Nifty gaped down open within previous day range. Vertical up move stalled at PDH.Short on BOF of BRN. Price traded in a 10 point range for a while . TP on BOF of Range low.Tried another short at BOF of BRN to the downside. This also ended up as a scratch. Nifty was within a 20 point range the whole day
Hi ST,
ReplyDeleteToday really very narrow range. Attempted only one and could not get even earn from it. Please have a look.
http://www.mql5.com/en/charts/1641659/nse-nifty-m3-gci-financial-ltd
One query...
From the order flow perspective while trading the initial range, in case of gap open either full gap or inside the previous day range, what would be your preferred situation out of four possible setups? For example,
there is gapup opening and initial move is up. Now we can have four different scenarios to trade initial range. IRH BPB, IRH BOF, IRL BOF and IRL BPB. Similarly, for gapup opening with initial move down.
Per my understanding, I have listed my preferences with 1 being the most preferred one and 4 being the least one.
Gapup and initial move up
1. IRH BOF
2. IRH BPB
3. IRL BOF
4. IRL BPB
Gapup and initial move down
1. IRL BOF
2. IRH BOF
3. IRH BPB
4. IRL BPB
Hi ST,
ReplyDeleteWhen You say scratch is that mean no loss for that trade ?
rgds
Kishore
Kishore
ReplyDeleteScratch means not waited for the initial stop to hit.For Small profit,a small loss or at breakeven
ST
Hi ST,
ReplyDeleteWhy I asked it because in the first trade you didnt scratch but for the second you did ?
rgds
Kishore
URD
ReplyDeleteI too could not book the profit there. I was hoping for a second leg down into the fluid.
I will write about the second part later today or tomorrow
ST
Kishore
ReplyDeleteOn Second trade I did not make any profit. I thought the BRN flip will hold. Ended with a small loss
ST
Sir One question - You took 1st bof but there was no space brn was near. Any reason for not avoid it. Pls clarify
ReplyDeleteThanks
Suresh
Dear ST,
ReplyDeleteIn my 3 M chart (i am using amibroker feed from global data feed), there is always a difference in my opening candle with that of yours. Can you have any idea why this is happening?
http://screencast.com/t/TPGWfZHaFG
My second question is addressed to URD (excuse me ST if I am doing wrong). There is a lot more differences in candles and also levels with chart uploaded by URD. In today's chart LOD is around 6586 in URD's while according to mine as well as ST, its 6590. How you would able to trade with this difference?
Regards,
Dinil
Suresh
ReplyDeleteBOF of BRN means I have shorted on break of BRN to the down side. I was expecting a move to DO/IRL
ST
Dinil
ReplyDeleteData especially the opening candle differs most of the time. I dont know why.
You trade what you see on your chart. If You ignore tails most of the time there will not be any problem
ST
Hello Dinil
ReplyDeleteThere will always be a difference of 3 to 4 points between GCI MT4 and actual nifty future level. It is because of the spread that they use.
Thanks
Good Morning ST
ReplyDeleteOne query, please look at the chart
http://www.mql5.com/en/charts/1645152/nse-nifty-m3-gci-financial-ltd
Should it be scratched on break of that flip or give it more time with the original stop in place?
Thanks
URD
ReplyDeleteI exited it already.
After the gap up Higher time frame traders are bullish. How far it will go down? mostly new buying will emerge at NS BRN or at PDH. For 12 points maximum too much tension
ST
Thanks a lot ST
ReplyDeleteCorrect. Even after an hour of taking the trade it barely moved 4 points.
Got rid of it.