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Saved by @iamitahuja

Do you want to know how to create a Trading Plan using only Price Action?

Here's a breakdown of 11 simple yet powerful steps to create one: 🧵

Collaborated with @AdityaTodmal

 1/ Know your type:

First and foremost, understand whether you are a Scalper or Intraday trader or Swing trader or Positional Trader.

Create an account in @tradingview
2/ Set the Time Frame (TF) of the Charts:

• Scalper: the TF you would use would be in the range of 1- 5min
• Intraday Trader: 5-15min TF
• Swing Trader: Hourly to Daily
• Positional Trader: Weekly
3/ Be aware of the trend at higher TF.

No matter which type of trader you are, its important to know the trend at higher TF.

Crucial to know whether its a buy on dip market or sell on rise market.

In my outlook for the week for #BANKNIFTY & #NIFTY I cover multi TF analysis.
4/ Identify the major Demand & Supply Zone:

• A supply zone is the price area where traders have the highest selling interest or potential.

• A demand zone is the price area where the traders have the highest buying interest or potential.
5/ Find immediate supply and demand zone:

Usually the erstwhile resistance/ supply zone becomes a support/demand zone & vice versa
6/ Importance of Volume:

In @Tradingview you can add indicator as Volume

• Above average and/or increasing trading volume can signal that traders are truly committed to a price move, where the price and volume lines are both increasing.
• Contrarily, below average and/or decreasing volume can signal a lack of enthusiasm, where volume is declining even as the price continues to move higher.

•Volume acts as an additional confirmation.

• BO or BD with volume is considered powerful.
7/ How to determine Entry point:

Entry points in a trending market come after a short counter-trend move or a period of consolidation.
8/ Stop Loss (SL):

• One can either place a defined percentage i.e. Lets say a stock trading at Rs. 250 a 10% SL translates to Rs. 25.

• So if you are long on a stock at Rs. 250 the moment it hits Rs. 225 (250-25) you should be out of the trade.
• Another way of defining a SL is through charts, usually smaller TF traders would keep the SL as the low of the Breakout candle (for longs)

• Positional Traders would keep the SL of the latest swing low (for longs) as their SL.
9/ Position Sizing & Risk Management:

Check this link to calculate proper position sizing

https://t.co/InmdaHgNc7
10/ Trailing Stop Loss (TSL):

• If your trading system has a 1:4 Risk Reward then trail to cost the moment the R:R is 1:1 and so and so forth

• The other way is to maintain a TSL at a precise percentage below the market price (for longs)

• Can also trail basis the candles
11/ When to nail down the profits?:

• Firstly, one can sell into strength when the stock is moving in their favour and there are plenty of buyers

• The second technique is selling into weakness. Initially the stock made a good run-up but is weakening now.
• Technique by Mark Minervini explained in his book Think & Trade like a Champion

• Better to go for a combination of both wherein you book you anywhere between two thirds to three quarters of the holding by selling into strength and the balance keep trailing with tight SL.
• Remember, TSL & partial profit booking are very important for profit protection.
If you enjoyed this thread here's another one:

https://t.co/aO7ZY2zc6I
That's a wrap!

If you enjoyed this thread:

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@AdityaTodmal

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@niki_poojary

for more threads on Price action, Option Selling & Trading strategies.

We've got you covered.

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I appreciate it!

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Collaborated with @AdityaTodmal

1/ Stan Weinstein's Secrets for Profiting in Bull and Bear Markets.

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Thought of making a 🧵for the benefit of the larger audience here.

Sir's Option Selling Logic 🧵:
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• Strike Selection & SL
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In collaboration with @AdityaTodmal


How to play reversals
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• Example on how to play reversals on Intraday
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• When premiums are too low

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Here's how you can buy options if you're a beginner:

Collaborated with @AdityaTodmal

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Option buying is about capturing the momentum, hence sound knowledge of technical analysis is required.

Without any knowledge, if one is buying an option purely because he/she feels market will rise/fall is equivalent to buying lottery tickets.

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Collaborated with @AdityaTodmal

1/ Option Premium consists of two things:

i) Intrinsic value which represents how much money the option would be worth if it were to expire right now.

ii) Time value represents the premium you pay since the option does not expire right now.

2/ Intrinsic value:

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3/ Example of identifying ITM options:


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