Nifty gaped up above PDH. Expectation was a channel move after the spike. But hesitated due to the Big Big BRN 6000. IR formed. FTC above BRN/IRH gave a short signal which did not move. Another BOF of this level also did not help. Finally stopped out of the trade.
ST Sir,
ReplyDeleteIf BRN was not around or NF would have opened above BRN then we would have gone long on the first PB??
Anurag
ReplyDeleteDepends on price action
Gap + initial move in the same direction+ No DP barrier for the move
Will expect channel and go long on 1PB
Gap+ Initial move against gap. Will wait for IR to form.
Managing risk is the first priority. Always hide your initial stop behind a strong level
ST
Exactly sir, have to see the price action. For eg: today was gap up but price action suggested different approach.
ReplyDeleteMy query was specifically on yesterday's price action, got my answer in your today's reply :) Thanks a lot!!