Nifty gaped up above PDH. Bias was bullish.I was looking for an opportunity to go long. BPB of IR high gave a long signal. This trade failed to move. Scratched. Stayed away from CT trade.
Some observations: Did you notice at 1:00pm there was a perfect BOF at 5254 High of the Day also a double top. The previous BOF was a weak attempt. This reversal tested the IR high and failed. If you consider the gap up as a spike. Then Nifty had made a spike and channel trend for the whole day. All lower trend line channel touch was a long. The failed BOF was also a long. Nifty was displaying deep pullbacks which are a sign of lack of strong trend. Even though the long at the lower channel line was a high probability trade the reward to risk ratio is not favourable
ST - Wasnt there a PB trade around 1:30 when price tested the IR high? It is not a main DP but it is tempting as we are looking to get in on breakout strong trending day.
@Rameshji You are correct. It was channeling the whole day. @ Raghu Notice the BOF of IR High Rameshji mentioned. Going against a BOF move at a weak DP without a strong signal is a low probability trade.
Some observations:
ReplyDeleteDid you notice at 1:00pm there was a perfect BOF at 5254 High of the Day also a double top. The previous BOF was a weak attempt. This reversal tested the IR high and failed.
If you consider the gap up as a spike. Then Nifty had made a spike and channel trend for the whole day. All lower trend line channel touch was a long. The failed BOF was also a long. Nifty was displaying deep pullbacks which are a sign of lack of strong trend. Even though the long at the lower channel line was a high probability trade the reward to risk ratio is not favourable
ST - Wasnt there a PB trade around 1:30 when price tested the IR high? It is not a main DP but it is tempting as we are looking to get in on breakout strong trending day.
ReplyDeleteregards
rb
@Rameshji
ReplyDeleteYou are correct. It was channeling the whole day.
@ Raghu
Notice the BOF of IR High Rameshji mentioned. Going against a BOF move at a weak DP without a strong signal is a low probability trade.
ST