Monday, December 2, 2013

02122013

Nifty opened near PDC and spiked. did not channel as expected.Skipped  BOF of IR High as there was no space . Went long when the BOF failed.This spike acted as a range for the remaining day. Short on the BOF of range high. Covered the trade when price refused to go below IRH.

14 comments:

  1. Hi ST,

    Nice change to the blog. Liked it.
    Took the trade when prices pulled back after the initial spike. Could make 20 points as the DP above was around 6220 from where prices have reversed previously. Didnt take the BOF trade though I could spot it.

    Thanks,
    VD

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  2. ST do you sit in front of system for entire day. I am finding it difficult.

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  3. Sir you considered low of 1.47pm candle for BOF why not low of 1.41PM candle?

    Raghu

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  4. for HOD your considered high of the candel but for PDH you took closed values why?

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  5. you have not taken the 1st BOF of IR,accepted but Why you have not taken BO trade of IRH around 2.14pm? I took short at 6255 by thinking that that price will test 6236 PDH! space was there as its a gap of almost 20 points! scratched!!! is there anything I did wrong.

    Babu

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  6. Xtrader1
    I will not sit in front of the screen all day.I can view my screen even from my balcony.Most of the time I will be walking or sitting there.

    ST

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  7. Raghu
    Actually the BOF happened when price broke BO candle low. But I suspected MSP will lend support and waited for a formation.
    Price made another push up making a pivot low. Now many traders will shift their stops to this swing low. I went short below this pivot thinking that there will be enough orders to break MSP and trigger a further move

    ST

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  8. Anon
    All these levels are zones. not exact levels. Generally I draw these lines ignoring the tails. We do not know exactly where orders are.

    During later retests I adjust it to more appropriate levels. HOD first it was 6268 ignoring tails. next push went a little more. Hence revised to 6270 nearest round number

    ST

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  9. Babu

    BO trades are my low priority trades.
    I have not taken the 02.14 BO because I was already short from 14.00 bar and riding the down move.
    Read
    http://www.niftynirvana.blogspot.in/2012/06/trends.html

    ST

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  10. Thank you sir.

    Babu

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  11. Hmm... another difficult day... lost 3 trades today.

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  12. Hi,
    Plz provide timeline like before
    ...Thank you..

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  13. Sir thanks for the guidance while can you just list out the your priority set set ups in order so that it will help us to learn more.

    Regards
    Raghu

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