Nifty opened within previous day range and moved within a 20 point range. Finally BOF of PDL/Range Low gave a long signal. TP at BRN. Did not attempt BOF of BRN as I expected the range high to give support.
Hello ST Question, why did not you treat the tight range as cigarette? I treated it as cigarette pattern, went short on break, covered when it moved back in the range, went long, and booked at BRN, and shorted again when came in that range again. Thanks
You are right It could be traded as Cigarette. Happy to notice you had the presence of mind to reverse the short trade on failure. But I will not favour the last trade.Price will not move as we expect near the close as there will not be any commitment from traders.
Hello ST Thanks for the reply. Well, for last trade there were few things in mind. Strong downtrend, last few days of high volatility, and "fluid level from 5660 to 5705." Actually wanted to short below 2:35/2:40 candle, but got late. Anyway, as always your thoughts, your inputs are most valuable, so please keep sharing. Thanks
Hello ST
ReplyDeleteQuestion, why did not you treat the tight range as cigarette?
I treated it as cigarette pattern, went short on break, covered when it moved back in the range, went long, and booked at BRN, and shorted again when came in that range again.
Thanks
Kavi
ReplyDeleteYou are right
It could be traded as Cigarette.
Happy to notice you had the presence of mind to reverse the short trade on failure.
But I will not favour the last trade.Price will not move as we expect near the close as there will not be any commitment from traders.
ST
Hello ST
ReplyDeleteThanks for the reply. Well, for last trade there were few things in mind. Strong downtrend, last few days of high volatility, and "fluid level from 5660 to 5705." Actually wanted to short below 2:35/2:40 candle, but got late.
Anyway, as always your thoughts, your inputs are most valuable, so please keep sharing.
Thanks
Kavi
ReplyDeleteGood Reading
If your stop is behind a DP , you rarely lose. Even if your reading is wrong , you will get enough opportunity to scratch the trade.
ST