SirWhat made you stay in your first trade TST of PDL/PDC ? There were 9 continuous red candles in the pullback. I also took this trade but scratched..hence wanted to know.
PushpaI Cant justify this. But I strongly FELT the price is not going to break below PDL.You may call it a gut feeling.I stayed because of the following reasons1.I expected the market to consolidate and move in a range after yesterdays steep fall2.There was no gap down in the morning because there was no follow up for previous day selling.3.Initial move was up that too a WRB which could close above the FTA a swing high. This showed there is buying. 4.it took one hour to retrace the 10 minute initial move. No aggressive selling.5.Yesterday a lot of positional traders could be short expecting a gap down. They are disappointed and going to cover due to week end.6.Very rarely you can see a confluence level like thisPDC-PDL-DO-IRL-and this later qualified as LOD.7.Did you notice the price level ? 5850. A psychological level even though not as effective as a BRN8.Risk on the trade was very low.Anyway my read was correct. This level held strongly even at the third attempt during the last 15 minutesST
Sir what is CT.? Its not in glossary.,
VishalCT means Counter TrendTrade against the prevailing trend is called a CT tradeST
ST Sir, where could we have got onto the last move downward?? BPB after re-entering the range (weak PB, tried but was not sure of the dirn, so din take it) or simply when price re-entered the range after failed breakout?
AnuragYou can trade it as a BOF of IRH.Enter when the price re enters the range. need not wait for a pull back after a BOF.In this situation there is a possibility of price bouncing from 5860 as happened earlier.But you can expect a break of this area as there are two groups of trapped traders. Original BO traders and those who traded the BPB like meST
SirIf only I had couple of reasons more, I would have hold onto my trade. There is so much more than just reading candles. I am a novice in understanding market context. Need to work on that.Thank you Sir.
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