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

Thursday, November 20, 2014

20112014


Totally messed up the trades.Missed the BOF of PDC in the morning session. Then took three trades at the same DP, PDL and got stopped out in all. Finally Hesitated to take the PP and missed that one also. All the three trades were attempted within a Barbed Wire around PDL. Violated the rules and got chopped.
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25 comments:

  1. UnknownNovember 20, 2014 at 4:02 PM

    Hi ST
    Just one off day!! You will bounce back..
    ST, would the last long be a TST long of LOD or would you have waited for PDL or swing high to get taken out??

    Thanks
    TBP

    ReplyDelete
    Replies
    1. SMART TraderNovember 20, 2014 at 4:46 PM

      It is all in the game. No issues at all . Listen to the Bug by Mary Chapin
      https://www.youtube.com/watch?v=q_rbjg2k6cI
      Well it's a strange old game you learn it slow
      One step forward and it's back you go
      You're standing on the throttle
      You're standing on the brake
      In the groove 'til you make a mistake

      Sometimes you're the windshield
      Sometimes you're the bug
      Sometimes it all comes together baby
      Sometimes you're just a fool in love
      Sometimes you're the Louisville Slugger
      Sometimes you're the ball
      Sometimes it all comes together
      Sometimes you're gonna lose it all

      TST can be taken at extremes. But a BOF can give a lot of confidence

      ST

      Delete
    2. UnknownNovember 21, 2014 at 9:09 AM

      Hi ST

      Great one!!!
      With you, everything comes together!!
      You are our windshield!!
      Thanks ST

      Delete
  2. tRaDeR_BNovember 20, 2014 at 4:08 PM

    Hi ST,

    First two trades me too had the similar experience. Did you think of taking that first short trade when price revisited PDC-DO area and held?

    ReplyDelete
    Replies
    1. SMART TraderNovember 20, 2014 at 4:48 PM

      The BRN in between was an issue.
      Still it was very clear that price was going to rane between PDC and PDL

      ST

      Delete
  3. NPA TraderNovember 20, 2014 at 4:09 PM

    Is it a BOF of PDC in the morning session? tails only above PDC. you normally don't call it as BOF.

    ReplyDelete
    Replies
    1. SMART TraderNovember 20, 2014 at 4:51 PM

      It was not a very convincing one. More of a TST than a BOF
      Still it was with trend. At a range extreme. Strong levels PDC and DO.
      Extreme of yesterday last impulse. A trade can be considered. Very low risk

      ST

      Delete
  4. Trader PaiNovember 20, 2014 at 4:50 PM

    thanks ST

    Somehow I am not able to pick PP trades .
    I
    was thinking it as a BW and didnt think for a long trade because of BRN.

    thanks
    Kishore

    ReplyDelete
  5. PA TraderNovember 20, 2014 at 5:00 PM

    I took a BPB BRN long at 10:42 which got scratched at BRN and then took BPB short BRN at 11:48 which got covered by the 12:42 candle.
    I am trying to get back to my blog at patrader101.blogspot.in Last two months were not good as I was in a deep drawdown and I was doing only paper trades. Things are looking up now and am back to live trading. With the reduction in lot size of NF, I am now able to trade NF also. DP trading using NF is giving me better results than USDINR.

    ReplyDelete
    Replies
    1. SMART TraderNovember 20, 2014 at 5:06 PM

      Pay attention to space, especially on CT Trades

      ST

      Delete
    2. BhavirNovember 21, 2014 at 9:46 AM

      PA Trader - I have observed USDINR for a few days now. I haven't found any RN or BRN work well in that counter. Will have to live with swing points I believe.
      What has been your observations?
      What decision points do you watch for in the ccy pair?

      Delete
  6. L.V.GandhiNovember 20, 2014 at 8:02 PM

    Why you did not consider BPB at BRN or PDC?

    ReplyDelete
    Replies
    1. SMART TraderNovember 20, 2014 at 8:16 PM

      Was it a BPB of BRN or BOF of PDC?
      Nobody knew at that time. Only clear in hindsight
      BPB of PDC came too late. After 3 PM
      Nifty moved vertically from 8370. Why should one enter near 8420?
      I will never chase such over extended moves
      Trading the patterns blindly will not work. Concepts like Space, Critical Mass, Order Flow, Risk etc to be considered

      ST

      Delete
    2. L.V.GandhiNovember 21, 2014 at 7:53 AM

      Thank You.

      Delete
  7. tRaDeR_BNovember 20, 2014 at 8:45 PM

    Good read-

    http://www.theglobeandmail.com/globe-investor/how-a-trader-turned-1600-into-17-million-in-six-months/article21592425/

    ReplyDelete
  8. BhavirNovember 21, 2014 at 1:22 AM

    Thanks for sharing ST. Good day to learn some concepts, control emotions and practice discipline.
    Todays low = low of 17th Nov (Spot too did not break 8350)

    My reading of the market at -
    http://niftytradediary.wordpress.com/2014/11/21/20-nov-2014/

    ReplyDelete
    Replies
    1. SMART TraderNovember 21, 2014 at 4:20 PM

      Yes price rallied from the same spot
      I forgot to notice it and tried a BPB to lose money

      ST

      Delete
  9. UnknownNovember 21, 2014 at 1:38 AM

    Hi ST,

    Today the down move is filled immediately in the afternoon session many times. Also the sellers are not aggressive. but the market breath is negative. looks like IT sector is holding the market. but I feel we might see some correction before expiry. So traded only on short side.

    Thanks,
    Aris

    ReplyDelete
    Replies
    1. SMART TraderNovember 21, 2014 at 4:22 PM

      Trade what you see on your chart and not what you think

      ST

      Delete
  10. amberNovember 21, 2014 at 3:55 AM

    http://www.swing-trading-club.com/using-pivot-days.html

    ReplyDelete
  11. UnknownNovember 21, 2014 at 3:42 PM

    Hi ST, how could u have known it was a barb wire when u took the 3 trades?
    Price seens pretty clean to me, not as messy as the usual barbed wire?

    ReplyDelete
    Replies
    1. SMART TraderNovember 21, 2014 at 4:31 PM

      Price need not be messy in a BW
      Under the method trades are taken away from a DP with a SL on the other side of it
      If price moves up and down a DP we will go on getting stopped out. That is what happened today
      The solution is to avoid trading the same DP after a stop out

      ST

      Delete
    2. TrekkieNovember 21, 2014 at 10:38 PM

      Hi ST,
      Should we have stopped trading the DP after the short or after the long? Thank you

      Delete

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