Nifty opened within previous days closing tight range. Break below this range failed. Went long on BPB of PDH. I was not confident about it . Covered when price fell back. Short below IRL. TP at RN. Another long on break of Range high. TP around BRN.Missed the last down move of FTC/BOF of BRN. It was a cool 40 point.
Hi ST,
ReplyDeleteWhy didn't you go long over RN PDL LOL . Why waited for MSP to take out ?
thanks n rgds
Kishore
I suspected the last impulse to act as a range for a while
DeleteST
Hi ST
ReplyDeleteWas the PP long a limit order?? Also where would be the entry for the last short?(if taken)
Thanks
TBP
Yes. A SL limit order
DeleteCan short below the swing low.This move trapped all new longs
ST
ST Sir,
ReplyDeleteAnother fluid day :)
Avoided long at BOF of PDL… being counter trade & news flow reg Iran.. but caught last fall.
Chart here http://imgur.com/Rq0CYnt
TRADE1:
Long at 7664, above IRH,PDC,PDH..with initial SL 7559
SL hit; exited trade with loss of 7 points
TRADE2:
Shorted at 7639, after BOF of HOD with initial SL 7651
Moved SL to 7645, above high of LOD BO bar
Moved SL to 7616, above high of BRN BO bar
Moved SL to 7602, above BRN
Moved SL to 7555, above high of BRN BO bar
Trail SL hit; exited trade with gain of 84 points
TRADE3:
Short at 7593, after BOF of BRN with initial SL 7602
Exited at 7555 near EOD, with gain of 36 points
Points earned: +113
Nice trades
DeleteYou are managing your exits well.
ST
Hallo,
Deleterose mary
Before your last short entry..there was break down of BRN 7600..and it bounced to 7621 ..how did you keep yourself away at this time?....
Ath Shree,
DeleteAfter 14:17 BO candle at 7600, I have kept next possible trade as.. short at 7585, below low of BO candle.. it didn't trigger.. made 2 swing lows below BRN before FTC above 7620.. then I shifted short to below 7594.. with initial SL above BRN.. this is how I understood the concept and trading.. I consider BOF trades, below lower extreme of BO candle.. if risk:rewards favours..
Thanks sir... My entries are away to DP's.. exits are behind DP's... All your guidance...
Deleterose mary,
DeleteThanks for posting SL movement when you post your trades. Its helpful.
ST, take your third trade. While you were in the trade, the price went up as high as 7620, but ultimately you came out of the trade at around 7605. When I am sitting on so much of paper profit, my hands begin to itch to square off my trade. Sometimes getting out early works, sometimes it doesnt. How to deal?
ReplyDeletePA Trader
DeleteUsually I wait for a second push after a pullback. If it fails I exit
We will never perfect our exit. No trader has done it so far
ST
Dear ST,
DeleteI have a similar problem like PA trader. Today was fine because the move was big and I exited with a decent profit, but on most normal days I may end the day red because of this behaviour. For example today in the first short, when 12:36 bar pulled back from 51 and the next bar opened where 12:36 closed and moved back up, I thought it might reverse back quickly. What was wrong with my thinking?
Only thing wrong with your thinking is
Delete"You are seeking certainty in markets"
Enter high probability trades with low risk at good locations and try to manage them as well as you can.
Trading is a decision making process. Once you start making more good decisions than wrong ones,you will turn around. The more experience you gain, the more good decisions you will make. It wont happen in a day. it is applicable in any skill.
ST
Hi ST,
DeleteThanks a lot. Was I correct in jumping in below the breakdown bar after the pull back bar formed?
Nothing wrong.It was just a BPB entry
DeleteBut it is always better to enter at the earliest from a RR point of view
ST
Right
ReplyDeleteST
ST,
ReplyDeleteWhat made you to avoid 10.00 am brekout trade and take 10.36 brkout trade?. both were at same location.
Another question is. i was considering 9.21 low to 10.45high a range before the breakdown. and was waiting for that range to breakdown and then give either brekdown pullback trade or failure trade or short below breakdown bar. then the breakdown bar
ended big one and nearing to BRN 7600 So i avoided that entry too. What should have been ideal thought process. ?
Bharat
First one was a BO, the second one a BPB
DeleteShort below IRL was the right trade with two layers protection IRL and RN
There was enough space with a fluid below
ST
Hi ST Missed the whole move down when the IRL was rejected. I thought IRL would be retested was waiting for FTC. Next trade I entered on breakout of 7550 @ 7547 and kept my SL @ breakeven; My SL got hit unfortunately. Third trade I entered on break of yesterday low and scratched immediately. Morning I went short on break of IRL @ 7588 and got out of the trade @ 7572 when the price refused to go below but later on after some time it touched 7550 which was my target. Please advise if I am managing my trades very aggressively. Should I have handled my trades better
ReplyDeleteEnsure sufficient space for the trade to move
DeleteThere are too many levels on the way which can chop
Take only quality trades. You need not take all the trades
ST
Sir,
ReplyDeleteBPB of PDL (12.09 pm) trade stopped out. was it any wrong trade ?
You were trading into the NS BRN 7500
DeleteZoom out and see what happened at NSBRN 7500 earlies
ST
thanks sir
Delete