Nifty traded the entire day in a 15 point range. Attempted three trades. A BO and two BOF trades. Nothing worked. Stopped out in the first trade and scratched the other two trades. BOF trades are safer on range days than the direct break plays.
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ST Sir,
ReplyDeleteTook risk in trading direct BO of range extreme.. both trades didn't work. finished day with 16 point loss.
Also updated blog look n feel, do check :)
http://onlyynifty.blogspot.in/2014/06/25-06-2014.html
Rose Mary
DeleteNice. Go for BPB and BOF on these kind of days
I too got trapped in the first trade
Check 04062014,22042014,31012014,22032013,30012013,19122012
ST
Hi ST
ReplyDeleteA 'very happy broker' day!!!
Thanks
TBP
Right
DeleteExpiry game started?
Fight is for 7600 it seems
ST
Hi ST,
ReplyDeleteThanks for the post.
I would like to know what NS RN and PP mean.
Thanks,
Allwin
NS RN is the Nifty Future level correspond to option strike xx50
Delete7550,7650,7750 etc. PP is pressure play
Kindly go through the glossary and important posts below the blog
ST
The only good thing that happened today to me was 'control the itch to go short and long at every turn' and quickly scratching the trades. That's how I control as what would have been great loss day (in position trading with SAR at extreme ends).
ReplyDeleteRisk control is very important in trading, especially in day trading
DeleteNever lose more than 10 points on a single trade.
ST
ST Sir, Is it advisable to trade on Expiry day , or it depends on initial move ?
ReplyDeleteYou can trade the morning session
DeleteDPs may not work well if it chops in the afternoon
ST
today very choppy day...!! did only one trade in the morning in REC Ltd which had a strong gap up. Entered @ 360/- exited @ 363/-. Was expecting 365 in the morning. but happened only in the afternoon. I was not interested to do any trade in this choppy market.
ReplyDeleteGood. I have no idea about the stocks
DeleteST
ST sir,
ReplyDeleteI took long at the same candle high where you stopped out in the first short trade but scratched later.
Second long trade i missed.
In the third trade i entered early below the BOF candle low and TP at range low.
http://dpintratrading.blogspot.in/2014/06/25062014.html
VKM
Nice trades.
DeleteYour last BOF candle looks shorter in My charts
The high is 7594 in my charts. Manish Bharti asked about it
ST
Yes sir, HOD in my charts is 7597.70
DeleteVKM
Sir.
ReplyDeleteIn your chart the day high candle seems touching around 7594, while in my 3 min chart it is 7597.70.
Do you use logarithmic scale? Please explain.
Today I also traded as per rules but thinking of a a range bound day, I exited at 10 -15 point profit. I traded only BOF, BPB.
Regards,
Manish
Ichart is not on log scale
DeleteBut it shows 7594 as HOD
I do not know why the difference
ST
In my icharts also, it was 7594. But in my trading terminal (zerodha), it was 7597.70.
DeleteST, by the way, I use the trading terminal numbers for calculating BPB, or BO. Do you use terminal numbers or icharts levels?
Hi ST,
DeleteMy charts too has a HOD of 7597.7 Perhaps tomorrow morning the value will be different in icharts. Though the reference page is refering to first last candles only, it could happen in the middle of the day too perhaps, not sure. http://www.icharts.in/faqs/icharts-faq/intraday-open-high-low-does-not-match-with-odin-terminal-data.html
Hi ST,
Deleteicharts daily chart now shows 7597.7 as high for yesterday, though intraday is still the same. I wonder through who they are obtaining their data.
Dont worry too much about some minor data problems
DeleteIt is not going to make any difference in our trading results. URD trades with the MT4 charts with spread difference of 2-3 points always. We cant expect everything to be perfect.
ST
ST, Please view today's USDINR chart and let me know if you can identify any good opportunity . I took one trade and it didnt work out. http://patrader101.blogspot.in/2014/06/25-06-2014.html
ReplyDeletePA Trader
DeleteBoth the major moves did not give any pull back
Without some entry pattern, it is very difficult to enter
ST
Thanks!
DeleteHi ST,
ReplyDeleteI am unable to concentrate and sit in front of the system on this kind of range market days, sometimes i will move away from the system when the market is in range but suddenly markets will gain a movement and move away from the DP's. So i will miss opportunities. Please advise how do you deal with this kind of situation.
Thank you,
Regards,
Kiran.
It will happen to all.
DeleteIt is very difficult to totally focus on something for hours together
I concentrate only when price approaches a trade area. No need to analyze bar by bar
ST
@ ST sir ,
ReplyDeletefew days back you post article about procedural memory . then after that i am visitor of stockbee site .
yesterday also they post one more good article ..about procedural memory ...please visit ..and if possible then post on your blog ...cause of other member also read it
thank you
Thanks.
DeleteDone
ST
Hi ST,
ReplyDeleteNice dates, at what point would we know these are not days for BO trades?
I never attempted BO trades before. I traded the three setups
Deletehttp://niftynirvana.blogspot.in/2012/04/my-trading-revolves-around-trader.html
Later I found I was missing some explosive moves after BO.
So started trading BO selectively IR BO and PP
http://niftynirvana.blogspot.in/2013/05/pressure-plays.html
I have written so many times to stay away from BO trades if you are not well experienced to manage risk
Breakouts are easier to trade but a lot more easier to fail
http://niftynirvana.blogspot.in/2013/10/breakout-blues.html
ST
Dear ST,
DeleteThanks a lot. I will keep this in mind and avoid BO trades in future.
I was trying to understand the charts in the dates you gave rosemary, but somehow it got posted in a different place, sorry about that.
You need not avoid BO altogether. Trade very selectively and carefully
DeleteShould never attempt without a clear exit plan
ST
Come on Guys, Grow up. Watch carefully whats happening in market. Who are you set.define the DPs ?
ReplyDeleteAnandha,
DeleteWelcome. Its not us who define the DPs, its the market. Even Lance uses previous day high/low etc. :)
Anandha
DeleteDecision points are markets own levels. They are time frame indicator independent levels
That is why they work reasonably well in markets.This journey started with the same question you asked now and the answer you have given for that
Who are we to dictate the market? How can we expect the market to respect our calculated levels?
So watch carefully what is happening in the markets and start trading markets own levels. We feel we are growing up since then.
ST
I was waiting for BPB of 7550 to short the market as the fluid zone was attractive to me. But it seems that it was attractive to many other sellers also. Could not short the market. Now waiting for BOF of DL (7511) or BOF of BRN (7500) to go long. BPB of 7500 is little risky to me as market is already down quite a lot. let us see....
ReplyDeleteI wonder why you waited for BPB of RN when market gave a BPB of PDL trade
DeletePrice escaped out of the day long range and gave a nice opportunity
Be careful . today is expiry day
ST
ST, where was the exit for that short?
Delete7531
DeleteAbove the pull back
I missed the trade too. Actually I hesitated to short on direct BO of IRL, as I feared another rangebound day. How do we ascertain whether there are enough SL orders below IRL, especially within first half hour of the trading day? Or do we compulsory trade direct BO of IRL, as there was BOF of PDL above (in this case) ?
DeleteAnyway, thanks ST for the efforts you are taking. This is really wonderful.
Thank you ST. Usually my exits are too soon or too late. For once I have exited at the right place, am happy :) https://www.youtube.com/watch?v=y6Sxv-sUYtM
DeleteZoom out your chart and see what has happened
DeleteIR low is the lowest low of last two days after the up move from 7470. Same as the after noon low of day before yesterday.Where else can we expect stops of positional longs?Then a Fluid below.
Two layers of defense with IRH and PDL above the entry. On a normal day it would have fallen much more
ST
Oh, yes. Wonderful thinking. Another lesson.
DeleteThanks a lot.
ST Sir,
DeleteI took PDL as 7573, avoiding tail... it seems u considered yesterday tail at 15:17 candle (7567)
I hesitated to short below IRL, went short below FTA.. BRN.. n exited at swing high.. just as you did.. :)
Waiting for next pattern at 7550 or 7500.. lets see
Hi ST,
DeletePlease can you post today's range markings after the fall?
S Roy
DeleteThe entire fall from PDL to LOD is the current range.
Another inside range is likely to form 7520-7540 area
ST
Actually IRL was at 7558 and was very near to RN and so I avoided keeping short trigger at 7558. Now waiting patiently for next entry.
ReplyDeleteThink about order flow. If there are thousands of SL orders to trigger short RN won't stand
DeleteLevels are not brick walls they are make or break levels
ST
thanks for clarifying the thought process... I guess, now to control the itch to trade, I am being extra cautious...
Deletei have a problem with my entry i mean how to enter.
ReplyDelete1 feed limit order before price come there(by visualisation) or
2 enter limit order when price reached where we decided to enter or
3 use market order when price reached where we decided to enter?
help me to decide and how you enter a trade i mean in terms of order filling?
chandra mouli,
Deletesay, u wanted to short below IRL (7558) today, you can place Limit - SL order like below
SL at 7557
Limit at 7556
Enter with SL Limit order
DeleteFor example 7568 is IRL and you want to short below it
Enter a SL order with 7567.50 as trigger and 7566.50 as limit well in advance
If you expect an explosive move increase limit to trigger gap a little in order to avoid order jumping
Otherwise you will never get a good fill
ST
rose mary
Deletedo u mean trigger price 7557 and price as 7556 ? and at what price our order fills ?
yes chandra mouli.
Deleteorder fills any where b/w 7557 to 7556