Wednesday, January 9, 2013

09012013

Nifty opened near PDC. The first bar acted as IR. TST of PDH gave a short signal.TP on FTC below 6020 level. Did not go long here as there was a strong flip zone above as FTA.As expected breakout of this level failed. and price fell to earlier low. Shorted below candle marked A. TP at PDL
@Akshay. This is situation no 3 in my yesterdays explanation.. Hope you noticed candle A and shorted below it. There are three situations where I enter on direct break of a level. As you know the first one is "Cigarette" The other two are work in progress. "Master Candle" and " Pressure Play.".Candle "A" is a Master Candle.
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2 comments:

  1. akshayJanuary 9, 2013 at 9:39 PM

    hi sir
    why do you say that its a "strong flip zone " ...there were so many shorts trapped on 2 attempts to go below 6020...looking that i took the trade....But i again shorted on bof of ir low at 6037..this trade moved well...although you have not taken this trade ..can you explain why?

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  2. SMART TraderJanuary 9, 2013 at 10:51 PM

    Akshay

    BOF short of IR low was an excellent trade.Congrats.
    IR Low was a major flip zone. Yesterday evening it resisted and today morning it gave good support.I was expecting a bounce from this zone
    I missed the BOF of IR trade. I was wondering weather 6030 will hold or not.

    ST

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