Nifty opened within previous day closing range and this happened to be the previous days range. IR formed . Too narrow to initiate a trade.. Went short on BOF of PDH..Thought it will bounce of the IR low. But the MC and Price flip helped to avoid a premature exit.. TP at PDL. Went long here. TP when Nifty failed to remain above IR Low.
hi
ReplyDeleteIt has been really frustrating few days of trading for me....Can you explain where did you put limit entries for both trades you took today...?I took bof of pdl ...but entry was late..so scratched the trade.
Akshay
ReplyDeleteBOF of PDL gave me just 3 points after commission. My entry was above the consolidation high just below PDC. Very low probability trade with PDC and IRL too close.
For BOF of PDH , I entered when price fell back into the IR with SL above PDH.
Akshay, You are trying to trade a 20 point range market. Breakeven itself is an achievement here.
ST
Akshay
ReplyDeleteATR (5) of NF is reading 45. Lowest during the past one year. Average swings of 10-12 points makes things difficult for day traders, considering the high brokerage. Market is cyclical and this will improve soon. Till then trade only A+ signals at the extremes.Do not expect home runs
ST
sir how many 5 min candles you consider for IR thnx
ReplyDeleteAmber
ReplyDeleteRead my post on Initial Range
Important posts > Structure and Patterns > Initial range
ST