Wednesday, June 12, 2013

12062013

Nifty Gaped down below PDL and started trading in a range. Being an announcement day did not attempt any trade till it is over. First trade was a BPB of range low which failed immediately. Scratched. Long on the break of Range low to the up side. TP at BRN.Shorted on the BOF of PDL/BRN. This one also ended as a scratch. Rest of the day Nifty got trapped in a Channel.
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2 comments:

  1. BharatJune 12, 2013 at 9:39 PM

    ST,

    I was looking to short where u taken last short.but feared due to strong up move from bottom .

    http://images.devs-on.net/Image/tAE4idaJxUs66lwP-Region.png

    Would u please eloberate.. what u look for considering a level, range or swing high/ low failure? like some bar went above /below it and very next bar close below / above that level.. or making range below that level and than break of it?

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  2. SMART TraderJune 12, 2013 at 10:19 PM

    Bharath

    Please note that the method is very discretionary and fixed rules cannot be set.Every occurrence in the market is unique and price action will unfold in million ways
    In this particular case we can say a short below the Master candle.Core concept is trading the acceptance or rejection of price levels called Decision Points

    ST

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