Nifty opened within previous day range at BRN. Attempted to go down. PDC gave strong support. Long on break of BRN. Trade did not move beyond the first bar. Scratched. Short on the BPB of PDL. Covered at a 20 point profit. Did not attempt to trade the up move as there were too many levels above. In hind sight BO after the complex pullback was a good opportunity.
Hi ST
ReplyDeleteWas there any way to short before you took the BPB short as price was resisted by BRN??
Thanks
TBP
TBP
DeleteBOF of BRN was a short signal and it worked well
But considering the lack of momentum and strong levels below it I was not very confident
ST
Hi ST.
ReplyDeletePlease comment on this
http://screencast.com/t/UGBvvoC4e
Second one was not right. There was no space for the trade to move. Price went where it was supposed to go BRN the FTA.Third one also you entered too soon. Wait for a formation like a small swing high and long on break of it.Fifth one was very good. I hesitated to execute here. 1 and 4 were good signals
DeleteST
Hi ST Sir,
ReplyDeleteIt seems you deviated a bit from your usual style today by entering into trade without waiting for the IR to form.
Regards,
KSG
KSri G
DeleteReason was risk and fluid.
Once it broke above BRN I had two layers of defense for my stop. BRN and IRL/PDC within my risk
Further there was a lot of space till PDH ,the next DP. That fluid area worked well 4 times yesterday
Unfortunately the trade failed
ST
Hi ST,
ReplyDeleteI took the first long trade and scratched it. I exited at 5.85, where was your exit? I was watching the short trade, but never felt comfortable taking it. I stayed out the rest of the day because I wasnt comfortable that I missed that entire downward move and so was unsure about the long..
The short that you took below PDL, price had already moved about 40 points without much retracement, is that ok to enter then? Was there something else you saw there?
S Roy
DeletePrice moving out of the previous day range is a major transition.
Further there was space at least till RN. Risk was also very less
ST
Dear All,
ReplyDeleteIts worth sharing a small essay "From Airborne to Chairborne". Its worth reading even though it is nothing related to trading. Unfortunately its author M.P.Anilkumar(former IAF pilot) passed away yesterday.
http://chairbornewarrior.wordpress.com/2011/06/12/anils-inspirational-note-airborne-to-chairborne/
Dinil
Dinil
DeleteThanks for the link
I have read about him in the news papers but did not know about the blog
Will go through it. May his soul Rest in peace
ST
Im having a difficulty in identifying the 1st bar of the day.... this has been there for long time... however, i used to guess & interpret...
ReplyDeleteSince it is a continuos chart, Im not able to figure out , which bar is 1st one...
.... I wonder, am I the only one who has this trouble....
May I request you to draw a perpendicular line with a different color, to identify the 1st bar....
Thanks, Senthil.
Senthil
DeleteNoted. Will do it
May not be possible with a different colour
Icharts allow a single color.
ST
ST sir,
ReplyDeletepls, see my chart of sbin. took too many unnecessary trades around IRL and above BRN. all attempts were long. lastly forgot space and took a short trade. after some time It crossed down BRN and recent low level was giving me relax, but unfortunately my TSL is already triggered. I think last bpb trade is OK. pls, sir give your valuable comments.
sorry, forgot to upload chart.
ReplyDelete[IMG]http://i59.tinypic.com/avilo4.png[/IMG]
Puchu_2500
DeleteSpace is an important factor. Avoid trades within the chop
Trade the extremes BPB or BOF
ST
chart is not uploaded ! perhaps I have done some error. sorry to everybody.
Deletehttp://i59.tinypic.com/avilo4_th.jpg