Nifty opened near PDL and sold. First candle was a MC. Avoided shorting below it as BRN was near. Price broke below BRN and bounced back. traded just above it for a long time. Long on a minor BOF.
TP when price got rejected from PDL. Then I suspected a channel. Later short on break of MSP as BOF of PDL/DO. Price went to LOD. Could not capture the full move. Exited on the bounce from BRN
ST,
ReplyDeleteNice to see my chart almost matches yours.
My trade
http://tradingdecisionpoints.blogspot.com/2014/10/101014-139-pm-no-trades-till-now.html
Please comment
thanks n rgds
Kishore
Nice trade. You could ride it all the way down
DeleteST
@ Kishore
DeleteWhy you did not book @ BRN? What was your thought process
@rrrajguru
DeleteI kept SL above the red bar before the pin bar and above the round number 7910
thanks n rgds
Kishore
Why you did not trade here?
ReplyDeletePlease see the link.
http://i62.tinypic.com/j5lf9g.jpg
[IMG]http://i62.tinypic.com/j5lf9g.jpg[/IMG]
I was not looking to go long at that time
DeleteThere were too many levels above it IRL,PDL,NS BRN, DO RN etc.The trade was a CT trade
Actually was looking for a breakdown. Later when price failed to go down tried a trade
Read 09102014 last comment
ST
ST,
ReplyDeleteWas there a entry below 10.42? as price broke below IRL pulled back and failed to move above it.
Secondly I took the short below 1.33 and scratched as the entry bar turned to reversal candle.. was there anything wrong with entry .. how and when u scratch the trade if its not moving in our direction after entry.
Thanks and Regards
Bharat
Yes there was a break of 10.42 bar to the downside.
DeleteYou saw it as "price broke below IRL pulled back and failed to move above it."
In my view it was a BOF of BRN and price settled comfortably above BRN"
Bias was slightly bullish for the time as lat DP crack was upside. Better to avoid shorts at that time.
There were also space constraints above it which was against a long trade
Nothing wrong with the entry. Don't micro manage trades. Here a stop above the earlier swing high was within a reasonable risk limit
ST
About your BOF short of PDL trade, I was long thinking BPB of PDL and booked a quick loss and only later able to see it was a channel. That's one more thing I have added to my checklist from now.
ReplyDeleteAs a general question, how do we decide that a channel is over? E.g. in today's case does break of MSP confirm that channeled move is over? There were so many levels in that area like IRL, flip zone, NS RN that I couldn't decide where to initiate short if at all.
The final move down from 7920 to 7880 also seemed like a channel to me, maybe I am seeing them everywhere now :-)
Usually MSP crack will signal a channel break
DeleteIn an upward channel price will fail to make a higher high.
Down move was not a channel. It was respecting flips
Channel is a soft trend and you can very well ride it if you enter early by trailing
ST
Hi ST,
ReplyDeleteAfter TP in second trade why did you not reenter BPB at BRN, range low was 20 points or so away. Usually I attempt these and get caught in useless trades. Help me fix my thought process please. Thanks
Where you will enter?
ReplyDeleteWhere it will go?
How much you will make if it bounces from FTA?
ST
ST, entry below 14.30 @xx91.3 FTA was LOD xx78 at that time, could move till xx50 if positional longs covered because of weekend? please correct me.
DeleteSpace was just around 10 points. I did not expect price to break LOD and NS RN and run
DeleteAll the positional weak longs exited on break of IRL. there were very few those who entered yesterday
All the short term longs might have exited on the way down Can we expect more than 100 point fall?
Did you take the TRAP long at BRN in the morning?
ST
Hi ST,
DeleteThank you. I was toooo biased today (because last night international markets were quite red and today was Friday), so did not take the long. I thought I had gotten over all biases until today, it came back and hit me like a ghost from the past :( So now i have one more hurdle to overcome, bias.
ST,
ReplyDeleteI dont know how to explain .
But I have started having those moments where i could understand the price action ...
I hope you can understand what i am trying to say or may be i am dumb leave it , lol
rgds
Kishore
The least visited and the least commented post of the blog will give the answer
Deletehttp://niftynirvana.blogspot.in/2012/02/chicken-sexing.html
ST
what are the situations at which the price may change its direction?i think break of MSP, FTC, at MTP's, at major filps.
ReplyDeletesuggest me if im wrong and add if there are any other.
Price may change direction at any place.
DeleteWe trade direction change of price at decision points
TST,BOF,BPB,FTC etc at DP are all methods to trade directional change
Even BPB is a direction change trade after a pull back
ST
what i mean is change in overall bias of majority of market participants .( from looking for going long and to change and look for short and viceversa
ReplyDeletehttp://niftynirvana.blogspot.in/2012/05/buy-low-sell-high.html
ReplyDeletehttp://niftynirvana.blogspot.in/2014/08/taming-trend.html
In trading time frame If price is in a lower range sell highs. Buy lows if price trades in a higher range
For higher trend prefer long if Daily in rally and short if it is in decline mode
ST