Nifty gaped above PDH. IR formed. Short on BOF of IRH. Expected a bounce from PDH/BRN. But my trailing stop did not trigger. TP near 6190. Hesitated to enter on break of range high Pressure Play. Long on the BO of BRN. Exited at 10 point profit.
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Hi ST,
ReplyDeleteAfter prices broke IRL, was it prudent to wait for a small PB to IRL and then short as BPB IRL??
Thanks
TBP
Your blog is really good. Have been following since last two months. I am doing option trading based on the decision points. Things are working out. Thanks a ton ....!!!
ReplyDeleteSathish
How do you define stop-loss once your entry is executed, like immediately put the stoploss at bar high/low or wait for sometimes to know the direction of the move.
ReplyDeleteRegards
Naveen.
Sir,
ReplyDeleteDid you take your 2nd Direct BO trade because it broke out of previous day's range or for any specific reason?
Thanks.
Dushmant
Hi ST,
ReplyDeleteWhy is IRH above first bar.
Market showed a range after the opening .So isnt that range high is the IRH ?
rgds
Kishore
TBP
ReplyDeleteMY entry was not on BO of IRL, but the BOF of IRH.Waiting for more confirmation means more risk and less reward.
ST
Hi ST,
DeleteI think usually when we take IR based entries, we take short at IRL or long at IRH, in this case you took entry short near IRH, what was the reason you were confident taking entry short at the upper end of range?
Previous day was a type 1 trend day. The BOF was a FTC type entry looking for a consolidation or reversal.FTC can be a TST or a BOF or even a Failure to test the new extreme
Deletehttp://niftynirvana.blogspot.in/2014/02/failure-to-continue.html
IR is like any other range. You can fade the extremes and try BO. and go for BPB depends on other factors
http://niftynirvana.blogspot.in/2012/07/initial-range.html
ST
Sathish
ReplyDeleteThanks for the visit and comment
ST
Naveen
ReplyDeleteExit is decided before the entry
http://niftynirvana.blogspot.in/2012/07/exit-first.html
ST
Dushmant
ReplyDeletePrice moving beyond previous day range is always a major transition.
I expected it to test the HOD
ST
Kishore
ReplyDeleteIR is made by the first three bars. After open price tried to move up and got rejected at 6220. Then it fell and found support at 6210.Next 40 minutes market traded within this range
Tails will create some confusion, here bar no 14,15 and 16 proved the upper boundary as 6220 level
ST
Hi Sir,
ReplyDeleteHave you tried applying this concept on any instrument other than NF?
What is your opinion,should a trader concentrate on trading a single instrument or should have lets say 3 or 4 instrument that need to be viewed on a daily basis? Will just trading NF alone work out in the long run?
Just wanted to know your view on it.
Thanks & regards
Karthik
Hi st.
ReplyDeleteI have seen you taking trade below DO and IRL for BOF IRH.
Why took a trade near IRH today?
Rgds
Kishore
Actually I took BPB of IRH considering IRH as d small range high
ReplyDeleteRgds
Kishore
Karthik
ReplyDeleteEvery contract has its own personality and behave differently. So IMHO it is better to stick to a single contract.
Money you make is a function of your position size. In NF you can very well scale up to 20 lots without any problem once you achieve consistency.
ST
Kishore
ReplyDeleteMy preferred trade is always the BOF
I rarely take direct breakouts.Actual decision may depend on other factors
ST