Nifty opened below PDC and BRN. Went short on TST of BRN on pull back with stop above PDC. I was not very confident about the trade . It gave 20 points. Avoided short into PDL. RN/NS RN was another barrier. Down move was not showing strength. Avoided trade into the strong flip on first BOF of PDL. Second one was BOF of LOD/RN and PDL. Long worked well. Shaken out prematurely due to micro managing.
Thanks ST..
ReplyDeleteHi ST,
ReplyDeleteThank you. I got kicked of long around 8000. What should I have been the correct thought process at that point? Where was your SL prior to price moving out of there. THanks a lot.
My SL was below the BO bar. I expected a second leg up.
DeleteAt 8020, I made SL too tight and lost another 40 point move. The right action will be known only in hid sight
Try to ride a move as far as possible
ST
ST
ReplyDeleteI could not took the long at RN BREAKOUT failure but at BRN I took it made only 20 points as it was near closing time so many times i changed my stop loss levels to avoid of uselessly making loss i was confirmed of decent upside thanks ST for giving guidance, do you consider this good trade??
It was a good trade
DeleteBut try to enter early in a move.
ST
Regarding the last long trade, what convinced you so much to put in a long trade just after the 1st green bar, the bof red bar wasn't a convincing bof bar, or was it ? I would have taken the long trade after the crossing of that pivot of 8065; what do you think
ReplyDeleteDo not worry about bars. Levels are important
DeletePrice was getting rejected from below PDL and RN-NS RN area. First time I was not confident and expected a second test as move was CT. You can wait till a pivot break but risk will be more
ST
Hi ST,
ReplyDeleteNice trades as always. Your second trade is too good & i completely messes it up. With a down bias, I took it as a normal pullback which couldn't even cross RL. It was quite a big range from morning, so expected some cigarette pattern. How you managed to avoid that thought..
Thanks,
Deven Malhotra
Deven
DeleteMarket has a tendency to trade within
1.Last impulse/corrective wave
2.Within Previous day range
3.Within two Option strikes.
Market tried to move above BRN 8000 in the morning and simply drifted down making lower highs. There was no strong selling at all. Then came a LOL PDL-RN from where buying can emerge. First BOF, I was not confident. Then a FTC at RN-NS RN area confirmed it. Critical mass was short and time was right for the afternoon game. So entered at 60 with a SL below double bottom
ST
Sir good evening,sir as per nse india if we take pdl it is 7944 and today low comes to 7946.25,in this case it can be TST of PDL. as the low marked in the above chart is without wick,kindly update thnx
ReplyDeleteUsually I ignore tails
DeleteST
Sir thnx
DeleteHi ST, the morning was a chop. Like it works always, the late afternoon session did the trick. I was waiting for that 7944 BOF!
ReplyDeleteAnyway, I have a post on this on my blog - post it if you find it ok. Thanks!
http://nidsetups.blogspot.in/2015/06/time-of-day.html
Good observation
DeleteST
Sir - I was drawn into the BOF of range low Long trade at 12:15.
ReplyDeleteWhat was your thought process there ?