Nifty opened above PDC and refused to go up. IR formed.Short below IRL as FTC above IRH. TP when price bounced from PDL. Another short on BPB of PDL/RN. Covered when second push down failed. Skipped the short below LOD as 7720 was a strong flip. Long on BOF of LOD. Expected some move due to short covering. Closed on the BOF of RN/PDL.
ST Sir,
ReplyDeleteCouldnt catch down move fully, but happy to come into GREEN!
Trades here
Trade 2 could have avoided
DeleteCT and MSP not broken
ST
Yes sir..didn't observe MSP on time.
DeleteWhat is your initial SL for BOF of LOD long.. i avoided as SL is big and counter trade.
Had i took that long, my initial SL would be below LOD.
Curious to know how u would have managed it.
I will exit when the entry point fail as a FLIP
DeleteI will exit when a candle closes below flip but will not allow a loss of more than 10 points
ST
Okey, nice sir.. my brain trained to enter away to DP, hide SL behind DP as of now.
DeleteHope by experience, i gather confidence for matured exits. Ex: like your exit of 2nd trade & managing 3rd trade if it failed to act as flip.
Hi ST,
DeleteWould you always exit like that for CT BOF entries? Thanks.
Rose, It was a trade away from DP, LOD and ideal stop is below LOD
DeleteBut we have to manage the risk as well. There are two options. Stay out or use some different tactics
S Roy. There are no tactics that you can use ALWAYS. You may need to use different tactics as per the situation.
Once you gain experience it will automatically come.
ST
Hi ST,
ReplyDeleteToday in the morning, instead of going with IR, used day b4 Channel to trade. I don't normally use the Channel, but this seemed like a Bear flag, so took the risk. Luckily it paid off. I just clubbed your second trade on my first, again a small "Gut feeling" which made me to trail :).. Took your Last trade too. Finally a good day :) My trades Here....
Cheers
GK
Nice trades. You could ride most of the down move
DeleteChannels are diagonal Barbed wires. I do not trade channels
Also I define a channel differently
http://niftynirvana.blogspot.in/2012/08/price-channels.html
ST
Hi ST,
DeleteYes, Even I avoid them, but for an exception I did trade them today...It was lucky encounter :) Can't expect another day to have a channel like this...
Thanks ST...
ReplyDeleteHi ST
ReplyDeleteI took the first short trade as BPB IRL/PDC. Is it valid??
Thanks
TBP
Yes it is valid
DeleteST
Hello ST
ReplyDeleteI always wonder and admire your tec from the day i adopted i am not loosing
today traded like you a good day just below pdc it paid and booked at pdl again below pdc covered on 2nd attempt when failed to break todays low thats it but what is FTC? please tell.and thanks again.
ST
ReplyDeletesorry for i was asking something different why we will call at that point FTC it was classical breaking of range or IRL please answer
That short trade signal can be a FTC above IRH/BRN, BO of IRL and also a BPB of IRL/PDC
DeleteOnly slight difference in signals. http://niftynirvana.blogspot.in/2014/02/failure-to-continue.html
ST
Sir good evening, sir sent a mail when time permits kindly check thnx
ReplyDeleteRight
DeleteST
Hi ST,
ReplyDeleteCame across your blog few days back and also read your ebook and contributions from others in PDF files/form. It is so refreshing to see only price action, than so many indicators etc. cluttering the charts. Congratulations and keep sharing your work, its a very good learning.
BTW, which software do you use for your TA and who is your data provider (never seen this look, mostly its the Amibroker, which we get to see)?
Thanks.
CC
Thanks for the visit and comment
DeleteI am using web based charting from Icharts.in
ST
Hi ST,
ReplyDeleteWhere was SL for Trade 2 BPB of PDL RN?