Nifty opened just above PDH. The first MC candle acted as IR. Attempted a BO trade on break of IRH. BO failed and scratched the trade. Went short below PDH as BOF . BRN of NS stopped the move. Covered when second push down failed. Another long trade on break of PDH. This breakout also failed. Nifty moved in a 30 point range all the day
Hi ST,
ReplyDeleteFound that no proper for the trades to move today.
Suspected two TRAPS today?
Were they?
Plz Click here
Thanks
TBP
Hi ST.
ReplyDeleteGot another chance to watch live price action because today also im on sick leave.
I have documented my thought processes and trades
https://www.dropbox.com/s/7fswyf0hz5d7g87/21jantrade.jpg
https://www.dropbox.com/s/o3c5048i8a1r5rm/trades%20analysis%20-21jan.docx
I know I am doing many things wrong .But it would be great , if you have time , go through my thoughts and let me know what are basic things i lack .
Coming to your trades :-
Why to you take the 2nf BOF trades since there IRL and PDC below ?
Same with the last trade IRH and Day high above ...
PS :- Others can just go through my document and know how a novise thinks :)
rgds
Kishore
sir previous days high was 6332
ReplyDeleteHello,
ReplyDeleteFirst BO-Scratch
Did you close it immediately after BO halted (during the 1st/2nd red candle) or after break back into IRH or did you let it hit you SL ( below BO candle? )
Thanks
SS
TBP
ReplyDeleteThey are not TRAP pattern explained by Dave. It happens in a trend.
In an up trend market makes higher highs and higher lows.When market makes a higher high the previous higher low becomes an MSP. Market tries to break below this low and fails. It is a signal to go with the trend
ST
hello sir,
ReplyDeletei want to know the full form of words...
IRL,IRH ST, BRN NS
Thanks ST
ReplyDeleteBut how to differenciate??
TBP
sir,
ReplyDeleteDid you attempted the first BO thinking that it is a cigerate?
sir,if possible plz provide exact entry point of ur first bof of pdh..ur method is great and its working nice..hence on live trade we need to tweak our method as situation demand but in this blog lately lot of people making this method very complicated..may be they r right and sir know better than everyone..but we need to keep this method simple..not another junk of this and that..sorry if i am going overboard..as for me i trade on this method for last 9 month ..every single day full time..9am to 3.30pm..may be sir recognise me..and i am earning enough..plz, dont make it complicated..go for the meat not package..sorry if offend anyone..
ReplyDeleteKishore
ReplyDeleteYou are not fully familiar with the concepts. The method is traded as if Market is in a range all the time.
Decision points become the range extreme most of the time. We are trading the acceptance and rejection at DPS.Whether the price is moving to another range or not is the question.
Searching for the patterns at the DPs will not work. Every trade targets either the current range extreme or in anticipation of the current range break.Ranges may overlap and there can be ranges inside ranges.
It will take some time to click. I think you are not in a hurry as you are working
I have uploaded today's chart.Notice how price shifted to a higher range from previous days range and broke down again to a new lower range
http://i44.tinypic.com/4j2tth.png
ST
SS
ReplyDeleteI exited below the BO bar
I expected the small swing high before the BO to act as a Flip
ST
miral
ReplyDeleteCheck Glossary
NS is Nifty Spot
ST
Anoop
ReplyDeleteSorry. jumbled
PDH is 6327.35
ST
TBP
ReplyDeleteWhat is there to differentiate.
Check 20012014
Price channeling down LL/LH
Price tried to break above MSP( Here same as BRN). TRAP signal did not work LOD supported.
Price move up HH/HL. Tries to break below MSP and fails. Trade works
( Here also there is BRN)
17012014
Here also TRP worked. MSP same as BRN
ST
yes ST ...
ReplyDeleteNot at all in a hurry ...
But in market going through a hell of systems from 2008 ...
A wanna be trader ...
But a salary above average is pulling me down from taking that risk and the support of the family is not there...
I have traded systems with a slight profit ...
But I was wondering that I am sitting with trapped positions most of the time and I join the move only after market has moved so much in a direction ....
Waiting for that trend move ....
But used to get one in a while and it used to take care of the losses(expenses as you say)...
But finally seeing your posts something is making sense ...
At the least i learned to respect market like "Kadalamma" ..
Lets see how this works...
rgds
Kishore
Sir,
ReplyDeletei took last 2 signals just like you . on 3rd buy signal i entered just above PDH @ 6328 and stopped out. I put my SL just below PDC. Did I put my SL at right position or Should I have put my SL just below BO candle?
Kindly give your suggestion.
Thanks,
Dushmant
Sentu
ReplyDeleteI am marking my entries and even exits most of the time with a small line
In other cases I write it. for example today,s trades
1.BO trade on break of IRH
2.Went short below PDH
3.long trade on break of PDH
Just a point above or below the level
Happy to not that you are making money with the method
ST
Sir,
ReplyDeleteToday PDC was between PDH and Range Low/LOD. Should we consider PDC as an important DP between 2 DP's while taking position?
Thanks,
Dushmant
Hi ST,
ReplyDeleteOne question about your BO trade- There was no Fluid above the Range, so shouldn't we waited for BPB rather BO?
I waited for BO follow up/ BPB. Am I Wrong & was just the lucky one?
http://www.tradewithdeven.blogspot.in/
Thanks,
Deven Malhotra
Sir,
ReplyDeleteI refer to your first trade. I assume that you played it as direct BO. I also thought of entering there in the hope that a lot of buy orders may wait there. Then I remembered your recent comment that we have to be careful about the liquidity, in case of direct BO. Here liquidity sold into all the buy orders.
You must have thought about it and had reasons to believe that the opposing order flow may not be sufficient to result in a BOF. Please share those reasons with us. It will be immensely useful for newbies, like me.
S.Karthikeyan
Dushmant
ReplyDeleteBe very selective in trading BO
Successful breakouts should not fall back into the range. managing the risk is first priority in day trading
When you are in doubt don't hope just exit
Suppose you are getting three opportunities today. Commission and slippage will come to 8 points for 3 trades.. First two full stop out. Loss 20 points.Even if you make 28 points on the third one you will go home empty handed
ST
Dushmant
ReplyDeleteDPs are not brick walls
It may or may not break, There is no way to know it earlier.
Today we are trading a BOF of Range high. naturally there will be order flow from trapped traders.There will be some stops below PDH.
The question is whether this order flow will be sufficient to break IRL and PDC.If you think so take the trade and exit if you are not right. If your reading is right you will make money.
ST
KS
ReplyDeleteYou need not over complicate simple things.
Here market opened above PDH. Tried to go down but could not. Price trading above previous close and day open.The bias was clearly bullish
Twice attempted to break above IRH. So we can expect some stops there.
We take a chance and if it is not working exit the trade. that is all
ST
Sir, Thanks for sharing your thought process.I have to develop the habit of focusing on the available information rather than unknown factors.
ReplyDeleteS.Karthikeyan
Deven
ReplyDeletePDH was twice tested and there I expected some stops. I expected it to move upto HOD. Market proved me wrong
ST
Hi ST/ seniors,
ReplyDeleteplease suggest me any site providing where 3 min chart is available If I get it for mobile too its great one.Kindly help me in finding the same.
Regards
K P Singh
ReplyDeleteI am using Icharts. Don't know about mobile compatibility
ST
Thanks for reply sir will check on site.
ReplyDeleteRegards
sir my name is Anoop from kerala N.paravoor kindly give me your cell no
ReplyDeleteGood Evening ST,
ReplyDeleteWhich price do you consider for PDC? LTP or Closing price.
Are you not considering shadows while considering PDH as PDH of yesterday is 6332 NF?
Thanks
Sanjay Dora
ReplyDeleteI trade What we see on chart. ie LTP
Usually I ignore tails but later adjust levels little bit when price action unfolds
Read the post Dynamic levels
ST
Anoop
ReplyDeleteAsk your doubts in blog so that others can also read and understand.If it is something personal mail me.
ST