Nifty opened within previous day range.Traded within 8 point range for nearly four hours. Then a break out and fall back to the range. A classic text book Cigarette.I thought PDH will give some support after the breakout It did not happen and the profit vanished. Notice the range low is BRN 5900 of Spot Nifty
Wish you all a very happy and prosperous New Year.
I entered long at BOF of TRL at 11:42 candle, waited too long and scratched around TRH. Too much waiting game and when I took profit, it suddenly broke out. Sir, I have 2 queries, one on today's trade and another on cigarette pattern: 1. Where did you entered long (before the breakout) and on what DP? 2. Is there any pattern to identify possible breakout direction in case of cigarette pattern?
Cigarettes are direct breakout trades. Limit order is placed a little beyond range extreme. If it is a very tight trading range for a long period of time don't worry about the direction. Place orders on both sides
ST Sir,
ReplyDeleteI entered long at BOF of TRL at 11:42 candle, waited too long and scratched around TRH. Too much waiting game and when I took profit, it suddenly broke out. Sir, I have 2 queries, one on today's trade and another on cigarette pattern:
1. Where did you entered long (before the breakout) and on what DP?
2. Is there any pattern to identify possible breakout direction in case of cigarette pattern?
ST, wishing u also a very happy and prosperous and Suggammm new year :)
ReplyDelete@Anurag
ReplyDeleteCigarettes are direct breakout trades. Limit order is placed a little beyond range extreme.
If it is a very tight trading range for a long period of time don't worry about the direction. Place orders on both sides
@SBSB
Thanks and same to you
ST
St
Alright ST sir.
ReplyDeleteWishing you and your family a Happy n Prosperous new year. God Bless!!