a Query !
Imagine that, you have considered all Market scenarios & formulated trading rules, but all of sudden Market does something which is not even in your plan or trading rules. My question is " Will you go back & edit your trading rules ? " Or Leave things as it is, as if nothing happened around you, telling yourself that your rules are very good & strict, which needs no Improvement ?! If you choose this part won't you lose ? Don't be the one who don't/won't act even after knowing , that's bad. Aren't you in responsible position to rectify the things ??? If not, Pathetic...
I'm real curious to know the answer & I know you guys are very smart to understand what's mentioned between those lines. Drop in your comments, what you will do... The Nation wants to.... err... cut ! cut ! Not Arnab, its InsiderB, Tradingview community wants to know... Feel free to drop a line.
InsiderB
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Incase Nifty Breaks below 9580's then 9530's :)
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Hope you guys are enjoying the ride down with profits !
It really makes sense, to cut your position out if you are damn sure that the trade is against you even if your plan tolds you to hold! But this doesn't mean to disobey the trading plan frequently. In my view, trading Plan is to make you consistent in executing your trades without clouding the judgement, which usually happens because of the human emotions!
InsiderB
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@RJUN, Completely agree with you, especially the last point !
RJUN
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@InsiderB, Thanks..and you are doing great job on tradingview.
My plan is to code, backtest and deploy trading strategies. With backtest I have statistical metrics for system performance. In those metrics I take confidence and trade relegiously with that plan. Quality of backtest is important here and it should avoid repainting, account for slippages, avoid curve fitting and should be done on quality data encompassing wide variety of probable market patterns. If that be the case, the statistical means can be trusted upon. Well built and robust systems won't need frequent tweaking. Only when the strategy is evolving, I think about tweaking and adjustments and rule additions or deletions. Otherwise is just rock and roll as per the preset plan.
and looking forward