Nifty Gaped down below PDL. Short on BPB of PDL. Stopped out of the trade. Tried a long on BO of MSP. It did not go beyond PDL/HOD/IRH. Scratched the trade. BOF of HOD was a nice short through the fluid. But missed it . Long on the BOF of LOD. Entered early as I suspected a reversal from MSP. But Nifty broke MSP and HOD . Nice move up
Hi,
ReplyDeleteShorted the BOF of High of the day, but missed the last upmove. It didn't give any signal in my chart (i use 5 mins). That was a quick move.
I hope you entered considering the breakout candle as Master candle (Doji was inside it). But shall we not wait for at least 2 candles to be inside Master candle?
Thanks,
Deven Malhotra
Hi ST,
ReplyDeletewas not trading today...
but when u took the BO of MSP, was there enough space as PDL was above??
wanted clarification..
thanks...
TBP
Deven
ReplyDeleteIt cannot be considered as a MC.
I did not wait for a formation because it will again reduce the space to FTA.Entered on break of the BO candle considering the volume of BOF bar and critical mass
The down move was fast and people might have shorted at three pivot low breaks.
Risk was also very low
ST
Sir,
ReplyDeleteWhy did you avoid the BOF happened after 11.24
Thanks
Siju Thomas
TBP
ReplyDeleteSpace was less at 12-13 points.
Do not make rules as there should be 20 points or 25 point space etc.
Being aware of the trouble area is important. If you are well aware of the FTA and ready to manage the trade you can very well enter.
I was well aware of the DPs such as PDL,DO,IRH etc.I expected enough stops above MSP so that it will move above HOD and trigger the stops there setting a chain reaction. The trade went exactly where it is supposed to go. PDL. but failed to move above and scratched. Still at little profit.
There are other methods to manage such trades.
http://niftynirvana.blogspot.in/2013/10/sniper-shots.html
ST
Hi ST,
Deletepoint understood... Thanks for the reply...
TBP
Sir, you have not emphasised much on volumes in your blog. why sir?
ReplyDeleteThanks.
Siju
ReplyDeleteBOF of every swing point is not tradeable. Trade DPs.Well established range extremes can also be considered as DPs
http://niftynirvana.blogspot.in/2012/05/trading-ranges.html
ST
arvind kumar
ReplyDeleteI do not pay attention to volume regularly. BOF is an exemption. On BOF I just glance at the volume bar to know weather a lot of people have got trapped. Bigger the volume better the chances of reversal
ST
Sir on11th can one consider irl as DP? You have not done that.
ReplyDeleteSoma
Soma
ReplyDeleteThere is nothing magical about DPs.
They are levels that everybody notice. Once price breaks the levels they may not be obvious and will not standout.Hence may become less effective
http://niftynirvana.blogspot.in/2012/12/love-virgins.html
ST
sir you said,
ReplyDeleteThere is nothing magical about DPs.
They are levels that everybody notice. Once price breaks the levels they may not be obvious and will not standout.Hence may become less effective
http://niftynirvana.blogspot.in/2012/12/love-virgins.html
in that case what about the price flips? if a level is used and abused then how we consider them as resistance turned supports and vice versa?
Soma