Nifty opened within previous day range.IR formed. Did not go long on break of IRH as it was aroung NS RN. Price fell and tested IRL. Went long above the then HOD. Scratched it. went short below PDC on the way down. Price failed to cross IRL.TP at IRL. Tried another short on BPB of PDL. Thought it may break NS BRN. Stopped out above PDL
ST Sir,
ReplyDeleteAnother range bound day, managed to close with no damage.
TRADE1:
Long at 7560, above IRH,DO,PDC..with initial SL 7548
SL hit; exited trade with loss of 14 points
TRADE2:
Short at 7553, after BOF of HOD,PDC.. with initial SL 7560
Moved SL to 7551, breakeven
Trail SL hit; exited trade at cost
TRADE3:
Short at 7535, below IRL, LOD with initial SL 7547
Moved SL to 7533, breakeven.. PDL is protected
Trail SL hit’ exited trade at cost
TRADE4:
Short at 7545, after BOF of RN, FTC above PDC.. with initial SL 7556
Moved SL to 7551, once morning low broken again
Moved SL to 7530, after red candle below PDL
Trail SL hit; exited trade with gain of 13 points
Points earned: -1
Rose Mary
DeleteStart a blog and document your trades. Then post the link
Then It is easier for all to track your trades.
ST
Hi ST
ReplyDeleteIf BOF PDC had to be taken ignoring RN for IRL as target, where would be the entry??
Thanks
TBP
If you are referring to the morning BOF of PDC, It is difficult to get a good entry
DeleteIt was in a channel like move
ST
very boring day indeed. Tried two long; one on the BO of IRL; trade did not move and scratched; second on retest of PDC @ 12.32 PM; scratched again. No damage done today. Did not try short entries as there are too many levels down IRL, PDL, etc., very strong Nifty spot support. Very range bound today.
ReplyDeleteHi ST,
ReplyDeleteNot taken any trades today ..
thanks
Kishore
Sir good evening,sir at TST you had shorted at that point what shud be observed while shorting ,kindly update thnx
ReplyDeleteRajesh,
ReplyDeleteFirst understand the trend of the previous days and then decide.
My understanding of market structure is sell on strength and buy on weakness:
- Support means there are no sellers
- Resistance means there are no buyers
- Repeated failure to break or pullback at support means there is possibility of bullish phase
- Repeated failure to break or pullback at resistance means there is possibility of bearish phase
Based on these assumptions I am doing the following on paper trading in the morning session :
- Take long position around IRL after the price has gone from IRL to IRH and came back to IRL
- Take short position around IRH after the price has gone from IRH to IRL and came back to IRH
During the day
In case the price does not break the support on second attempt I go short
In case the price does not break the resistance on second attempt I go long
Please give me your feedback.
With kind regards,
We are doing the same thing.
ReplyDeleteWe identify ranges and buy low sell high
If price is trading in a range higher than the earlier one we prefer buying lows to stay with the trend
http://niftynirvana.blogspot.in/2012/05/buy-low-sell-high.html
We prefer BOF of extremes to TST of extremes, that is all
Once price tests a barrier multiple times we trade the breakout of the level
http://niftynirvana.blogspot.in/2013/05/pressure-plays.html
ST
Rajesh,
ReplyDeleteUnderstand the market whether it has been trading / trending in the last few days.
The market in extremely simple terms:
- Support no sellers
- Resistance no buyers
- Trending either buyers or sellers in control
- Trading neither buyers or sellers are in control
- Buyer turns Sellers / Sellers turns Buyers depending on the market conditions
- When repeated attempts fail to break support zone, there is possibility of bull phase
- When repeated attempts fail to break resistance zone there is possibility of bear phase
Based on the above, I take following positions in opening session after view the risk: reward ratio:
- Go long around IRL when prices moves from IRL to IRH and back to IRL and moving towards IRH
- Go short around IRH when prices moves from IRH to IRL and back to IRH and moving towards IRL
Similarly during the day
- Go long around support zone when repeated attempt to break a support zone fails
- Go short around resistance zone when repeated attempts to break a resistance zone fails
Exit short when an attempt to break support zone fails
Exit long when an attempt to break resistance zone fails
Please give your feedback and let me what type of order you execute for entry and exit and where you would the stop loss.
With kind regards,
T4L
DeleteOur trend definition is little different
We define it as successive higher/lower ranges
All Support and resistance are not equally effective
So we stick to range extremes and levels called decision points
Most of the time SL limit orders are used for entry and for trailing
Sometimes market exits are also used
Kindly go through all the important posts listed below the blog
ST
Rajesh,
DeleteThanks for your feedback and have gone through all your post at least twice.
Yesterday trades
- long 7545 at 10:51, exit 7570 at 11:57 (second failure to break HOD)
- long 7560 at 12:36, exit 7570 at 12:54 (third failure to break HOD)
- short 7570 at 13:51, exit 7540 at 14:15 (fourth failure to break HOD)
-short 7545 at 14:42, exit 7525 at 15:09
Take position only if there is possibility of movement of ten point for risk reward ratio of 1:1 or 1:2
and there is possibility of order flow after I execute the trade
All days are not like yesterdays !
Please give your feedback.
With kind regards
You have traded extremely well
DeleteWell executed and well managed trades at the range extremes.
Capturing 85 points on a 30 point range day is just fantastic
I am sure you have the knack of trading ranges
ST
Rajesh,
DeleteThanks for the feedback and everyday is not like yesterday, it just clicked. Overall I am still at a loss !
So I am on the right track !
To be honest with you I know understood the term trading ranges !
You do not know the price of your priceless advice you give.
You help and guide so many of us in their daily lives FREE OF COST !
My GURU always say the most expensive things in this universe is always FREE !
My wish is that you have excellent trading days !
My wish is that you attain Nirvana in real life for everything else is transitory !
With kind regards,
Rajesh,
DeleteCorrection
My guru always say the most valuable things in this universe without which we cannot live are free !
Sunshine
Air
Water
With kind regards,
ST,
ReplyDeleteI took BOF IRH yesterdays close below 10.09 Exited above 10.48
2.Short below 12.06 BOF of days days high at that time.Exited above 12.39
3.Short on 12.54 BOF of days high at that time Exited above 1.06
4.Short below 10.57 exited above 2.15
Any of those trades can be avoided?
What should have been the thought process.
Regards
Bharat
Bharath
DeleteNo problem in trades theoretically
I feel you are not paying attention to space
Trade less and take only quality setups with good order flow in our favor
Ensure reasonable space for the trade to move.Why spend the mental energy on something mediocre ?
ST
trade 4 leaving
ReplyDeletei checked 4 ur blog ... its missing
can post ur chart with entry and exit.... if not kindly send it to dhadiga@gmail.com
thanks
Hi ST,
ReplyDeletewould there be an entry below 12:27?
I exited my long on 12.24 candle
DeleteThere was only 6 points to RN . So skipped
ST
Hi ST, No DP in sight. Price is standing in the middle of nowhere and dancing, what do I do, what I do? stay away?
ReplyDeleteHope you have taken the BOF of BRN
DeleteST
Yes ST, I took that one, I was not sure if going directly below that signifcant bar was correct, so took it below 2:33 pm, may be it was too late? thanks.
DeleteHi ST,
ReplyDeleteWhat is the difference in thought process between taking a short at black arrow and the TST short you took around 2 pm in the same area http://imagizer.imageshack.com/img538/8645/2EAtIu.png