Nifty opened within previous day range. IR formed. Long on BOF of IRL. It was trailing all the way to 8340.Glad Nifty celebrated the successful GSLV launch. Sadly our media was busy discussing terrorism and conversions.
Monday, December 22, 2014
22122014
Nifty opened within previous day range. IR formed. Long on BOF of IRL. It was trailing all the way to 8340.Glad Nifty celebrated the successful GSLV launch. Sadly our media was busy discussing terrorism and conversions.
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Hi ST,
ReplyDeleteMissed the trade.
I waited for a signal near PDC/PDL .
No trades today
rgds
Kishore
You can safely take all the BOF with the trend. You rarely lose
DeleteST
Yes ST,
DeleteBut I drawn IRL below the tail and for me there was no good BOF of IRL :(
Moreover It looked to me as a BW around RN...
Please comment
thanks
Kishore
Better to draw ignoring tails. Adjust later on second test
DeleteNotice how the second test proved the level
ST
Hi ST
ReplyDeleteNice trade!!
Yes ST... Very glad that the GSLV launch was successful.
Thanks
TBP
Enjoyed the last half an hour with VWAP.
ReplyDeleteAhhh.... I exited at FTA at IRH and then could not get entry above PDH or BRN. These are the big moves which need to be captured to boost your P/L . Else the remaining trades would slowly eat up the trading capital.
ReplyDeletePrice was consolidating in a tight range for almost two days.
DeleteDo not exit such trades in a hurry, especially BOF trades in trend direction
ST
Sir I read your decision point book yesterday, I hooked up to your blog since then.
ReplyDeleteKeep enlighten novice trader like me.
Thank you.
Thanks
DeletePlease go through all the important posts listed below the blog
ST
ST,
ReplyDeleteWe had 25 point range when u took the trade.. and we were in the middle of that range. also RN around. was that a valid trade in such tight range? Aslo we didnt had proper lod trap also .. what gave u confident to enter the trade in between the tight range.
Thanks and Regards
Bharat
Look at Friday price action. Immediately after open, price climbed above 8240-43 and stayed there the whole day
DeleteIt came down a little due to weekend covering during the last minute. today morning it gaped up into the old range.
Price came down to 8240 area and stalled. One more attempt also failed. Then after a long time it broke down and got rejected. Price was making it clear that it is not interested to fall below 8240. What else one can do other than going long?
Price may bounce back from IRH or PDH. We have to be prepared to manage it. Price in Rally mode, One and a half day consolidation ,a clear BOF at the bottom and an entry opportunity with a small risk. What else can one ask for. Just grab it and manage it. You are never going to get a cent per cent ideal trade. If you find one with 6/10 mark, take it. You may lose some anyway
ST
Very well explained.. Thanks
DeleteAs always, excellent trade. By the way, unexpected Nifty Futures fall in Dec and V-shape recovery should help me close this month with about 500 points. Nice Christmas gift by Santa!
ReplyDeleteYes. You could catch some nice moves this month
DeleteST
Hi Reso Trading,
DeleteHow long u've been trading this method?
rgds
Kishore
Hello folks. Excellent moves last week, huh :)
ReplyDeleteST -
1) RN anyways being a secondary decision point, further lost its significance since it was between the initial range; correct?
2) What have been your observation about PDC - the last traded price or the average closing price is preferred?
btw, I had asked you about zerodha charting couple of weeks ago when you told me that you use icharts. Just fyi - I have been using zerodha intraday charts on their desktop version and they plot pretty well. Only downside is that they dont have similar capabilities in their web version (yet)
1.This is basically a range trading method. A DP within a range will always have lesser significance. Ideally we need a DP to act as a range extreme
Delete2.Professional traders trade charts. Trade what you see on the chart
Many times NEST charts make Zerodha trader to crash.There are many issues like double square up. Missing positions etc etc. Go through the thread, you will have an idea about the issues
http://www.traderji.com/brokers-trading-platforms/89121-zerodha-part-3-a.html
ST
Agree .. makes sense for a full time professional trader to use something more robust. Zerodha apps are not yet robust enough for pro traders. The most robust trading app (not charting app) I have come across so far has to be NSE NOW. Zerodha web version is the same as nse now just modified with their branding.
Delete