Monday, June 10, 2013

10062013


Nifty opened within previous day range.An Envelop formed overlapping the single bar IR. Did not go short on BPB of IRL as BRN/PDC and PDL was very close.Long on the BOF of BRN . Scratched the trade later as it did not move as expected.. Nifty again broke BRN and made a TST of PDL. Long again on the BOF of BRN. I expected this one to move. It moved after stopping me out for a point. Missed the down move as Nifty reversed before reaching HOD. Skipped the final BOF and break of  MC as it was too late.
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5 comments:

  1. GuruJune 10, 2013 at 9:00 PM

    Thanks ST for having such a wonderful blog and updating on regular basis. I came to know about the blog from one of your old thread on traderji. I have recently started following PA action based on Al Brooks book, still there is lot to learn as the book is very difficult to follow. I am sure to learn a lot from you as well.

    Regards,
    Pravin

    ReplyDelete
  2. AnuragJune 10, 2013 at 9:11 PM

    Hi ST sir,

    I went long at 1st BOF of BRN (the one that you scratched, I had kept my SL, just below the low of 10:39 candle at 5886. Price was not moving towards IRH (my target) but was well established above BRN/PDC, so just hung up with the trade, but was stopped out. Sir, wen did you decide to scratch the trade?

    ReplyDelete
  3. SMART TraderJune 10, 2013 at 9:18 PM

    Pravin

    Thanks for the visit and comment

    It is very difficult to trade the Al Brooks way. You will do better with Lance Beggs style
    http://www.yourtradingcoach.com/

    I have learned a lot from him

    ST

    ReplyDelete
  4. SMART TraderJune 10, 2013 at 9:34 PM

    Anurag

    Make use of price flips to manage the trades.Notice the minor consolidation above which I entered. On the way down I expected this area to act as support and it did for a while. Once it broke I lost hope.I gave a another chance to BRN to arrest the fall and moved my stop to 5899 and reduced the loss

    ST

    ReplyDelete
  5. SMART TraderJune 10, 2013 at 10:24 PM

    Anurag

    We need to work a lot more on our exits and stops.It is very difficult to make money day trading if we allow full stop outs

    Think 2 full stop outs a day.
    10+10 points 3+3 commission and slippage. Total 26. Even if you make 30 points on the last trade, there is nothing to take home.We will bleed to death with a thousand paper cuts.

    Currently working on it.

    ST


    ReplyDelete

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