Nifty opened near PDC and tried to move down. First candle was an MC which acted as the IR. Long on break of IRH on BOF of PDC. Price failed to move to PDH, my target. Scratched. Shorted the break of range low . I thought there will be enough stops below this area to move price below LOD. Exited at a 3 point loss. Did not attempt the up move as there was not much space. Another short on BOF of HOD and TST of PDH.Exited at a small profit when it bounced back from range low.Very choppy 20 point range.
Sir,
ReplyDeleteI went LONG exactly at the place where you exited your PP trade, as I thought that it was a BOF of PDC. I exited at the breach of BO candle low of HOD.
Though I exited, I expected the HOD to be breached sooner or later, as this move began with a BOF at the other extreme. What were the factors that suggested that HOD will hold and price has to go down?
S.Karthikeyan
SK
DeleteYour long was a nice trade good entry and exit.
There were three layers of resistance HOD,PDH and RN.
Naturally you can expect a lot of stops above these levels. But price was not able to move up because there were resting orders waiting above it.Two candles with upper tails showed this.
You missed the trade because you were not able to change your bias so fast.If you were not long during the up move, you will not find it difficult to short there .Same thing happened to me also. I was not able to reverse my short to long at the bottom. We need to work on it and correct it.
ST
ST Sir,
ReplyDeleteIs tomorrow, 23rd Wed, the expiry day for F&O April2014 series with exchanges to remain closed on 24th Thursday ?
I came across this info but could not find it on NSE website.
Regards,
KSG
KSriG
DeleteYes. Expiry is tomorrow.
24th holiday due to elections in Mumbai
ST
Hallo,
ReplyDeleteWas it not BOF of PDC @ 4th candle? Why didn't initiated long there? Or your trade which is on break of IRH was based on this BOF, but entry was late?
Yes. I have written "Long on break of IRH on BOF of PDC"
DeleteFirst candle had upper tails and I suspected orders there.
Price stalled and pulled back at IRH the FTA. I entered on break of this barrier, but trade did not move as expected
ST
Sir,
ReplyDeleteThanks for your guidance.
S.Karthikeyan
Dear ST,
ReplyDeleteNse website we can see PDC as 6838, but we taking LTP as PDC, which one is correct and why?
Abhishek
DeleteTraders trade charts. Trade what you see on the charts.
NSE average closing is not visible on charts and hence nobody will act there
ST
hi ST,
ReplyDeletePlease comment
http://tinypic.com/r/vrsm6w/8
regards
Kishore
Kishore
DeleteYou need not extend the IR till the end of the day if it is not obvious especially long tails.
Trades are OK. On a 20 point range day cant expect much.
Long back I used to get stopped out both ways losing 40-60 points on these kind of days trying to trade the trend and breakouts
ST
yes st
Deleteme 2,,,happy to see i am in profit in these kind of days too
rgds
kishore
Sir good evening ,sir no. of times i have noticed that the range of IRH to IRL when applied above IRH acts as stiff resistance and when it wrks it acts as Sl for further tgts ,kindly guide thnx
ReplyDeleteAmber
DeleteIt is the basic structure of the market
Supports, Resistance and change in polarity
http://niftynirvana.blogspot.in/2012/09/price-flips.html
ST
Sir good morning and thnx
ReplyDelete