Nifty gaped up above PDH but failed to move up. Skipped this BOF as there were strong supports below. RN, NSBRN and PDC. Later there was a BOF of range low. Skipped this also due to PDH and IRH above. Finally long on break of IRH. Thought it will stop at 6800 as now a days range is limited to 50 points. Nice move up . TP at NS BRN 6800
Hi ST
ReplyDeleteTrades Taken Today
Was the first FTC valid??
Entered the long near range low as was suspecting a range between IRL and IRH.
Thanks
TBP
TBP
ReplyDeleteIt is valid. But aware of the space
I think you could ride the whole up move
ST
Thanks ST.
ReplyDeleteI kept the Space concept in my mind in that trade.
I was lucky to get the majority of the move as I was thinking of a range bound move,but as the price broke out of IRH, I held on to the long trade.
Thanks
TBP
Hi ST
ReplyDeletePlease have a look at today's chart.
http://www.mql5.com/en/charts/1714227/nse-nifty-m3-gci-financial-ltd
I would like to bring your attention to the BOF of range low and the SCORE.
Once I identify a range, I try to take BOF trades of that range if possible so that I can enter at least possible risk. Here minimum risk and reward was 10 points, and if trade did not move as expected, I could have scratched.
Is that correct way or is it better to wait till enough space is created, like what you did.
URD
ReplyDeleteBeing aware of the potential barrier is important.If you have a plan and tactics in place you can trade even small ranges.
Once price hits FTA, then you should never allow a full stop out.You can always go for a reentry
If you are trading multiple lots try Sniper Shots to make the trade free
ST
Thanks ST
ReplyDeleteMostly, after the entry I allow for the first pull back. Then shift my SL. Like in the same example, after BOF entry, it pulled back to range low and made higher swing low. I trailed SL to that swing low rather than the lowest low.
Please correct me if I am wrong.
I think SS requires you to act fast, fast on making the decision. I am just trading with single lot and simultaneously doing my full time job. Many a times due to my work commitment I cannot concentrate on the chart and analyse appropriately. SS and touch trades are the concepts I need to work more. Right now my focus is fully on analysing the trading opportunity, taking the correct decision, and be consistent. Being consistent is a challenge for me.
Thanks ST for guiding me, as always.
Hi, What do the acronyms stand for?
ReplyDeleteAnon
ReplyDeleteCheck the glossary
ST
daily visiting this blog ... good going.. thank you sir.
ReplyDeleteURD
ReplyDeleteYes. that is the way to go
Swing for 10-20 points. You will capture trend moves automatically by trailing
ST
Hi ST,
ReplyDeleteI took a FTC short at once price stop to go up irh and i expect it go PDC but my FTA was RN but price reversed and strached the trade. Was this right trade?
Thanks
Suresh
Suresh
ReplyDeleteIt almost touched RN and reversed. You have to scratch it.Did you go long on BOF and BO of IRH?
ST
Hi ST,
ReplyDeleteIm working on nightshift i was not able to spend more time on trading. i planned to trade on morning session and took only FTC and it didn't moved once i strached it touched RN :)and reverse to the range extreme.Missed the BOF/BO.
Regards
Suresh.
Sir good evening sir in todays chart the red candles which were resisting @PDH can it be called order accumulation ,kindly update thnx
ReplyDeleteAmber
ReplyDeleteThere was no strong rejection from PDH. Price was trading in a small range. Usually after some consolidation trend will resume
ST
Sir thnx
ReplyDeleteHi ST,
ReplyDeleteZerodha has decreased 70% transaction charges and now commission is around 2 points earlier 3 points. Is this transaction charges reduce for only zerodha or any other low cost discount broker reduced their transaction charges?
Hi ST, please can you tell if the range markings from initial range to the next range is correct in this? http://i.imgur.com/7KAFHg0.png
ReplyDeleteYes. the first range gets extended a little bit
DeleteST