Nifty opened near PDL. Went long above PDC on BOF of BRN/PDL. TST at HOD was a very nice opportunity to go short. I hesitated for a while and missed it Did not chase. Next trade was a BOF of BRN. But due to the consolidation above it , I decided to go long above the swing high and missed half of the move. I was expecting a target of HOD. I had to scratch it. There was another TST opportunity but I was not confident enough to short
Refer your trade "BOF of BRN. But due to the consolidation above it , I decided to go long above the swing high, I was expecting a target of HOD" when such event does not occur, how and at which stage you decide to scratch, as i keep the BRN as stop loss(as the trade was "BOF of BRN).
ReplyDeleteShai
Shai
ReplyDeleteBy keeping the SL below BRN is risking too much. So you need to adjust the stops depending on the price action.
For example take the TST of HOD. We could get an entry very near to HOD( I missed it) so that we can safely keep a SL above HOD
BOF of BRN long. Cant take a trade immediately on BOF as there was a consolidation low above it. This may act as a barrier.Now entry point is on the break of consolidation high which is far from BRN.Now after the entry this level should act as a flip and give support. If it is not happening something is wrong and look for exit. Ensure that your entry should be at a potential flip
Ideal entry is where you can keep SL beyond the extreme. If you are not getting an ideal entry enter at a probable flip
ST
Hi,
ReplyDeleteCan u plz clarify how i can trade on FTC..mean when and where should i enter..wher should be PB and CPB entry is perfect..thank u.
sentu
ReplyDeleteI do not trade PB and CPB as I am basically trading ranges. For me a trend is successive range breakouts in one direction.
FTC trades are same as TST trades. the only difference is that TST we are fading established range extremes where as in FTC it is Probable extremes.
FTC trades are generally counter bias trades. Must be very careful trading FTC. Need to ensure other factors are aligned in favor.
ST