Planning Day trading with Limit orders and Tradingview

In Buddha, We often share lots of ideas in TradingView. As it is intraday setup, there are always lots of setups waiting for the trigger. Sometimes it is hard to monitor so many charts and stocks simultaneously. Personally, I trade with 6 screens, still, it is too much to monitor due to lots of movement.

Here goes an example –

  • Long if it breaks the high of the previous day with a stop loss at the previous day’s low.
  • In case of gap up above the previous day’s high or gap down below the previous day’s low, please avoid buying it or selling it respectively. Follow the ending of the candle formed in first 5 minutes and follow ORB strategy.

ORB Strategy

What is the ORB strategy mentioned here? Let’s discuss with a case study on how to deal with this kind of scenes.

Limit Orders

It solves the case of gap ups and gap downs! But how to keep track of all the trades; How to plan the order book?

First, You need to follow a quant system if you’re doing equities. Like, 40K quant. Breaking 1051 triggers the buy order. So, We will always take slightly above this level. Like 1051.10.

But the thing is the price of the stock is lower than 1051.1. So if you place a buy order with a limit at 1051.1, it will trigger automatically. So we use the power of stop loss in a tricky way.

40000/1051.1 ~ 38 (It means with 40,000 INR we can buy only 38 stocks).

Here is how you set the order entry. With the proper use of After Market Orders! You can set all the trade triggers in AMO in the previous night and You’re good to go.

*Above image is from Zerodha.

You will get a notification when the order is triggered. Just check up causally and place the stop loss as per your risk management for that day. Let the profits run!