Nifty gaped down near PDL and sold. could not capture the down move. There was a FTC pattern at the bottom. Avoided it. Went long on TST of LOD. .It retraced the entire fluid. TP near PDL. Short on LOL BOF of PDL/HOD. TP at 8340.
Thursday, December 11, 2014
11122014
Nifty gaped down near PDL and sold. could not capture the down move. There was a FTC pattern at the bottom. Avoided it. Went long on TST of LOD. .It retraced the entire fluid. TP near PDL. Short on LOL BOF of PDL/HOD. TP at 8340.
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Thanks ST..
ReplyDeleteHi ST
ReplyDeleteBeautiful trades.ST, where would be the entry for the morning short which you could not capture?? A limit order??
Thanks
TBP
It is near impossible for this method
DeleteOnly BO traders might have entered
ST
Hi ST,
ReplyDelete1. Why you missed short below PDL in the morning.
2. My 3rd trade is valid? I was bearish so didn't think of going long at all.
http://screencast.com/t/eGxUnls0JL
Wait for a clear pivot low on such occasions
DeleteIt was not a very good BO pf PDL. So did not look for BPB
regarding your TT. do not give back much on such trades.
You pocket your 20 points and look for a fresh trade if happens as Nifty had already dropped a lot
8320 was a good support. Look at daily
ST
Hi ST,
Deletejust looking at chart. Will you go for short below 12:48?
Yes.
DeleteST
Hi ST, could you please tell what you meant by "such occasions" when you said Wait for a clear pivot low on such occasions
DeleteWhen price bouncing back after a selling climax
DeleteST
why profit not booked when price not able to cross RN -NSBRN
ReplyDeletePrice tried a lot to go below 8320 a lot
DeleteSo I felt downward risk is very negligible. so raised the stop below first pull back low and kept it
ST
Amazing simple Trading ST... Lot to learn from you..
ReplyDeleteHi ST,
ReplyDeleteApart from small risk, why you entered at TST. Although i didn't trade today, but was watching the mkt at that moment. As the trend was down, so I was thinking to go short after a TRAP pattern at RH made earlier..
Thanks,
Deven Malhotra
Deven
Delete8320 looked like a solid support. Check daily. If it breaks may kiss 8200
Market had already fallen since last 3-4 days and today down around 100 points. I did not expect further fall
If market create a big fluid in the morning session, it retraces it many times
Look at 0412,0312,1311,1011,1310,1010
ST
Roller coaster ride and you rode it on the way up and down as well. Amazing trades!
ReplyDeleteSupport and Resistance, incidentally is the first thing every trader learns
DeleteThis is the best thing and the only thing that an astute trader need to know.
But people all over the world are competing to complicate it
ST
lol .. people all over the world are competing to complicate it .. haha
Delete4 times it tried and came back below RN-NSBRN. Can you share your thought process why you did not consider exit.
ReplyDeleteLVG
DeleteHope you might have read my reply to earlier comments
RN and NS BRN are not considered as DP. But still there will be opposing order flow always. So we always need to expect some chop. The method is a combination of DP and ranges. Price made a clear range high at 8340 and got rejected . It made a swing low. I was ready to cover below this. Next push down failed to crack this swing low and moved up above the range and never came down. So I allowed it to chop there
Further price moved 30 points 8320-50 without a deep pull back. We need to allow it and sit through it. Then raise your stop and ride the trend
ST
Hi ST,
DeleteOn a normal day, would you not have moved SL to pink line in chart. Did the fact that congestion high (blue line) was closeby play any role in you not moving SL? http://imagizer.imageshack.com/img674/5843/PNekWz.png
Look in the rear view mirror
DeleteIt was not the congestion . It was one of the most efficient concept of the method
If you still cant find it, let me know
ST
I am not able to figure it out ST. What is it?
DeleteDid you notice the Fluid created by morning gap down and sell off?
DeleteWe are already in profit. Should we micro manage and spoil the opportunity?
ST
Thanks :) Yes ST, the fluid I noticed, but thought RN+congestion BOF may be an exit signal. Will remember this while moving SL in these type of trades.
DeleteST sir
ReplyDeletenice trade why you entered and judged to short long was good i also trade the same but to short in such recovery rally after 3-4
days of downfall please explain the think process.
Price got rejected from a DP. So shorted
DeleteYou see it as a recovery rally. Others think down trend is intact and up move is just a pullback
Price action trading is trading what we see on chart. What market is doing
ST
Well said! How true
DeleteSir,
ReplyDeleteIf u plz clarify a doubt for me.today i faced that on terminal..sir i sold TS at 526.40 and put my stoploss accordingly..afterthat i retrace my stoploss as needed..I expect a chop around 521.50 .So,i want to put a advance buy order at 521.50..when market price is around 524.I put SL-M order .But,terminal bought that share on that moment at 524.Sir,how can i put that order..I always put this type of order on buy side but never on sell side,as today i tried i got caught.If possible plz help.
Thank u..
Sentu.
SL-M or SL-Limit orders are always kept above the current price
DeleteTo take profit, just keep a Limit buy order at 521.50. It will get executed at 521.50 or below
You sold at 526.40. Keep a buy SL order SL-M or SL-L with trigger 528 to cut short your loss
To take profit at 521.50 feed a Limit buy order at 521.50
ST
sir,thank u....plain limit buy order will work in this case i never thought...thank u..
ReplyDeleteThanks for the charts ST. My observations at -
ReplyDeletehttp://niftytradediary.wordpress.com/2014/12/11/11-dec-2014-confluence-of-support-at-8280-spot-will-it-hold/
I must have been the only one stopped out so early on the long trade :)
8380 was the swing low on 30min chart which acted as support on way up. Resisted today. Will it continue to resist .. we'll let market decide