Nifty opened within previous day range. FTC above RN gave a short signal. Went short on PDC. expected a bounce from PDL. But price moved after a pull back. TP at BRN. Attempted two more shorts. TRAP at PDH. Entered below BRN. Then a BOF of BRN. Both the trades gave small profits. Missed the final short covering up move. Could have entered on BPB of BRN targeting PDL
ST Sir,
ReplyDeleteGood volatile session, i could capture 34 points.
missed last upmove, as i was not ready for it & move also swift one, near EOD.
As suggested by you, i have created a blog now.. please visit here http://dptrading.blogspot.in/2014/06/23-06-2014.html
Also i made a check-list for trade initiation process.. thanks to U R Dave :)
Please have a visit for check-list here
http://dptrading.blogspot.in/2014/06/check-list-before-initiating-trade.html
Nice Blog
DeleteMark where you entered and exited on the chart
Also the pattern.Let it be your trade journal
Good check list. But do not ignore ranges.
Trading is not rocket science
Good Location+ Enough Space+Favourable order flow+Limited risk+Trend= CLICK
hi Why you did not take long trade on TST of LOD considering the 25 points premium of nifty future over nifty spot. Any specific reason?
ReplyDeleteI was holding a short and exited it at 7480 level
DeleteI am not comfortable with SAR type entries.
Next entry was at BPB of BRN. There I hesitated and missed 20 points
ST
Hi ST,
ReplyDeleteI have taken 2nd and 3rd. My exit and entry are slightly differ.
http://nsemcxpriceaction.blogspot.in/
Nice TST entry.
DeleteThese kind of with the trend TST touch trades give very good RR.
But it is psychologically very difficult for a novice trader to execute.
Attempt such trade only on the first retest
ST
Is there any reason to trade TST on first retest?
DeleteOn subsequent tests, the probability of the barrier breaking is higher
DeleteToday you were shorting against the second BOF move of BRN .Trade was a low probability one
But PDL resisted well
ST
Hi ST
ReplyDeleteIf TST LOD would have taken, where would have been the entry??
Also I have a query regarding my trade
In the chart price reaches HOD but could not sustain. Can I go short below the point where I took profit in my first trade.
Also in that case will IRH be the FTA or PDC will be the FTA. Price bounced from IRH but not decisively.
Thanks
TBP
I will enter above 7481 on break of FLIP
DeleteHere IRH will be the FTA. You can see price bounced twice from IRH before yielding
ST
rose mary thanks for blog and check list....
ReplyDeleteST,
ReplyDeletei attended long above 11.30 BPB of BRN and pressure play and another long above 2.06 BOF of lod and pressure play. along with the trades u specified were this trades wrong?as i thought price will atleast reach to IRH after pressure play..and the earlier down fall was fluid.
Pls throw some light
Regards
Bharat
Bharat
Deletehttp://screencast.com/t/zLWv6y2Xv
Hope you can understand what was wrong with your trades
ST
Sir,
DeleteDo you mean that there is a strong flip zone just above BRN 6500? Do you mean anything else?
Thanks,
S.Karthikeyan
Yes. It was a very strong flip
DeleteA BOF in the making?
ST
Sir,
DeleteLower tail in the Day chart and the close above BRN may be the first signs of the forthcoming BOF. If price is accepted above 6520/6500 SPOT, it may well be a BOF, I think.
On the other side, there is good fluidity below PDC/BRN.
Thanks for your guidance.
S.Karthikeyan
Sir good evening ,sir can the short trade be taken on the 4th candle when it touched RN and closed below it,kindly update thnx
ReplyDeleteNo. How do we know whether it is a reversal or just a pull back?
DeleteST
Hi ST, As luck would have it my order above IRH got skipped today. grrrrr! lol :) Wondering whether to go above this congestion now...would that be a greed entry?
ReplyDeleteLittle risky
DeleteBRN above. Done 100 point vertical move since yesterday evening
ST
Thank you ST. Please can you check if these range markings are correct? http://i.imgur.com/Ggsnmca.png
DeleteS Roy
DeleteCurrent expectation is that the last impulse will act as a range
http://screencast.com/t/8GhZ8hLdgmyC
ST
Hi ST,
DeleteThanks a lot. Are we in cigarette mode waiting for poof?
sir, are you expecting a bof of 7575 and a push back towards 6620 and a ftc?
ReplyDeleteSudhanva
DeleteCant say
Currently in a range 7575-7600
ST
sir, it is a push back towards 7620 or ns 7600brn and a ftc or bof
ReplyDeleteAnything can happen
DeleteWhen market gives a low risk opportunity grab it
As far as possible stay with the trend
ST