Nifty gaped above above PDH.. Missed the down move and the up move as there was no reliable signal. Long on BPB of IRH which I scratched. Thought of going long above 5630 but hesitated as Nifty had already moved more than 60 points. FTC at HOD gave a short signal which moved well TP at IRH
Hi ST,
ReplyDeleteFor FTC trade like today, do you keep HOD itself as SL or a few points above entry?
thanks
Vivdev
ReplyDeleteI think we will never perfect our exits whether it is stop loss or Scratching.I lost 30 points scratching the first trade.
Regarding FTC I placed the stop just a point above the HOD.There is no point keeping SL 3 or 4 points above. Once the price breaks HOD other peoples stops will start triggering and price will reach our SL level most of the time. We will end up losing more
ST
vivdev
ReplyDeleteJust saw your blog. Nice
Keep writing and make it a habit. It is a kind of deliberate practice that can improve your trading a lot
ST
Hello Smart Trader,
ReplyDeleteNice blog, I have few questions, Can you please explain a little about the FTC setup i:e the short trade that you took from Day's High ??
Regards
Taiki
Taiki
ReplyDeleteFTC is failure of price to continue beyond a certain point. Price is on a trend move and there is no DP on the way. Price makes a swing high or low and pulls back. Next push fails to break the previous swing point. We can safely assume the move has exhausted
Now there are two possibilities. A consolidation or reversal. Our entry should be at a level where those who are already riding the trend start exiting creating an opposite order flow.
Like any other trade we must be aware of the FTA, Critical mass, probable ranges, complex pullbacks etc etc.
ST
thanks ST.
ReplyDeleteYour blog is helping me a lot since I post my charts first and then check your blog to see where I am missing.