After giving good moves for two days, Nifty chopped around.Nifty gaped up and failed to move above previous day closing range high which was also NS BRN. Short on BOF of BRN on break of initial low. Covered the trade at PDC the range low.Did not attempt any other trade as there was too many levels in between.
ST Sir,
ReplyDeleteFlat day.. managed to end with 4 point gain.
Chart here http://imgur.com/h6PVhIx
TRADE1:
Short at 7588 (below IRL), after BOF of BRN.. with initial SL 7602
Moved SL to 7590, once NF closed below IRL
Moved SL to 7578, above swing high
Trail SL hit; exited trade with gain of 8 points
TRADE2:
Short at 7548, below DB.. with initial SL 7556
Moved SL to 7552, once NF closed below PDL
Moved SL to 7546, break even
Moved SL to 7542, as 7500 NS holding
Trail SL hit; exited trade with gain of 4 points
TRADE3:
Short at 7539, after BOF of RN 7550.. with initial SL 7552
Moved SL to 7542, as barbed wire seems to be forming around PDL
Trail SL hit; exited trade with loss of 5 points
TRADE4:
Long at 7562, above RH.. with initial SL 7554
Moved SL to 7561, below swing low
Trail SL hit; exited trade with loss of 3 points
Points earned: +4
Second one you could have done better
DeleteWhen price failed to move beyond NS BRN 7500, just exit
Zoom out the chart and see how many times price bounced from the area
ST
U r right sir, but let me tell my thought process at that time.. i was expecting some pull back from 6500 NS, near to PDL (6540)... but it went above the level..
DeleteHi ST,
ReplyDeleteWhy didn't you take BPB PDL ..NS BRN was about 20 points away ?
rgds
Kishore
The low of the BO candle was 7532. NS BRN level was around 7520
DeleteFurther price is coming from 7590 and already fallen 60 points
Entry was on the fourth leg of down move with pause at NS RN, PDC, and PDL
ST
ST Sir,
ReplyDeleteVery surprised, that you could avoid many signal thorough out day.. none worked better though, you must be having a check list before initiating trades...
As of now, i am into trade, only if FTA is 10 points away... as i can scratch the trade if not moving as expected.. i will work on this week end to come up with check list, like monitoring risk:reward, location, trend favours etc.. parameters.. i know it is not possible to exactly follow self made rules, but having check list helps NOT to attempt low probability trades.. like how you could SIT whole day today :)
Your thoughts pls..
Rose Mary
DeleteHere is my trading desktop
Chart+trading SW+Notepad
T S/W with LTP of NF in bold. NS and BNS in small. No green,red colors
Will go on typing my thoughts in notepad till market close
My decisions will go wrong and I may misread market action
But I have my own reasons for every action and inaction
ST
Oh. Forgot the link
Deletehttp://screencast.com/t/Fcj2eEKe
ST
Nice to know :)
Delete2 years before, i was sitting before desktop as if i am in kargil war!
With lot of browser tabs... around 10 (news, tips, communities, fb groups, what not )
in SAR trading, it got reduced to my own excel, with pivots, retracements, swing high/low values, tech table.
now in DP trading, it is reduced to 3M chart,mobile s/w. & a note pad to keep track of next possible trades..
Simple, yet wonderful :)
Hi ST,
DeleteGood to share your screenshot alongwith Notepad. Learnt something today also from you. Thanks for sharing. I am using Zerodha Trader platform. How to bring in Nifty Futures LTP and Nifty and Bank nifty spot value in Platform.
Sir,
DeleteTyping/writing the thoughts will improve our focus and save us from committing into wrong trades in haste or out of carelessness. Thanks for sharing with us, how you keep your focus.
Will be implemented from tomorrow.
S.Karthikeyan
Check some trading desks
DeleteI love the one by Marcello Arrambide
http://www.tradingacademy.com/resources/financial-education-center/trading-desk-showcase.aspx
He travels round the world making money day trading
Check his site.
ST
Sathish
DeleteFor adding NS -Right click indices dialogue. Show- select- right click -add
Quotes-Right click on heading-reposition columns- remove unwanted
Font/color-Preferences-user settings-appearance
ST
Hi ST,
DeleteThanks so much for sharing the screen shot with your notes. I did not trade today due to some personal reasons. Looks like a good day to miss :)
hi ST
DeleteI was just doing the exercise of writing my thoughts of course post trading session looking at each bar and price reaction at DPs.. This gives a good idea of my understanding and reading of the price behavior. Definitely I will implement from tomorrow . Thanks once again ST.
hi
Deletehow u use LTP ?
Sudharshan
DeleteLTP is the last traded price at the exchange
ST
i mean why and how u use LTP for trading
DeleteHow can we trade without knowing the current price?
DeleteIn I charts it is shown on top in small fonts. So I watch it on trade terminal
ST
Hi ST
ReplyDeleteThere was rejection twice at PDC( Long Lower tails). Can a long be initiated for IRL as target?
Also was BOF IRL an opportunity to short?
Thanks
TBP
Yes you can go long there targeting IRL
DeleteYou can short BOF of IRL. I skipped it as FTA was PDC and logical place to enter was below NS RN only
ST
Hai sir, i has been watching ur site. it is very useful. which link give me nifty future 3 minute chart sir? plz guide me....
ReplyDeleteIt is Icharts premium
DeleteWill be around Rs 800 PM
http://www.icharts.in/
ST
sir... r u here...i m waiting....
ReplyDeleteGV
DeleteIf you are looking for something free
http://charttechnicals.blogspot.in/2014/05/nifty-future-mt4-real-time-charts.html
ST
Good evening ST sir,
ReplyDeleteI have couple of basic questions?. In first trade you have been waited for second pull back to scratch the trade it that referring to above IRL?
There was rejection twice at PDC. Can we expect a breakout at the third time(If happens) can we short, ignore RN and target PDL.
arun kumar
DeleteI waited because I thought price will close the gap. When it did I expected some buying and exited
You can short provided there is space. We can expect some stop accumulation below the area
ST
Sir good evening ,sir kindly update on this Entry was on the fourth leg of down move with pause at NS RN, PDC, and PDL
ReplyDeletethnx
Amber
DeleteDown fall happened in four down moves
IRL to NS RN
NS RN to PDC
PDC to PDL and
PDL to NS BRN
nifty made small pullbacks after each fall
ST
Sir thnx and one more Q ,sir on 17/6/14 after 2 pm a fluid had formed and on 18/6/14 the enter fluid was covered this means if next day fall happens the entire fluid can be taken out ,kindly update thnx
DeleteNo. We cant expect that.
DeleteOnly thing we can tell is that price will move fast through the area
Cant say how far it will fall
ST
Sir thnx very much
DeleteSir,
ReplyDeleteJust sent you an email.
URD
OK. Will do
DeleteST
Sir Thank you for your DP Trading strategy KCNair
ReplyDeleteHi ST,
ReplyDeleteRegarding your comment " Sathish
For adding NS -Right click indices dialogue. Show- select- right click -add
Quotes-Right click on heading-reposition columns- remove unwanted
Font/color-Preferences-user settings-appearance"
Are you talking about icharts or zerodha? I could not find the indices dialogue. i want to add NS.
Vikram, I think you should see the gorilla video that ST had shared before :)
DeleteVikram
DeleteI am talking about the trade terminal not Icharts
ST
SR, pls send me the link to the gorilla video.
DeleteI dont know which one S Roy mentions
DeleteHere is one
http://youtu.be/vJG698U2Mvo
ST