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

Tuesday, November 18, 2014

18112014


Range day as expected. Nifty opened within previous day closing range and traded within it most of the day. There were too many levels inside the range. Attempted only one trade which ended up as a scratch. BPB of PDC and IRL

18 comments:

  1. Dear ST,

    After you scratched, why didnt you entered long above 2:18 candle as there was a BOF (where u scratched) and after re entering the range it also gave a pullback.

    Regards

    ReplyDelete
    Replies
    1. The down move created a fluid. Price chopped around 8450 for 15 minutes and was not going up
      so thought of entering on the BO of other end

      ST

      Delete
    2. ST,

      Would you please differentiate between your taking trade above 12.09 yesterday at IRL and earlier days MSP and u avoiding entry today at 2.18 bar with similar no of bars of chop. .. infact today look much clear to me for entry and i trapped there and yesterday was much more chop and i missed the move. ..

      Secondly you exited the short today above small pullback bar micromanaging the short .. while u allowed pullback below the entry also yesterday.. i am getting confused with this type of exits.. can you please eloberate. where to take and where to avoid.

      Delete
    3. Hi ST,
      Would you have taken BO above HOD or above range high? Thanks.

      Delete
  2. Hi ST
    When you scratched the trade, would BOF IRL be a valid trade or would it have been a SAR kind of trade for you??

    Thanks
    TBP

    ReplyDelete
    Replies
    1. I do not SAR. The BOF was not showing any upward momenium

      ST

      Delete
  3. dear ST Sir
    what was the reason of not taking BOF of PDH at 10.32 candle ?
    how you expected today is a range day ?

    ReplyDelete
    Replies
    1. I was not confident in taking a counter trend trade into a cluster of levels such as
      IRH,PDC,RN, and IRL. Please do read the important posts
      http://niftynirvana.blogspot.in/2012/02/daily-trading-patterns.html
      http://niftynirvana.blogspot.in/2013/05/trend-days.html

      ST

      Delete
  4. I have two questions.
    1) why did you not consider BOF of PDH and IRH?
    2)in your short trade normally you keep SL of entry bar high. But you have shown a bar high below RN as SL? Can you share your thought process in this.

    ReplyDelete
    Replies
    1. I was not confident in taking a counter trend trade into a cluster of levels such as IRH,PDC,RN, and IRL
      BO of the lower extreme ie IRL did not extend more than 10 points. Two rejection bars with lower tails proved that price is not interested to go down.So exited on break of the earlier flip.After breaking the range low price pulled back to xx52 level.There was no need to wait for another pullback
      A BO happens when price breaks a DP and move beyond it. BPB entry is initiated on break of this extreme after a pull back. When this break fails,It is an FTC and price will consolidate or reverse.If the BO has taken price very far, it is OK to wait through a consolidation. Otherwise better to exit at breakeven if possible

      ST

      Delete
    2. Thanks for clarifying difference between BPB and BOF trades.

      Delete
  5. Hi - my reading of the market below. Took BPB Long trade; scratched.

    https://niftytradediary.files.wordpress.com/2014/11/18nov2014.png

    ReplyDelete
  6. Hi ST,
    Good Morning. What is the difference between a flip and an abused level?

    ReplyDelete
    Replies
    1. http://niftynirvana.blogspot.in/2012/09/price-flips.html
      http://niftynirvana.blogspot.in/2012/12/love-virgins.html

      ST

      Delete
    2. Thank you ST, will read those again. Today are 8450 and PDC irrelevant because of price action yesterday and today?

      Delete
    3. ST,
      Can I say black line is a Flip, Red line is an abused level? Thanks. http://imagizer.imageshack.com/img661/5779/86RGNV.png

      Delete
    4. Yes. Flip is change in polarity of S/R.


      ST

      Delete

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