There is a substantial risk of loss associated with trading Derivatives . Losses can and will occur. My methods will not ensure profits

Thursday, October 9, 2014

09102014



Nifty gaped up above PDH and moved up. IR formed. Did not attempt FTC as RN was just below the tight range. Further bias was very bullish and wanted a signal to go long. Long on BO of IRH. . Covered on BOF of BRN. It was a tight trading range around BRN rest of the day
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22 comments:

  1. nirtosOctober 9, 2014 at 3:40 PM

    Hi ST ,
    my trades http://screencast.com/t/gdIhMf0WAve
    please comment.
    Thanks

    ReplyDelete
    Replies
    1. SMART TraderOctober 9, 2014 at 4:16 PM

      First one is OK. Managed well
      Second one what you considered as BO is just a spike above BRN and not a convincing BO
      Further you were attempting to buy after a lot of buying has taken place. Dont enter into an over extended move
      Third trade was bad luck .Sometimes it happens

      ST

      Delete
    2. nirtosOctober 9, 2014 at 4:28 PM

      when I started DP trading , I traded all the signals daily bof, bpb,tst,ftc all the signals. Then I stopped trading and just paper traded(not written on paper, but watched for two month .) after that I noticed that bof are of high probability. Till yday I traded bof only. Today tried bpb. I think need to watch one more month for bpb. Avoiding direct BO altogether.

      Delete
    3. SMART TraderOctober 9, 2014 at 4:32 PM

      BOF and BPB make most of the money
      Avoid BPB after over extended moves

      ST

      Delete
  2. UnknownOctober 9, 2014 at 3:43 PM

    Hi ST

    Could we have expected that the FTC would have also filled the morning gap??

    Thanks

    TBP

    ReplyDelete
    Replies
    1. SMART TraderOctober 9, 2014 at 4:22 PM

      Anything can happen in the market and anything can be expected
      I expected an up move
      It was an outside day, a major transition.
      A CT outside gap day
      BOF of a prominent low made earlier
      I had written about it yesterday itself.

      ST

      Delete
  3. Price Action LabOctober 9, 2014 at 3:50 PM

    Hi ST,

    Your PP trade was v good & inline with the trend.
    1. Trap @ 7960 was the reason for you to take PP trade OR any other reason?
    2. If there were no trap, would you still take the PP?

    Regards
    Naveen

    ReplyDelete
    Replies
    1. SMART TraderOctober 9, 2014 at 4:28 PM

      May not. Trap gave the confidence
      Before trap my expectation was another move down,a BOF at DO and an explosive up move
      I will wait for a BPB and may miss the move, I think

      ST

      Delete
  4. rockyOctober 9, 2014 at 4:51 PM

    long at breakout of yesterday high exit at 62
    2) long at BOF at round number so entered at 56 exit below round number 94
    3) took long trade BREAKOUT at HOD but failed -10 points
    http://i60.tinypic.com/2lwvwc7.png

    ReplyDelete
  5. UnknownOctober 9, 2014 at 5:18 PM

    Hi ST,

    Why didn't you enter BOF of RN? What was your thought process on that?

    I assume TRAP pattern can be considered when the price breaks MSP(previous low 7940) and forms BOF of MSP and rides with current trend. How is it considered as TRAP in our case today, Pls elaborate.

    Thank you,
    Kiran.

    ReplyDelete
    Replies
    1. SMART TraderOctober 9, 2014 at 8:06 PM

      I dont use signals at RN and NS levels for entry.They are monitored to manage trades.
      It is not a TRAP by definition.The trade was not a TRAP trade at all. it was a PP, a direct BO.This particular event was used in decision making. That is all
      Price traded just above 7960 for thirty minutes and tried to fall.Got rejected immediately.It showed price was in no mood to fall. So tried a long on break, hoping for a lot of stop triggering. The trade was a trend trade

      All the patterns like TST, BOF, BPB, FTC etc means the same thing. The price is not interested to go in a particular direction. So we expect the price to go the other way

      ST

      Delete
  6. UnknownOctober 9, 2014 at 6:52 PM

    Dear ST May I ask why are still trading with a single lot, why havn't you progressed to multiple lots despite trading profitably since a long time.

    ReplyDelete
    Replies
    1. SMART TraderOctober 9, 2014 at 8:11 PM

      I am now trading with 2 lots. Not all signals but selected ones.
      Especially BOF and with the trend trades. Still not comfortable with partial exits
      Still in All in- All out mode

      ST

      Delete
  7. BharatOctober 9, 2014 at 6:58 PM

    ST,

    Why did you avoided Breakout failure of BRN after a fluid move.?

    Bharat

    ReplyDelete
    Replies
    1. SMART TraderOctober 9, 2014 at 8:15 PM

      I was long and exited on BOF of BRN.After my exit price made a swing low
      I kept a sell order below this point for a long time. It did not trigger

      ST

      Delete
    2. rockyOctober 9, 2014 at 11:36 PM

      Where was your short entry sir

      Delete
    3. SMART TraderOctober 10, 2014 at 8:39 AM

      I did not short

      ST

      Delete
  8. TrekkieOctober 10, 2014 at 9:26 AM

    ST. please can you provide OHLC for the first bar. Today my chart has 3 min first bar has OHLC of 7927,7948,7907.75,7920.95

    ReplyDelete
  9. SMART TraderOctober 10, 2014 at 10:03 AM

    7934.75
    7934.75
    7908.80
    7920.95

    ST

    ReplyDelete
    Replies
    1. TrekkieOctober 10, 2014 at 10:21 AM

      Thank you ST. Was there BOF long at BRN? I just could not bring myself to take that long after this huge gap down and trading below PDL. Please correct my thinking.

      Delete
    2. SMART TraderOctober 10, 2014 at 11:02 AM

      The down move may act as a range.
      CT long is risky unless price make it clear that it is not interested to fall
      A trap like pattern is most welcome

      ST

      Delete

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