Nifty gaped down below PDL and made a Barbed Wire around it the whole day. Attempted two BOF trades. Range High and Range low. First trade did not move as expected. Second one broke the other extreme as expected. But there was no follow up buying. Price fell back in to the range again.
Hi ST,
ReplyDeleteI tried to light up the cigarette, but failed, break of the range low. How could you resist yourself?
Thanks.
Kavi
very nice simple and lucid explaination
ReplyDeleteKavi
ReplyDeleteIt was not a Cigarette but a classic barbed wire.
There was another reason to avoid the short. Look what happened when price hit 6130 on 23102013. Just avoided shorting into a price level from where 130 point momentum move originated.
Always watch price action at immediate left of the level
ST
I, also on wrong side , but my fool's story will not remain the same under urs simple & nice explaination.Have a gr8 weekend.Smile costs no brokage!!
ReplyDeletehttp://www.youtube.com/watch?v=BHznb272cLM
Hi ST,
ReplyDeleteCould the area where you TP be treated as a BOF of PDC - another 20 odd points?
RP
RP
ReplyDeleteYes. It is a breakout failure of PDC but not tradeable. Where is the space?. FTA was Barbed Wire range high.Price did bounce back from there.
ST