Friday, February 1, 2013

01022013

Nifty gaped up above PDH. CT outside gap. My expectation was a channel which did not happen. Went long on BOF of IRL. Scratched this trade. Market made 3 pushes to break above IRL. Went short when the fourth attempt also failed. Nice move down. Another short ar BPB of PDH. TP when the move failed to continue below the previous low.

4 comments:

  1. Hello ST:
    can you explain elaborately your scratching trades?
    because I am wondering how much time or how long you let the price to go back and forth?

    Tnx

    ReplyDelete
  2. sakthivel

    Such rules will not work. If the price fails to break the FTA within a reasonable time scratch the trade and re assess the situation.

    ST

    ReplyDelete
  3. ST,

    This is the same case as last month. There was no gap up, just a series change. All the PD values identified are misleading...

    ReplyDelete
  4. Anon

    No problem with that.
    Most of the day traders watch continuous current contract charts hence all these levels will work

    ST


    ReplyDelete

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