Friday, June 22, 2012

22062012


Nifty gaped down 50 points and started moving up. Bias was bearish. I was looking for an area to short. No Decision Points nearby. Nifty formed an initial range and tested the IRH at area marked "A". Do not try to trade counter trend on a TST. Wait till you get a message from the Scouting Party 
BOF of IR High gave a good short opportunity.I thought it will reverse from LOL of IR Low and yesterdays breakout point MSP. But nifty fooled me and went down to BRN-PDL. BOF of BRN gave a long signal which moved well.
Did not attempt BOF of HOD as I noticed the Spike and Channel Pattern early. Read more on SAC 

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8 comments:

  1. SmitaJune 22, 2012 at 6:19 PM

    ST ,

    Many Thanks , for stumbling upon by blog . I read the posts under "Stucture and Patterns" here and I find them very useful .
    Continue writing It will help lot of ppl trying to make a place here , like me .

    ReplyDelete
  2. SMART TraderJune 22, 2012 at 6:54 PM

    Smita

    Thanks for visiting the blog.
    I have gone through some of your blog posts.
    I can tell you one thing. You have the determination,drive and curiosity to make it big in this business.
    But I feel you are lost in the technical analysis jungle.You need to focus on the reality of the market and not on the EW,EMA,SMA, FIB,camarilla soup.
    Just my opinion.

    ST

    ReplyDelete
  3. KaviJune 22, 2012 at 7:32 PM

    Hi ST
    I want to send you an email, can i have one?

    ReplyDelete
  4. SMART TraderJune 22, 2012 at 7:42 PM

    Kavi

    nifty nirvana at g mail dot com

    ST

    ReplyDelete
  5. KaviJune 22, 2012 at 8:04 PM

    Hi ST
    Thanks. Just sent an email. Please reply if possible

    Thanks

    ReplyDelete
  6. SMART TraderJune 22, 2012 at 10:18 PM

    Kavi

    Hope you got the reply
    Need to make a post on this subject

    ST

    ReplyDelete
  7. SmitaJune 22, 2012 at 11:51 PM

    ST ,

    You are cent percent right , I too feel I am lost .I want to trade just like I drive without thinking .I want to get it in my blood .Its not at all easy .I will be obliged if you through some light on reality of Markets.

    ReplyDelete
  8. SMART TraderJune 23, 2012 at 5:46 PM

    Smita

    First you need to decide which instrument and which time frame you want to trade. Here we are day trading Nifty futures 3 minute chart.No over night positions.If your preference is something else,then this materials may not help you much.
    You need to focus. "Jack of all trades" will not survive as a trader for long.
    I am always willing to share what I know. Feel free to ask.Post in comments or mail to niftynirvana at g mail dot com

    ReplyDelete

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