I was not watching the market live today. I would have gone short at the BOF of PDL and got stopped out.. I will skip the BOF of BRN as we are trading in to too much of traffic.I could not understand the cause of 12.05 " Flash Dash"
The "flash dash" was strange as the entire bar actually happened in less than a minute. The high actually set a resistance level which was subsequently taken out.
The flash dash was based on the Oil Minister statement telecast on television that Oil Price hike is inevitable. I had given my observations on Nifty Future price action at http://tradingniftyoptions.blogspot.in/2012/09/nifty-price-action-11-sep-2012.html
There was BOF of PDC also before the Flash Dash. I had taken short @5368 could cover @5378 in the Flash Dash bar itself.My SL was @5373 but one can't do anything about it.
Nifty Baz BOF of PDC is not a good trade.Pay attention to Trouble areas always. Price has just broken two DPs. PDL and IR high.This broken resistances will act as supports on the way down. You were trading into two DPs. Very low probability trades.There is simply no room for the price to move.
The "flash dash" was strange as the entire bar actually happened in less than a minute. The high actually set a resistance level which was subsequently taken out.
ReplyDeleteThe flash dash was based on the Oil Minister statement telecast on television that Oil Price hike is inevitable. I had given my observations on Nifty Future price action at http://tradingniftyoptions.blogspot.in/2012/09/nifty-price-action-11-sep-2012.html
ReplyDeleteThere was BOF of PDC also before the Flash Dash. I had taken short @5368 could cover @5378 in the Flash Dash bar itself.My SL was @5373 but one can't do anything about it.
ReplyDeletekpl Sir
ReplyDeleteThanks
Icharts being web based shows the x axis time details only if viewed in certain size. I am trying to show it as suggested by you.
ST
Rameshji
ReplyDeleteWell written
Thanks
ST
Nifty Baz
ReplyDeleteBOF of PDC is not a good trade.Pay attention to Trouble areas always. Price has just broken two DPs. PDL and IR high.This broken resistances will act as supports on the way down. You were trading into two DPs. Very low probability trades.There is simply no room for the price to move.
ST