Nifty opened above PDH and refused to go beyond the first bar. IR formed. Suspected a Barbed wire around PDH. Short on break of IRL as BOF of PDH. Covered when second attempt to the downside failed. TST of IRL was a good opportunity to short. Missed it as it was a channel move to the upside. Long on BOF of LOD. TP when IRL rejected. Attempted a short when LOL BOF of PDH/IRL . Short was on break of MSP. Stopped out.Entire day Nifty was trading within 30 points.
Hi Sir,
ReplyDeleteThanks for your information.
1st traded i took the same place.
@12:30pm, there are 3 red candles..and crossed below LOD..is there no sell signal over there??
Please suggest me..
Thanks,
Mahesh
Hi ST
ReplyDeleteI shorted on the second candle today(on my charts) as BOF PDH and got stopped out.
How could have I avoided it?
Thanks
TBP
sir,
ReplyDeletewhat is the stop loss for your BOF OF LOD trade?
Is there any Simulation software that simulate the historical trades bar by bar..?
ReplyDeleteMahesh
ReplyDeleteOn range bound days generally Nifty swings wont last more than 25-30 points.
Market was showing any interest to go down. In case of strong selling it should have gone to BRN on the earlier down move after a pull back.
Pullback made two higher highs and higher lows. Longs from 6312 area might have shifted their stops 6318 area. The second leg of the down move was this stops triggering. BO bar of LOD was having lower tails which showed rejection.
Further BPB of LOD was not an orderly one , but just an inside bar
Maximum move that can be expected for a BPB trade was 8 points to BRN. Hence did not enter on BO/BPB
ST
@Naveen
ReplyDeleteSir with your permission....
As usual amibroker does it!
But nothing will replace your LIVE experience. Seeing the closed bar to watching and observing live bar makes a very big difference.
The funniest thing is I use next bar timer to see whether the current bar is closing above or below the signal candle.
Raghu
Iam facing one issue sir,
ReplyDeleteIam able to identify the decision zones like msp do pdc pdh irl irh and so but could not able to spot the decision points.
babu
Hi any one from US on this blog?
ReplyDeleteNeed help towards some buying activity from there.
Please share you email id.
Raghu
TBP
ReplyDeleteSometimes we get trapped. It is all in the game
But in this case you could have avoided it. The entire first candle was above PDH. So many traders went long there. Where they will place their stops? Below the first candle or below the previous day swing low ?
Now another move up. Where are the stops of longs now ? Some below the second candle low a new swing low. These stops helped your second trade
Hope it is clear
ST
Anon
ReplyDeleteJust below the pin bar which made a higher swing low
ST
Naveen
ReplyDeleteYou can do it in almost all charting soft wares. I was doing it in Amibroker
ST
Babu
ReplyDeleteThese areas are called decision points. They are not exact points but narrow zones.
We are trading the three patterns occurring at these zones
ST
Raghu
ReplyDeleteRight. Nothing can replace the live experience. It is just like watching the tug of war video.
ST
@Babu
ReplyDeleteIf you are facing this issue then just use the line chart for first few weeks or months I learned this DP trading in the same way. Its very use full as it filter some great amount of H-L noise.
Raghu
Hi ST,
ReplyDeleteI am from ernakulam .
gone through your book.
It was a great read .
Are you member of TSF.
I know vijay chettan ..
Between how many trades per day on an average ?
rgds
kishroe
Hi ST,
ReplyDeleteIf the stops were placed below the first candle, then I would have got stopped out on my short because the second candle closed below the low of the first.In this case I totally forgot about IRL. Is my thinking right??
TBP
TBP
ReplyDeleteI am afraid you got it wrong
I was referring to the chart in your blog
Your first short failed because there was no order flow from other traders in your favor. ie no stop triggering
Second trade worked because it triggered the stops below IRL
The right entry was on 12th candle in your chart to take advantage of the stops
ST
Hi ST
ReplyDeletethere was a typo from my end
It shud be I wud not have got stopped out...
TBP
Sir good evening sir i could not understand this ie no stop triggering as mentioned by you , kindly update thnx
ReplyDeleteAmber
ReplyDeleteAs far as possible our entry should be in a location where many other traders keep their stop loss.
We need order flow to support our position. Triggering of these stops will create a move in our favour
ST
Sir thnx
ReplyDeleteKishore
ReplyDeleteSorry. I missed your comment.
Yes. I post in forums as Niranjanam
TSF,Tj and Indi. But rarely
I know Vjay through the forums. We have not met personally.
Usually I take 2-4 trades a day
ST
thanks ST
ReplyDeletergds
Kishore
Hi ST Sir,
ReplyDeleteA small suggestion, hope you won't mind. IMHO, renaming TST as TSR would help to remember and relate to the terminology better.
Regards,
KSG
KSG
ReplyDeleteI agree TSR is better than TST
But changing will bring in a lot of unwanted and unproductive work for me.
Existing readers will start asking what is TSR and every new reader when going through old charts will ask what is TST
ST
my today's trade chart link - https://www.dropbox.com/s/widbama5j10qew3/NFNIFTY%2030-Jan-2014.jpg
ReplyDeleteAdhi
ReplyDeleteNice trades
Shows your maturity as a trader.A novice cant identify and reverse a wrong trade so fast
ST