Nifty opened within previous day range and sold. IR formed. Tried a long trade on BOF od PDL.. Scratched this trade later.This one was a foolish trade CT trade on such weak rejection. Nifty made a cigarette pattern for nearly three hours. Short on break of the range low. TP at BRN. This trade made some money.
Hi sir,gud eve.,
ReplyDeletesir, even i had taken CT trade on BOF of PDL..i thought it was a perfect rejection with LIQUIDITY POOL..but y do u consider it as weak rejetion sir.?
Vishal
ReplyDeleteIn fact the rejection was rapid and with high volume.The Pin Bar was perfect. Hence I entered.But there was no follow up buying or stop triggering from trapped traders.
If we were short from the open or shorted the break of PDL, where we are going to place the stop ? Logical place is the last significant down bar high. Price never reached there. It took more than half an hour to trigger the long. Simply there were no orders to move my position to profit
ST
I have gone short on the break of 4th candle low of the day. because i thought that candle was a BPB of BRN.
ReplyDeleteAdhi
ReplyDeleteYes . It was a BPB.I did not notice it. Price broke the BRN and attempted to reverse.Nice trade.You might have taken the profit at PDL, I think.
ST
Hi STji,
ReplyDeleteI have one query.. you have given PDL on 31st chart... which I feel it is 29th low... so as PDL do you take previous day low... or TWO DAY's LOW...
Sorry for the question..
But I am little new to your blog.. and concepts..
Thanks
SAM
SAM
ReplyDeleteI take previous day low
As per Ichart PDL was 6065 i went long at 6068
I chart shows 29th low as 6055
Consider Decision Points as small price bands and not as exact lines
You need not feel sorry to ask questions. We learn by asking questions and answering them
ST