Nifty opened within previous day range. Sold and broke PDC and tested PDL. IR formed. Short below IRL . I expected it to move well through the fluid. TP when second push failed to extend. Another short at BPB of range low. This one failed.Stopped out for a point. Went long on the BOF of range low on break of MSP. Made 20 points.
Hi ST,
ReplyDeleteCan you explain how MSP was determined, in this chart please ?
xrtrader1
ReplyDeleteMSP is the pivot low immediately preceding the highest high in an up trend and
the pivot high immediately preceding the lowest low in down trend
Crack of MSP is considered as trend change
ST
Hello ST,
ReplyDeleteI took first two candles as IR. Shorted below 2nd candle low with initial stop at 3rd candle high. Held the position during consolidation with stop at entry price. Booked 23 points profit when there was breakdown from range. Your view on this please, as IR was different from yours.
Thanks,
VVSP.
Sir,
ReplyDeletewhat is the stop loss for your first entry short?
Anon
ReplyDeleteMy physical stop was above the consolidation range. But I will scratch if price comes back and closes inside the range
ST
VVSP
ReplyDeleteNo problem with taking first two candles as IR. But you were trading to two prominent price levels PDC and PDL which is against the method
ST