Nifty Gaped up above PDH. There was no momentum to the upside.Price drifted down and found support at PDH. Went long on the BOF of PDH and TST of PDC. Trade did not work as expected.Long on the BO of HOD as PP. Trailed till RN 7650.
Hi ST, Welcome back!! My order too was skipped, but I jumped in around xx91 above the bar. For SL orders (especially when probability of good move is high), if we give 2 or 3 points, would we still get the best price possible?
GK You can attempt a BO after a long consolidation It should be with the trend and preferably after a BOF at the other extreme A TRAP pattern or a consolidation at BO end will make it high probability
ST Thanks and welcome back i sorted initial range after gap covered at pdh but due to connectivity problem could not attempted long thanks again for technique and thanks for new e book on patterns.
ST, If you have time, could you a) describe a typical trading day (e.g., hours in front of screen, office setup etc) b) how you maintain concentration/focus for the duration of trading session (e.g., do you do anything specific in between trades, once in a trade). Thanks.
a) I will be online from 9AM to 3.30 PM. Little more time for answering comments etc No office set up . trading from home with an 8 year old windows XP setup http://screencast.com/t/Fcj2eEKe b) I keep the notepad open and go on typing the thoughts to maintain focus IMHO there is no point in wasting too much on Computers,screens,data feeds, S/W etc. There is an old saying in Malayalam "Vallabhanu Pullum Ayudham" which means Even grass blade is a deadly weapon for a trained warrior.
Good one :) You indeed are a Vallabhan, glad that you are on our side. Was watching (rather listenign to the dialogue) Aaraam Thampuran today while nifty was trying to put me to sleep :)
This reminds me of a visit to a computer shop about 4 months ago. There was a couple in there who were trying to buy multiple monitors and a high end system just so they can *start* trading. The guy appeared to be risking everything he owned to get himself ready for trading. His system required him to have two monitors, one for buy orders and another for sell orders. I felt bad for them, tried to pick up a conversation in hope of trying to help them avoid disaster, but he was too sure of what he was doing and wasnt in a mood to chat. :(
ST sir , thanks sir for your screen shot during trading hour , i got one more point to learn from you ....open notepad and write down thought process on it .. really helpful . thank you ...
if you have any other this type of tricks then plss share it will help other people like me ... thank you
Yes, the notepad thing is good. Will help stay focused. Specially needed for me as I tend to wander off in the wild world of internet and social media. Instead of typing, could also trying writing down in a diary/notebook.
pls dont make fun of me ... i too started recording my observations in a blog... sincere thanks to ST sir....im not a trader yet... but doing it occasionally .... & here is my blog... http://senthilmoney.blogspot.in/
Hi ST
ReplyDeleteHope you had a great trip.
Can we consider the last long(where you marked PP) as TRAP?
Thanks
TBP
It was also a minor TRAP
DeleteBut I dont think many people shorted and got trapped there.
It was more of a PP
ST
HI ST,
ReplyDeleteMy order @ PP not got filled(7577.1 - 7578).
where was yours..?
Thanks
Naveen
7576.50 trigger and 7577.50 limit. It triggered
DeleteSometimes it happens. Price will jump over the order
ST
Hi ST,
DeleteWelcome back!! My order too was skipped, but I jumped in around xx91 above the bar. For SL orders (especially when probability of good move is high), if we give 2 or 3 points, would we still get the best price possible?
why xxxx.50 , any specific reason?
DeleteThanks ST for reply and info on icharts...
ReplyDeleteGood to see you back... Hope you had nice trip!
ReplyDeleteST Sir,
ReplyDeleteHope you enjoyed trip :)
Nifty tested patience to the core & gifted good move in late minutes :)
Trades here
Nice trades
DeleteYou are managing risk well
ST
yes.....Rose managing risk well and getting big points as well...
Deletewelcome back ...
ReplyDeleteHi ST,
ReplyDeleteHope you had a great trip..
I need to learn more on PP.. Always there is a fear of BOF in back of my head.. how should we treat this problem? :) my trades Here ....
Cheers!
GK
GK
DeleteYou can attempt a BO after a long consolidation
It should be with the trend and preferably after a BOF at the other extreme
A TRAP pattern or a consolidation at BO end will make it high probability
ST
Thanks ST ..
DeleteST
ReplyDeleteThanks and welcome back i sorted initial range after gap covered at pdh but due to connectivity problem could not attempted
long thanks again for technique and thanks for new e book on patterns.
Good Trade
DeleteST
ST,
ReplyDeleteIf you have time, could you
a) describe a typical trading day (e.g., hours in front of screen, office setup etc)
b) how you maintain concentration/focus for the duration of trading session (e.g., do you do anything specific in between trades, once in a trade). Thanks.
a) I will be online from 9AM to 3.30 PM. Little more time for answering comments etc
DeleteNo office set up . trading from home with an 8 year old windows XP setup
http://screencast.com/t/Fcj2eEKe
b) I keep the notepad open and go on typing the thoughts to maintain focus
IMHO there is no point in wasting too much on Computers,screens,data feeds, S/W etc.
There is an old saying in Malayalam "Vallabhanu Pullum Ayudham" which means
Even grass blade is a deadly weapon for a trained warrior.
ST
Good one :) You indeed are a Vallabhan, glad that you are on our side. Was watching (rather listenign to the dialogue) Aaraam Thampuran today while nifty was trying to put me to sleep :)
DeleteThis reminds me of a visit to a computer shop about 4 months ago. There was a couple in there who were trying to buy multiple monitors and a high end system just so they can *start* trading. The guy appeared to be risking everything he owned to get himself ready for trading. His system required him to have two monitors, one for buy orders and another for sell orders. I felt bad for them, tried to pick up a conversation in hope of trying to help them avoid disaster, but he was too sure of what he was doing and wasnt in a mood to chat. :(
ST sir , thanks sir for your screen shot during trading hour , i got one more point to learn from you ....open notepad and write down thought process on it .. really helpful . thank you ...
Deleteif you have any other this type of tricks then plss share it will help other people like me ...
thank you
Yes, the notepad thing is good. Will help stay focused. Specially needed for me as I tend to wander off in the wild world of internet and social media. Instead of typing, could also trying writing down in a diary/notebook.
Deletepls dont make fun of me ... i too started recording my observations in a blog... sincere thanks to ST sir....im not a trader yet... but doing it occasionally .... & here is my blog... http://senthilmoney.blogspot.in/
ReplyDelete