Nifty gaped down within previous day range. Failed to go below yesterdays major swing low . IR formed and Nifty traded within the range for nearly 3 hours.This is a pattern which I call "Cigarette Pattern".Shorted the break of range low . Another short opportunity came on the BPB of IR low. TP at PDL. Did not attempt the BOF of LOD as I thought there wont be any commitment from operators due to week end and coming holidays
Plz sir post during market hour so that we know it much better way.After market hr We only aspire that oh if I take this position
ReplyDeleteAlsos ir , I m new to this site Kindly tell me what is meaning of
ReplyDeleteTP, LOD, BPB, BRN, PDL
Hello ST,
ReplyDeleteCould there have been a short at IRH the second time round it touched it? The reason being gap down on an inside day and gap closure failure two times.
Second, the breakout trade at IR low seems unlike your previous trades which are mainly BOF and BPB - trade the extremes?
Hindsight is 20/20 ;-). I missed the first (if at all it was there) and did not take the second.
Best Regards & Thanks,
Mr. Pai
Prakash
ReplyDeletePlease do check the glossary
Giving calls during market hours is not possible. sorry
ST
Mr. Pai
ReplyDeleteDid not take trade at IRH because
1.Price did not test the IR high
2.It was hanging around BRN 5700 of Nifty spot where one can expect a lot of whip saws
3.IR low was also a MSP of previous day which made this very strong support.
Usually I do not trade direct breakouts as you noticed.There are two occasions I do which I call "Cigarette" and "Pressure Play"
Will make separate posts on this.
ST