Expiry day .Nifty gaped down below PDL. IR formed. Skipped the short below IRL as RN was just below. BOF of RN was a signal to go long . Avoided. Trend was down and need to crack MSP,IRL and IRH to go up. A TRAP at MSP. Thought of going short below the Higher low made after the BOF of RN.Went short only below the then LOD. Covered around 3 PM at a small profit. Could have gone long above RN and made cool 20 points. Hesitated and missed it.
Hi ST
ReplyDeleteHappy Anniversary to Nifty Nirvana.
Thanks for being there.
After u TP at the fag end, could a BOF LOD be initiated. If yes where wud have been the entry?? Above RN??
Thanks
TBP
TBP
ReplyDeleteNo patterns will work there.
Market may do anything.It is Clash of the Titans.Better stay out
ST
Hi ST
ReplyDeleteThanks for the reply
if not for expiry,then?
TBP
TBP
ReplyDeleteAbove RN/MSP
When price reenters previous range
Almost same levels
ST
Thanks ST for the reply
ReplyDeleteST,
ReplyDeleteWhat is the thought behind covering the short there ?
rgds
Kishore
Kishore
ReplyDeleteToday is derivatives expiry day.
We will never know what big boys are going to do.In the evening session anything can happen.So exited and watched the drama.
ST
DP trading does not take TLs into consideration. But just wanted to share this perspective of TL BOF.
ReplyDeletehttp://tinypic.com/r/ad2g6v/8
DM
DM
ReplyDeleteAs far as I know a downtrend line has a negative slope and is formed by connecting two or more high points not low points
Correct me if I am wrong
ST
Sir, not traded today.
ReplyDeleteDM please see the pattern that you should be looking for.. its expanding wedge with right BOF and target done
http://i62.tinypic.com/2nqcfo3.png
some trend line here
http://i58.tinypic.com/149umv8.jpg
Raghu
Raghu
ReplyDeletehttp://i58.tinypic.com/2h5myk2.png
ST
good evening sir i don't trade today .what is day high low and close ...? replay me pls
ReplyDelete
ReplyDeleteSir,
I refer to your chart with modified wedge. Really enjoyed it.
I was amazed to see the effect of tampering a candle, a little bit. You are asking some questions. May be the questions are your answers.
Thanks
S.Karthikeyan
sir why you don,t take position first break down of RN.......?
ReplyDeleteSIR , can I get I CHART with out any payment...? replay me pls
ReplyDeleteAnoop
ReplyDelete6069.90,6077.70,6025.10,6074.20
Market was already down a lot and near a RN option strike around which price can chop around.
I do not trade breakouts unless it is a power play or IR breakout
Ichart is a paid service. Rs 800/-PM
ST
ok thank you sir
ReplyDeleteSir,
ReplyDeleteFirst I want to thank Anoop for this question.
Your reply to Anoop cleared my confusion regarding BO. Pressure play is for you and maybe the seniors. My task is clearly cut out - trade only BOF and BO at only IR and nowhere else.
Thanks.
S.Karthikeyan
Trendline is a misnomer here. Lower bound might be a better term.
ReplyDeleteI have explained more in the uploaded images. I am not looking for any pattern. I am looking for more touches to the boundary. And this boundary acts in a similar manner to the horizontal support/resistance.
Nifty: http://tinypic.com/r/1z5m80h/8
BankNifty: http://tinypic.com/r/iz2czo/8
DM
Sir,
ReplyDeletetill date I was not tempted to tamper anything, sticking to text books like little stupid boy.
but still i missed your point! what is that you are trying to say?
Raghu
DM
ReplyDeleteIn trading, every level that is visible and acted upon by a big enough group of traders will work.
DPs are more reliable locations because they are visible to all the time frame traders irrespective of the indicators they use.
For example PDH is a PDH for all the traders and most of them notice it and many act there.
ST
DM
ReplyDeleteAnother observation
Your NF charts have 5 touches
http://oi60.tinypic.com/1z5m80h.jpg
Look at Raghu's chart. It has only two
http://tinypic.com/view.php?pic=2nqcfo3&s=8#.Uusf0_shWOc
ST,
ReplyDeleteAm in complete agreement with you that DPs are more obvious and hence more reliable signals. And they simplify trading to the bare minimum required and hence help the trader decide and pull the trigger faster.
DM
Raghu
ReplyDeleteI was just showing you an interesting observation
If the first candle had a little longer tail, it will change the way the wedge is drawn. Then there were two BOF of the wedge boundary. These two BOF did not work.
So a one tick extra tail can change the fortunes of traders.
ST