Tuesday, December 10, 2013

10122013


Nifty opened within previous day range. Sold and broke PDC and tested PDL. IR formed. Short below IRL . I expected it to move well through the fluid. TP when second push failed to extend. Another short at BPB of range low. This one failed.Stopped out for a point. Went long on the BOF of range low on break of MSP. Made 20 points.

6 comments:

  1. Hi ST,
    Can you explain how MSP was determined, in this chart please ?

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  2. xrtrader1

    MSP is the pivot low immediately preceding the highest high in an up trend and
    the pivot high immediately preceding the lowest low in down trend
    Crack of MSP is considered as trend change

    ST

    ReplyDelete
  3. Hello ST,
    I took first two candles as IR. Shorted below 2nd candle low with initial stop at 3rd candle high. Held the position during consolidation with stop at entry price. Booked 23 points profit when there was breakdown from range. Your view on this please, as IR was different from yours.
    Thanks,
    VVSP.

    ReplyDelete
  4. Sir,
    what is the stop loss for your first entry short?

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  5. Anon

    My physical stop was above the consolidation range. But I will scratch if price comes back and closes inside the range

    ST

    ReplyDelete
  6. VVSP

    No problem with taking first two candles as IR. But you were trading to two prominent price levels PDC and PDL which is against the method


    ST

    ReplyDelete

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