Nifty gaped up above PDH. First MC acted as IR. Avoided long above IRH as RN/NS RN were very close. Went long on break of NS RN. trade did not move scratched. Short on BOF of range high. TP at IRH/Range Low.Long on BOF of range low on break of RN. TP when price rejected from HOD. Attempted a BPB of HOD long. Stopped out.
hi ST, thanks to your DP. Based on DP, I did a long trade in Unitech (which is a top gainer) @ 12.41 when NF took support @ 7638 (IRH). Bought Unitech shares (1600 shares) based on my risk of Rs 500/- . Entry @ 36.15 SL @ 35.85 (2 ticks below the recent swing low). Exited @ 37.90; Profit of Rs 1.75 . Have observed this pattern for last one month and finally i entered trade today with small risk. Made decent profit.
ReplyDeleteNice trade
DeleteI have no idea about how Unitech moves. so cant comment
Trade small and manage risk well
ST
Hi ST,
ReplyDelete2nd trade was nice. I am wondering, how you managed to enter at BOF with such a short rejection of Day's Hi. For me-
1) Bias was Positive,
2) Although the 2nd attempt to move higher failed, but the upmove was after a TRAP with last pivot (where your TP is mentioned).
I rather waited for this Pivot to break to enter short...
Thanks,
Deven Malhotra
Deven
DeleteI am also wondering how I could get it.It just happened.After crossing NS RN there was no overhead resistance. I entered on the BO of NS RN thinking that it will move up to 7700.That trade failed. There were three Bo of swing highs to the upside and was no follow up. Decided to skip BPB if happened Thought of entering short on break of MSP,but there was no space with NSRN/RN/IRH below it. So took a chance and entered early. Fortunately it clicked.
ST
Hi ST
ReplyDeleteCan the first long be taken after the formation of DB pattern at IRH??
Thanks
TBP
Yes. You can But where can we enter
DeleteIn live market it is difficult. The expectation will be a range between IRH and NS RN
ST
Hi ST,
ReplyDeleteIf nifty went below IRH after 12.30PM, where would you place the Sell order.
1. Below 7634
2. Below day low
3. Wait for BPB
Regards
Naveen
I will go short only below LOD as there was no momentum
DeleteAfter the initial move down from HOD price was hanging there for nearly 30 minutes
My bias was up and was waiting for a second push to fail
ST
Hi ST ..
ReplyDeleteI observed which is a top gainer or top loser and track their movements based on nifty. On friday, it was ONGC and TATA Global. Today Unitech, and Grasim. Some stock is moving everyday but nifty is not moving everyday.
Right. Individual stocks trend well
DeleteCurrently I am focusing on Nifty only.I have plans to try this on some liquid stocks later
ST
Hi ST,
DeleteWhen you shift to stock Futures would be using same method and TF?
Thanks
I wont shift to Stock Futures
DeleteAfter gaining some more experience I may explore the possibility of trading some other markets also
Stock Futures, Commodities and currencies
ST
Hi ST,
ReplyDeleteBelow which bar was your exit for the last trade?
I stopped out below the original BO bar
DeleteST