Nifty gaped above PDH. Did not move above the first candle with topping tail.Expectation is a range move between PDH and first candle high. First signal was a short at HOD-DT . I would have taken profit around point marked A. Notice the point marked A. If you were not short from the HOD, you will surely go long here as BOF of PDH and will get stopped out.If your trade at any DP fails never reverse a trade. Most of the time it will chop.
Dear ST,
ReplyDeleteNo Decision Point trade today also.Saw the BOF, but Day Open horizontal support/resistance line was marked on chart and was immediately below. Isn't Day Open a decision point? What prompted u to take the trade other than DT ? Is it the HOD rejection by forming a gravestone DOJI ?
rgds~Ajith
Ajith
ReplyDeleteDay open is a decision point as long as it remains a decision point.
Notice how many times market has broken it to the upside and downside.So it loses the relevance.Dont consider DP as a brick wall.
You can consider this as a barbed wire around a DP. A wide one.Trade it as arange. So sell high and buy low.
ST
Thx ST
ReplyDeletergds~Ajith
thanx.. ur concepts helping me in judging my positions... thanx for the efforts... gone throgh more than 50 books .. but dont remember to see simple concepts like here..
ReplyDeletethanx..
Ratnakar
ReplyDeleteThanks for the compliment.
ST