There is a substantial risk of loss associated with trading Derivatives . Losses can and will occur. My methods will not ensure profits

Tuesday, December 17, 2013

17122013


Nifty gaped up above PDH. Counter trend outside gap. Went long on the break of first master candle. I was very confident about the trade but it failed. Thought of going short when third time TST occurred but hesitated to pull the trigger.Later Nifty traded in a tight trading range. Shorted the BOF of range high. Price broke PDC as well as PDL. Exited when market started chop.
@ Kavi. Second trade is your pattern. Isn't it ? Hope you traded it
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26 comments:

  1. sandeepDecember 17, 2013 at 5:14 PM

    I took the first trade that u mentioned.But having seen a DB formation and market having broken back into the range,i did not have the courage to short at the point where u shorted.Besides,tomorrows fed meet and monetary policy weighed on my mind.
    Curious to know your thoughts.

    Thanks

    ReplyDelete
  2. UnknownDecember 17, 2013 at 5:22 PM

    Hi ST,
    Came late today so directly took TST FTC BRN. Covered at PDL
    was there BOF of PDL?

    ReplyDelete
  3. SMART TraderDecember 17, 2013 at 5:47 PM

    @TBP

    Theoretically yes
    But not tradeable considering space, MSP and trend

    @Sandeep

    I stand out till market stabilize after announcement

    ST

    ReplyDelete
  4. KaviDecember 17, 2013 at 5:48 PM

    Hi ST

    Thanks a lot for citing it. It gives a nice feeling to see my name. Today I was busy with my job so could not do trading. Indeed, it was a nice trade, right into the flip zone. Noted the ranges, one after another, breaking down, i.e. (i) initial range, then break down to (ii) range between BRN and 6190, and then this (iii) range. Slowly and gradully learning about these ranges and started believing "Markets are always in ranges." All thanks goes to you. Without your guidance it would not have been possible.

    Thanks
    Kavi

    ReplyDelete
  5. SMART TraderDecember 17, 2013 at 6:15 PM

    Kavi

    Believe in your Brain
    Give it time to get hardwired focusing on the right thing.

    ST

    ReplyDelete
  6. UnknownDecember 17, 2013 at 6:17 PM

    Hi ST,
    thanks for the reply
    noted the aspects..
    as @ kavi pointed out, markets r always in range.. Prime example today.
    thanks to ST for a tremendous blog
    thanks,
    TBP

    ReplyDelete
  7. AnonymousDecember 17, 2013 at 6:37 PM

    Sir i took the trade when price refuse to break BRN ie.,6200 for the last time by keeping the SL above DH as bias was down just waited market to perform closed the trade by 3.29PM.

    Thanks

    Raghu

    ReplyDelete
  8. AnonymousDecember 17, 2013 at 7:13 PM

    Hi ST,

    What would have been the SL for your second trade.Would it be the high of the candle you entered?

    If possible can you mark in the trades you take where it would likely be your SL.

    Thanks
    tRaDeR_B

    ReplyDelete
  9. SMART TraderDecember 17, 2013 at 7:24 PM

    tRaDeR_B

    Above Breakout extreme

    ST

    ReplyDelete
  10. AnonymousDecember 17, 2013 at 7:29 PM

    Dear ST

    Can you suggest some good backtesting software/application for nifty and options.

    Harpreet

    ReplyDelete
  11. SMART TraderDecember 17, 2013 at 8:12 PM

    Harpreet

    Sorry. No Idea
    I do it manually on charts

    ST

    ReplyDelete
  12. AnonymousDecember 17, 2013 at 8:16 PM

    Sorry ST,

    I guess I asked it wrongly, I wanted to ask for a nifty simulation application, where back date data can just be played on, nothing more. I tried googling but I dont know if there exists one.

    Harpreet

    ReplyDelete
  13. ArvindDecember 17, 2013 at 8:18 PM

    Sir,
    I went long in 13:08:59 bar thinking that shorts might have been trapped in 13:02:59 bar by seeing the volumes which will take my trade to BRN. Completely overlooked the Flip zone. Stopped in the same bar in which you went short and missed the whole down move.

    Thanks

    ReplyDelete
  14. SMART TraderDecember 17, 2013 at 8:48 PM

    Harpreet

    You can do it in Amibroker

    ST

    ReplyDelete
  15. SMART TraderDecember 17, 2013 at 8:50 PM

    Arvind

    Sometimes it happens
    We fail to notice many clues and get trapped

    ST

    ReplyDelete
  16. AnonymousDecember 17, 2013 at 9:47 PM

    Today, Icharts first 3 min. candle data was not showing open/high correctly. You can check 30 sec. chart. First two candles are missing. I usually note first 10-15 secs. ATP from terminal and take it as open. It was 6208.5. Will you take first long trade if open was 6208/6209? or short BOF of DH/DO at 09.35.59?
    Thanks,
    VVSP.

    ReplyDelete
  17. SMART TraderDecember 18, 2013 at 8:21 AM

    VVSP

    I have written to Icharts about this

    ST

    ReplyDelete
  18. AnonymousDecember 18, 2013 at 9:00 AM

    Hi ST,
    These data problems happen sometimes. I am curious to know whether it would have influenced your decision to take trades mentioned in my previous message.
    Thanks,
    VVSP.

    ReplyDelete
  19. AnonymousDecember 18, 2013 at 9:05 AM

    Seen in SB, your message to Icharts team and their standard reply.
    VVSP.

    ReplyDelete
  20. SMART TraderDecember 18, 2013 at 9:31 AM

    WSP

    First one minute data was missing in Icharts. They agreed

    http://www.icharts.in/faqs/icharts-faq/intraday-open-high-low-does-not-match-with-odin-terminal-data.html

    ST

    ReplyDelete
  21. SMART TraderDecember 18, 2013 at 9:40 AM

    VVSP

    Will check after market hours

    ST

    ReplyDelete
  22. SMART TraderDecember 18, 2013 at 11:25 AM

    VVSP

    Then my long would not have triggered
    I will short below IRL as BOF of PDH

    ST

    ReplyDelete
  23. amberDecember 18, 2013 at 12:17 PM

    Sir good noon Shorted the BOF of range high sir this refers to lower range high ? , kindly update thnx

    ReplyDelete
  24. SMART TraderDecember 18, 2013 at 12:24 PM

    Amber

    I have marked it on chart with a down arrow and written "BOF".
    Anything wrong ?

    ST

    ReplyDelete
  25. AnonymousDecember 18, 2013 at 12:44 PM

    ST
    Thanks for the reply.
    VVSP

    ReplyDelete
  26. amberDecember 18, 2013 at 1:16 PM

    Sir just needed your confirmation thnx

    ReplyDelete

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