There is a substantial risk of loss associated with trading Derivatives . Losses can and will occur. My methods will not ensure profits
Wednesday, April 2, 2014
02042014
After the gap up above PDH, Nifty traded within the IR . Finally it broke below the range low. Avoided the BO as I felt market will bounce back from RN 6750. So waited for a pull back. BO failed and entered long. Covered at a 25 point profit
IRH,DO,HOD,NSRN all are same levels here. This is the range high. Once a BOF of a range extreme happens we assume price will break the other extreme. If not, exit there Trend started from a range extreme, broke the other and terminated near BRN the probable extreme of a higher range
First one was a BOF of DO/IRH on its third failed attempt to BO. Entered below the swing low. Thought it would break the PDH/PDC but it seemed to get support there. So scratched it with few points of profit.
For second trade it seemed to me like pressure play. So attempted to short below the LOD. Price failed to move lower. BO candle became MC. Moved the SL above MC. On next candle, SL got hit.
Now it seemed like a BOF of strong support zone PDH/PDC and below it RN. Entered long above the MSP. Could trail it till end as it was respecting swing lows.
Hope this answers your query. Please do not call me Sir. You can address me with my name.
1.Market is extremely bullish and making all time highs .Every dip is being bought into 2.Zoom out the chart and see what is happening. Market was trading in a 50 point range 6710-6760 for the last two days 3.Market gaped up well above this range today morning and pulled back. Found support at PDH. I was thinking why it is not going up even after 3-4 tests. 4.I would have shorted if price was coming down after a BOF at HOD trapping longs. But it was just floating around aimlessly. 5.Initial move was to the downside and not many fresh longs created by the day trading brigade. 6.Price is trading above PDH and all the positional longs are still in profit. Unlike the day traders they are not going to panic or exit on an adverse 10 point move 7.Another prominent area RN 6750 is just below.Market may stall here and if it falls further I can always enter there.
Hi ST , ended the day in profit with your help. Could trail the bof till end and booked at 6794. Today only I understood well meaning of the post http://www.niftynirvana.blogspot.in/2012/06/trends.html . Hope you did not mind asking too many questions . Thanks a lot
I think it is better for newbie to stick to only bof trades only.The breakout trades ( by tv experts ) are deep dig into my subconscious mind. will have to get rid of that. thanks.
If you ask whether it is a valid trade, IMHO NO. For reason read my answer to Saravanan. If you ask whether it is a valid "Pattern", YES. It was a good Pressure Play
So it will depend upon the feel and read of the market by a trader. Have a plan. If the trade is not moving what you are going to do ? where you will exit? will you reverse the trade? where ? What is the risk? Is it acceptable? is it worth taking ? where else one can enter? If you make a plan with respect your analysis of the available information you can attempt it. Plan the trade and trade the plan.
Planning is a part of the ongoing analysis and not something you do the previous night, at least for day trading
Most of the retail traders lose money by trading... 1.Trends-They wait for a confirmed trend using lagging indicators or waiting for pivots. They are too late for the party 2.Breakouts-Most of the BO fails.They will end up providing liquidity to the whales and sharks
You will make it. May take a little time that is all. Most of the people wont take any effort. That is why they are not improving. I will show you some statistics. http://screencast.com/t/PMVulH2Gbp
Pradeep's procedural memory is one of the best articles shared by me.Just see how many people have read the rest of the article.Just 16 out of around 400 average daily visitors
Look at the screen shot. I have marked the particular link in red. These are the out clicks from the blog. Just 16. Look at the link above it. That is the link to E-Book downloads.22 downloads
Thanks for proving me right. This is the point I wanted to convey. Link to the screen shot is there in my first post addressed to URD You did not read it properly and wasted time to make another post Even after reading my reply to that you did not look at the old post. Wasted time on another post. Don't feel bad. Find this as a constructive criticism
ST, yes u r right. Now I understand the reasong of failure. I just go through everything at glance. I am like a 10 th student. Who knows everything maths, science, history,sanskrit. After reading that article I am trying to pay attention to small details but taking time. Thanks, now I will try to concentrate more.
Hi ST
ReplyDeleteTook the long trade as BOF LOL?
Was it valid??
Plz click here
Thanks
TBP
ST
ReplyDeleteTook three trades,
http://www.mql5.com/en/charts/1679536/nse-nifty-m3-gci-financial-ltd
Only last one made money.
Thanks.
Hi ST,
ReplyDeleteTook the same trade as yours .
thanks n rgds
Kishore
TBP
ReplyDeleteYou can consider the area as a zone as they are very close. Anyway it was a good BOF
ST
URD
ReplyDeleteAll the three trades were valid trades. Unfortunately the first two did not work. Hope you could ride the last one till end
ST
UR Dave sir
ReplyDeletecould you explain your trades ?
Hi ST,
ReplyDeleteWhile going long when BOF of PDC & PDH happened, you didn't consider IRH..? I thought space was very narrow so entered at BO of IRH.
Regards
Naveen
Naveen
ReplyDeleteIRH,DO,HOD,NSRN all are same levels here. This is the range high. Once a BOF of a range extreme happens we assume price will break the other extreme. If not, exit there
Trend started from a range extreme, broke the other and terminated near BRN the probable extreme of a higher range
http://www.niftynirvana.blogspot.in/2012/06/trends.html
ST
Any particular indication or reason for your expected bounce back from 6750? please let me know.
ReplyDeleteRegards,
Saravanan
Hi Dhadiga,
ReplyDeleteFirst one was a BOF of DO/IRH on its third failed attempt to BO. Entered below the swing low. Thought it would break the PDH/PDC but it seemed to get support there. So scratched it with few points of profit.
For second trade it seemed to me like pressure play. So attempted to short below the LOD. Price failed to move lower. BO candle became MC. Moved the SL above MC. On next candle, SL got hit.
Now it seemed like a BOF of strong support zone PDH/PDC and below it RN. Entered long above the MSP. Could trail it till end as it was respecting swing lows.
Hope this answers your query. Please do not call me Sir. You can address me with my name.
Thanks.
Thanks
saravanan
ReplyDelete1.Market is extremely bullish and making all time highs .Every dip is being bought into
2.Zoom out the chart and see what is happening. Market was trading in a 50 point range 6710-6760 for the last two days
3.Market gaped up well above this range today morning and pulled back. Found support at PDH. I was thinking why it is not going up even after 3-4 tests.
4.I would have shorted if price was coming down after a BOF at HOD trapping longs. But it was just floating around aimlessly.
5.Initial move was to the downside and not many fresh longs created by the day trading brigade.
6.Price is trading above PDH and all the positional longs are still in profit. Unlike the day traders they are not going to panic or exit on an adverse 10 point move
7.Another prominent area RN 6750 is just below.Market may stall here and if it falls further I can always enter there.
ST
sir,
ReplyDeleteabout UR DAVE second trade,short on above of BRN 6750 is valid trade..
your reponse is important for my future trading decision..
Hi ST ,
ReplyDeleteended the day in profit with your help. Could trail the bof till end and booked at 6794. Today only I understood well meaning of the post
http://www.niftynirvana.blogspot.in/2012/06/trends.html .
Hope you did not mind asking too many questions .
Thanks a lot
I think it is better for newbie to stick to only bof trades only.The breakout trades ( by tv experts ) are deep dig into my subconscious mind. will have to get rid of that.
ReplyDeletethanks.
Sentu
ReplyDeleteIf you ask whether it is a valid trade, IMHO NO. For reason read my answer to Saravanan.
If you ask whether it is a valid "Pattern", YES. It was a good Pressure Play
So it will depend upon the feel and read of the market by a trader. Have a plan. If the trade is not moving what you are going to do ? where you will exit? will you reverse the trade? where ? What is the risk? Is it acceptable? is it worth taking ? where else one can enter?
If you make a plan with respect your analysis of the available information you can attempt it. Plan the trade and trade the plan.
Planning is a part of the ongoing analysis and not something you do the previous night, at least for day trading
ST
ST
ReplyDeleteLearned what I missed to notice before taking the trade from your reply to Saravanan. Thanks.
nirtos
ReplyDeleteMost of the retail traders lose money by trading...
1.Trends-They wait for a confirmed trend using lagging indicators or waiting for pivots. They are too late for the party
2.Breakouts-Most of the BO fails.They will end up providing liquidity to the whales and sharks
http://niftynirvana.blogspot.in/2012/12/liquidity-pools.html
You can do well trading a single pattern. Many of the successful traders trade a single pattern
http://niftynirvana.blogspot.in/2012/05/reading-one-trick-ponies.html
ST
ST
ReplyDeleteOne more thing. I am yet to learn what to pick and what to skip.
Thanks.
i am silent follower here ...
ReplyDeletesir , want to say simple thanks .
i like to trade nifty in day time , but cause of job is it not possible for me ..
know start to track commodity everyday . start marking on chart and finding TST,BPB and BOF .
STEP by step like tortoise ...
thank you sir once again .
Now day niftynirvana is my second home on internet . i visit whenever open internet.
:)
ST,
ReplyDeletePlease check
http://tinypic.com/r/mmgacy/8
rgds
Kishore
URD
ReplyDeleteYou will make it. May take a little time that is all.
Most of the people wont take any effort. That is why they are not improving. I will show you some statistics.
http://screencast.com/t/PMVulH2Gbp
Pradeep's procedural memory is one of the best articles shared by me.Just see how many people have read the rest of the article.Just 16 out of around 400 average daily visitors
ST
Kishore
ReplyDeleteSuppose you are not long in the market will you short there as BOF?
MC, patterns etc are just thumb rules.Core concept is the acceptance and rejection of levels. If price gets rejected from the new area exit.
ST
Hi ST
ReplyDeleteNo I wont.But may be below swing low
rgds
Kishore
St,
ReplyDeletehow u know just 16 read the rest of article.
nirtos
ReplyDeleteLook at the screen shot.
I have marked the particular link in red. These are the out clicks from the blog. Just 16.
Look at the link above it. That is the link to E-Book downloads.22 downloads
ST
good morning,
ReplyDeletethere is no link to screen shot in your post
nirtos
ReplyDeleteThanks for proving me right.
This is the point I wanted to convey.
Link to the screen shot is there in my first post addressed to URD
You did not read it properly and wasted time to make another post
Even after reading my reply to that you did not look at the old post.
Wasted time on another post.
Don't feel bad. Find this as a constructive criticism
ST
ST,
ReplyDeleteyes u r right. Now I understand the reasong of failure. I just go through everything at glance. I am like a 10 th student. Who knows everything maths, science, history,sanskrit. After reading that article I am trying to pay attention
to small details but taking time.
Thanks, now I will try to concentrate more.