Nifty gaped above PDH. IR formed. First signal was a short on FTC of IRH. Skipped it as there was BRN, IRL and PDH/C close below. Attempted a late short on BPB of PDH and this trade was a disaster. Sold at the lowest price it seems. Skipped the later long opportunity of BOF of LOD and PDH/PDC.as I suspected a channel. Shorted below IRL on BOF of BRN/IRL and TST of HOD. This trade moved well.
Sir,
ReplyDeleteI am following your blog from last 1 yr.And it work wonderfully.As i am trading with ur process regularly it giving me return.Hence i have a problem if u plz clarify..it is that when u confirm BPB is not DOUBLE BOTTOM or it's BO and how..does u confirm it with any candlestick reversal pattern or DP,FTA.Thank you for ur blog.
Anon
ReplyDeleteI do not consider the retest of breakout swing point as a DB or DT during a BPB trade. For me, a retest after a reasonable pull back only after a reasonable time qualifies as a DB or DT. To give an example take 26082013. Retest of IRH 5220 in the evening is a DT
Now coming to the BPB trade. There is always a possibility of the BO swing point holding again. It happened on the first trade of 26082013 and I had to exit at a loss.
Today BPB trade of BRN is still running
ST
Sir,
ReplyDeleteThanks for ur reply.U just clarified my confusion.Can u plz tell me what is proper stop loss for above scenario.Thank u.
Anon
ReplyDeletePreferably behind the DP or the pullback extreme depending upon the risk
ST
Are you on Twitter by any chance? :-)
ReplyDelete-- Chandru
Chandru
ReplyDeleteYes. But inactive
ST