Nifty gaped up above PDH. IR formed. Skipped the BOF of IRH.as it was not convincing one to go counter trend. But it hit the target IRL. BOF of IRL gave a long signal. Exited when price failed to stay above RN. Tried a short when price fell back into the old range. Exited immediately. BPB of range high gave a long signal. TP at BRN.Stay with the trend . Be careful with CT short trades when market is in a bullish orbit
There is a substantial risk of loss associated with trading Derivatives . Losses can and will occur. My methods will not ensure profits
Friday, June 6, 2014
06062014
Nifty gaped up above PDH. IR formed. Skipped the BOF of IRH.as it was not convincing one to go counter trend. But it hit the target IRL. BOF of IRL gave a long signal. Exited when price failed to stay above RN. Tried a short when price fell back into the old range. Exited immediately. BPB of range high gave a long signal. TP at BRN.Stay with the trend . Be careful with CT short trades when market is in a bullish orbit
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Hi ST
ReplyDeleteThought it to be absorption around 7540. But got the answer soon.
Thanks
TBP
TBP
DeleteMarket is trading at all time highs. Every dip is being bought into
If market is in a rally mode careful with your shorts.Earlier I had lost a lot of money trading CT.
http://niftynirvana.blogspot.in/2012/02/bucking-trend.html
ST
HI ST,
ReplyDeleteBad day for me, I ended in 30+ points in negative.
Please comment on my trades
http://screencast.com/t/MsnN4p72Mx5
Regards
Naveen
Naveen
DeleteMarket is in a new bull orbit which may last for months. When market is in rally mode short trades are low probability ones. Focus more on with the trend BOF trades. Direct BO trades are low probability ones.
http://niftynirvana.blogspot.in/2013/10/breakout-blues.html
ST
Thanks ST,
DeleteI will try to avoid CT & BO trades for some time.
ST Sir,
ReplyDeleteNifty had good run, managed to fetch 22 points… prolonged sideways range forced me to sit idle most of the day.
Chart here http://imgur.com/yNZXbhK
TRADE1:
Short at 7518, as BO of IRL with initial SL above DO (7526)
SL hit; exited trade with 10 points loss
TRADE2:
Long above 7561 (HOD) after BOF of 7550 RN with initial SL 7548
Moved SL to 7562, after NF moved 7582
Exited at 7595 near EOD with gain 32 points
Points earned: +22
Rose Mary
DeleteGoing long on the BOF of range lows/DPs will be the most rewarding trades when market is in rally mode
ST
@ ST
ReplyDelete@Naveen
ST, I think Naveen can trade better if he uses candle sticks chart. Candle sticks reveal a lot, better than bar chart.
Its my personal opinion, Naveen, so don't take it to heart but do compare over the weekend.
Thanks
TBP
Thanks for your advise TBP.
DeleteSince i trade from the office, if i switch candle chart on everyone will stare at my monitor & personally i do want to use Candle charts.
Regards
Naveen
ST,
ReplyDeleteI took long above 10.48 considering pressure play keeping sl below 10.54.. exited below 11.00.
How to differentiate between range breakout and pressure play breakout?
2nd trade took long above 11.27 IRL failure.. exited on minor pivot of 11.39. missed the whole move.:(
3rd trade short below 1.39 which failed immediately 1.54 exit.
4.th trade short below 2.30 days high failure again. Exited above 2.36 candle
After 4 trade failing was not in condition to take another trade so missed final move .. bad day for me.
Kindly enlighten with your thought process at what point during the day today, we consider that we should avoid counter trend trades as trend is strong.. there are times where we take counter trend trades on strong trend days also.. i m confused here.
Bharat
1.PP needs Stop Loss order accumulation above range.Break out should trap critical mass.Preferably a BOF should happen at the other extreme. Here the gap was an outside trend gap. Usually there will be some consolidation within a range before next move
Delete2.Do not micro manage. Price did not go below entry bar or traded DP that is IRL
3.Here we will get trapped. It is all in the game
4.price went just a point above HOD.Not a powerful one to look for a CT trade. Where is the space? Price remained within the higher range. Never fell to the early range.
5.CT trades are always low probability once. Usually taken in an established range targeting the other extreme, On exhaustion or after a climatic move. or on critical mass getting trapped in a powerful BOF
ST
Sir good evening thnx very much for your IRH and IRL method as i apply it in multiples in uptrend and downtrend. God Bless You thnx
ReplyDeletei too entered shorts @ IRH and HOD and scratched. Finally entered long @ 7565 exited the trade @ 7599. It was very deceptive in the morning session and looked like it would not break the highs. every day is market provides a learning opportunity. but sometimes tuition fee is high
ReplyDeleteDo not pay too high a tuition fee.
DeleteYour profitability will depend on your ability to bargain and reduce the fee
ST
Sir,
ReplyDeleteCan you expand CT. I am unable to find in Glossary.
Regards,
Veer
Veer
DeleteCT is Counter Trend trade
ST
Sir,
ReplyDeletePlease provide link for BPB and BO both.
I traded only one trade today-- I placed a buy stop @ 7566.05 just above the 6 range bars on one min chart. Sop placed below these range bars @ 7555.9. Take profit @ 7582 when saw minor resistance @ 7582. Earned something but I think that method did not followed well by me perfectly.
Regards
Please go through all the important posts listed below the blog
DeleteST
Thanks Sir
DeleteST,
ReplyDeleteThanks a lot for detailed answer.
If time permit kindly explore more the topic with some additional posts on how to trade broader ranges, tight range and pressure plays with some examples.
Bharat
Yes. Will do
DeleteST
Sir,
ReplyDeleteSent you a mail regarding Trade Score yesterday. Wondering whether you got it
Thanks
Now going through it
DeleteST