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.

5 comments:

  1. 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. 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. 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. 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. 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

Note: Only a member of this blog may post a comment.