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In this video of our Face2Face video, we will watch an informative session between Mr. Vivek Bajaj, co-founder, StockEdge, Elearnmarkets and Mr. Deepak Thakran, an IT professional who specializes in technical analysis of stocks and intraday trading.
First, Mr. Thakran will discuss his background, and how he transformed from a professional in the IT sector to a part-time trader with a great skillset when it comes to using technical analysis to find the best indicator for intraday trading.
After discussing how his physical trading setup has evolved with the change in technology over time, we will see the importance of having a good, reliable physical trading setup and its elements, which can help traders implement intraday strategies timely.
Next, Mr. Thakran talks about how he tracks the stocks for his trading, and why he uses at least 20 charts to justify the logic of his move, and how he picks up more useful confirmations for his strategies from his environment.
Moving ahead, Mr. Thakran will get into how his trading strategy works. We will begin by seeing how he uses support and resistance to find the best intraday trade through his strategy. He will explain his strategy further with the help of a practical example.
Through this example, we will also see how Mr. Thakran changes his support and resistance, pre and post market hours, and how major events in the market can also affect his decision when it comes to this.
We will also touch upon how the Dow theory impacts Mr. Thakran’s decisions when it comes to implementing his intraday strategy. With the elements of Dow theory, and support and resistance, we will see how we can participate in the market with modifications of our intraday trading strategy. This will help us get a stop loss that can minimize our losses.
We will see this in practice, as Mr. Thakran will show us how he identifies the stop loss, based on the current situation of the stock market, and how he changes this value accordingly. We will see how buying and selling stocks at the day’s low and high value can play out for our intraday trade.
Following this, we will examine another practical example and how the strategy plays out through different time zones. We will also see the usage of multiple technical indicators for intraday trading, like NR7 setup, etc.