Nifty opened above PDC and sold. Went short on BPB of PDL. TP at BRN. Entered long after the selling climax at BRN. Nifty tested the patience and finally went up. TP when it failed to go above PDL which was my target. Went long on the BO of PDL. TP at RN. Tried a short on BPB of PDL and stopped out. Price started making a Barbed Wire around PDL. Stayed out. Missed the final BO up move of Range high as I hesitated due to PDC and RN above it. Good example of WoW pattern discussed a few days ago
Hi ST
ReplyDeleteCan we say that "WOW" will invariably have higher lows which can be used as SL levels provided we manage to get on the trend??
Thanks
TBP
TBP
DeleteJust observing it.It is happening frequently now a days
I have not tried to trade this
ST
Hi ST
DeleteWhere and how can one initiate trade using 'WOW'??
TBP
I think on the failure of retest/ second push.
DeleteWith SL below LOD. This is just an observation
I have not studied the pattern well
ST
PT, in yr chart PDL appears to be somewhere at 7630, whereas in icharts, it is showing as 7624.25 ?
ReplyDeleteSumesh
DeleteYes. It was a little lower. DPs are zones not exact lines
After watching the price action I adjusted the level a little thinking it is the exact level
Watch candles 2,3,6 then seven candles around 11.30.Further the BPB of PDL
I got trapped in a short trade due to this adjustments.
ST
Hi st,
ReplyDeleteWhere was ur sl when u entered bof brn ,at days low or below brn
Below BRN. Three candles rejected BRN with lower tails.
DeleteST
Sir, I have seen you many times scratching trades when price gets rejected on Double tops, this time DT was at 7616, what was the consideration for holding with SL below BRN ?
DeleteI have noticed many times market reverses the entire fall after these kind of selling climax.
DeleteRead my reply to URD here. I suspected this behaviour
http://niftynirvana.blogspot.in/2014/06/05062014.html#comment-form
Usually I enter these trades above the consolidation as Pressure Play
ST
Hi ST,
ReplyDeleteThe gap above the day before yesterday's close was filled today. I have noted that, when I bought where you taken your second trade.
http://nsemcxpriceaction.blogspot.in/
Yes. You are right It was a bounce after gap closure
DeleteWhy you did not take the first trade into the gap fluid?
ST
Hi ST,
DeleteI was not in front of the screen at the opening. Missed it.
Hi ST,
ReplyDeleteIt seems like spike and channel pattern. Am i right?
Regards
Arunkumar
In Spike and Channel, Channel will be formed in the direction of the spike
DeleteST
Hi ST,
ReplyDeleteI was not comfortable taking the first trade and let it pass. I was a bit nervous looking at all those tails there. Could you please guide? For the second trade I went long only above 10 a.m. bar (basically above that congestion). Was the entry too late?
S Roy
DeleteYou are trading the BOF of BRN and your stop is below BRN
Your logical target is PDL.The more you delay your entry, less favorable your RR
Enter when you feel BRN is going to hold. Trade the core concept. Acceptance and rejection.
Price action will unfold differently and every occurrence is unique.
ST
Hi ST,
DeleteThank you so much. Could you please guide me on how to understand the first trade. I was hesitating to enter because of the tails, because of rejection.
Usually such moves will have two legs.
DeleteThere was sufficient space for the trade to move as FTA was BRN
Further this area was a fluid created by a gap up earlier
ST