Nifty opened near BRN and sold. IR formed. Avoided long above IRH/BRN as PDH and NS BRN was very close. A long on BPB of IRH over NS BRN. Trade failed. Exited when second push failed. Then there was a TRAP. Avoided as the earlier BPB proved there was no follow up buying. Short on BPB of PDH. When it broke BRN, thought it will reach IRL. Covered at 20 point profit.There is no conviction in the market. Too much overlapping of bars
Hi ST,
ReplyDeleteTrade taken after 13:30. There was no room for trade to go.
xrtrader1
DeleteThere was a 12 point gap from my entry to BRN, the FTA
Space is just one piece of the puzzle. You have to consider other factors also
People are long from the morning and the break below PDH will shake their confidence.
Critical mass holding the long position will start exiting. I was betting on this. Price stalled at BRN for 3 bar low and I allowed a little room above BRN for the BPB .My target was IRL/LOD
ST
Hi ST
ReplyDeleteToday, got some confidence to take the trade which you avoided. I tried to consider other factors apart from Space.
http://charttechnicals.blogspot.in/
Thanks.
URD
DeleteNice Trades. Why did you miss the TRAP,your own pattern?. It was a BOF of MSP/PDH.
Do not look for certainty and perfection. Take a decision as per available information and execute.
If it is not working exit without serious damage.Survive. Remember time is the most important factor in skill development
ST
Thanks ST.
DeleteYes, there was a TRAP but I was not confident. Reason, I felt NS BRN 7300 was resisting the up move and would resist again. It had already moved about 50 points from the low. Also Tuesday's second highest high (7337) from where we had 100 points fall, was not too far. Today actually it exactly stopped there.
You are right and only learned from you, "time is the most important factor in skill development."
Thanks a lot.
Hi ST
ReplyDeleteWas it prudent to short at HOD when the second push failed to cross it??
Space an issue??
Thanks
TBP
TBP
DeleteYou can do it. Space is never an issue.
The real issue is whether you are prepared to deal with a bounce from FTA, Here PDH.
You plan your action and go for it
ST
Sir,
ReplyDeleteI took the first trade at the same location. But I exited only after price started moving below PDH.Should have managed it better like you did.
I refer to your second trade. I skipped that trade, as I thought that the space with Swing pivot(11.21AM candle) was hardly 6 points. Isn't that swing pivot an FTA?
S.Karthikeyan
SK
DeleteEvery swing pivots will have some influence
If we look at each and every one of them, we will not be able to trade
Try to trade DP to DP
ST
Sir,
DeleteThanks for your guidance.
S.Karthikeyan
actually that swing pivot is DO. please tell me wen to ignore a DP?
DeleteSudarshan
DeleteWe cannot make simple rules for that. It depend on lot of factors
I have explained some of them in this post
http://niftynirvana.blogspot.in/2012/11/make-or-break-levels.html
ST
Sir,
ReplyDeletepls, point out sir where I was wrong and where I missed any opportunity.
http://i61.tinypic.com/21eaw4p_th.png
Puchu
DeleteI do not follow SBI and do not know how it behaves
Book your profit when price fails to move up after a vertical move. Most of the time market will go on a consolidation.
Last trade is a BOF of BRN. Your target was the Earlier MSP flip.( Your understanding of MSP is not correct)
ST
I see a very interesting statement on this chart..."quick stoploss shifting damage my trade". This point has been a source of immense frustration to me also. When a trade is not moving as per my expectation, for e.g it reverses once I enter or goes into a consolidation, I move my SL to the next logical position in order to minimize my loss. Sometimes this works, sometimes it does'nt. Often my revised SL gets hit and then the trade moves in the anticipated direction leaving me banging my head. And sometimes, my revised SL works like a magic and saves me from a bigger loss. Often time I have seen that if the price reverses immediately after you entered a trade, it will more or less hit your SL. Probably you got caught in a trap. But if the price reverses a bit and consolidates, then probably you need to give it some time to play out. But there is no hard and fast rule.All depends on the traders assessment, which is completely discretionary.
DeleteIf anyone needs free charts, this looks like a good option. My data provider does not provide Nifty Spot data, this helps. http://www.bazaartrend.com/nsecharts/intraday-free.php?symbol=-NIFTY
ReplyDeleteS Roy
DeleteThanks
Is that live or delayed?
ST
Hi S Roy
DeleteYou can also try MT4 which I am using for future and Google finance chart for nifty spot.
Thanks
Hi ST,
Deleteoh you asked about this chart, I am sorry I mistook (please ignore my previous post), I think it has some delay. I used it today to monitor Nifty Spot movement along with the spot data on zerodha trader. I get a bit confused if I watch only Spot values from Zerodha.
Dear ST,
DeleteI was using it and I also posted the same link some 2 months back here. Its updated live, but on only bar by bar. ie, if we take 5m chart, it gets updated on every 5mins. Also charts available of 1m,5m, etc. No 3m charts.
Dinil
Dinil
DeleteYes. Now I remember.
For me it is not necessary. I can open multiple charts with Icharts
ST .
Hai ST,
ReplyDeleteI avoided the first trade bcos want to see it stay above nifty spot BRN
1. sold when it came down from BRN 7300 spot and PDH, but my entry was at 7310 and place SL above the red candle 7322, but it triggered. was it a late entry or valid trade?
2. when it breaks the new high, again bought at 7331 but exited at cost to cost
3. when nifty fut breaks 7300, sold and exited at 14 points profit, this one also a late entry? when BRN below why u sold below PDH?
waiting for ur valuable reply
thanks...
1.You are trading the break below PDH. If price comes back above this level you should exit
Delete2.We must try to enter a trade at the beginning. Do not enter into a matured trend hoping that it will continue
3.Read reply to xrtrader1
ST
Hi ST,
ReplyDeleteThe high of your first bar was DO in my chart. If that were the case, would you take the short below PDH still or below DO? My chart looks like this. http://i.imgur.com/njQMogN.png
Hi ST,
DeleteThanks for looking at it. That's live chart from GFDL. I looked at IBC chart, that also looks the same.
S Roy
DeletePrice falling back to the previous day range is a major transition. Critical mass was long also.
DO almost matched with the swing low at 11.21 and I ignored this. I will take the trade but with a little less confidence
ST
Hi ST,
ReplyDeleteWhy didn't u take BO IRH. Please comment on my trades.
http://screencast.com/t/uOLD8SqO
You have done well
DeleteThe first 3 candles were bearish candles.
Watching that rejection, I suspected sell orders above IRH
So hesitated a little
ST
http://www.yourtradingcoach.blogspot.com.au/2011/09/breaking-pattern-mindset.htm
ReplyDeleteThe chart of above link looks like today's nifty future at HOD.
Right
DeleteSomething wrong with the above link.Try this
http://www.yourtradingcoach.blogspot.in/2011/09/breaking-pattern-mindset.html
ST
Hi ST,
ReplyDeletePlease help me with this. I took the long entry above BRN in the morning and kept my SL 2 points below PDH after price closed above PDH. I got stopped out. What would be the right place to keep SL in such a situation? Pink line was my exit http://i.imgur.com/ikAGpqW.png
Should we wait for price to close back below PDH to move SL?
S Roy
DeleteWhat you have done is correct
It is all in the game. Embrace uncertainty, Embrace ambiguity.
Read what PA Traders has written above
ST
Hi ST,
DeleteThanks a lot for all the guidance.
ST Sir,
ReplyDeleteHow are you.. hope u had good break last week.
Well, I also took a break n started trading again today.
I missed your 2nd trade... I need some clarification on how you took this.
Instead of direct BO of PDH at 2:08 candle.. u waited for pull back and placed SL-L sell order below low of BO candle.. i.e. 7312... after 2 attempts at 2:14, 2:17... sell triggered at 2:23 candle.. probably your initial SL is just above PDH..
I missed short here.. as I hesitated seeing tails below PDH line :)
Am I correct in understanding how you took this 2nd trade?
Rose Mary
DeleteThanks
I avoided the direct short because in the morning session price dipped below PDH and bounced back giving a TRAP signal.But when the green candle at 14.12 failed to take the price up I was sure that the price was going to break down
ST
Sir,
ReplyDeletewhat the actual meaning of tail..what happen there..does there no new buyer or seller come..so price gone to another direction..or same no of buyer seller came..so market run on heavier side..and another thing why on different time frame slightly different tail formed..sometime on exact time on 1 min chart tail is formed short but on 5 min chart it formed big tail..
Thank u.
Sendu
DeleteThere are lots of videos on YTC on the subject
https://www.youtube.com/user/YourTradingCoach
ST
Hi ST
ReplyDeleteJust sharing:
http://zerodha.com/z-connect/zerodha-60-day-challenge/winners/10th-std-pass-market-wizard-from-thrissur
TBP
TBP
DeleteThanks for the link.
Have to search and locate this neighbour
ST
Wow! awesome, another genius from Thrissur.
DeleteHi ST,
DeleteWhat is special about Thrissur and trading? :) So many great traders from that part of Kerala...You,Saint,now Joby and don't know how many more to come....You always stress on trading in good location..By that did you mean the location on charts or the physical location? :) Now i should start thinking of moving from Cochin to Thrissur for trading better :)
Thanks
tRaDeR_B