Nifty gaped down below PDC. IR formed. Price broke IRL and found support at PDL. There was a BOF at PDL. Avoided lond as it was a minor one and IRL was very near. Went long on BPB of IRL. Then it was just trailing till 8460. Both Nifty and NaMo were firing on all cylinders.
Hi ST,
ReplyDeleteI took long above 10:48 congestion on break of IRL, I guess that was wrong entry, but luckily was able to hold on, got out around 52. Did you exit below round number xx60?
Exit was around xx60 as Nifty moved almost 100 points from the bottom made
DeleteST
ST,
ReplyDelete1. Trade did not move for more than an hour after entry. Why did you hold on? Did you consider scratching the trade?
2. Where was your stop at entry and how did you move it?
Thx,
Price never came below IRL and risk was around 8 points. I accepted the risk and stayed with it
DeleteEntry was at 8387 and physical stop at 8379. It was trailed behind swing lows
ST
Excellent trade. Just one trade and that hit jackpot :)
ReplyDeleteAfter the initial fall, it was just trending
DeleteThere was no confusion at all
ST
Hi Sir,
ReplyDeleteMy trade.
http://screencast.com/t/cm3JoQvhayR
Sir, at the time when you went long , what was your initial stop and target.
After your entry , there was no momentum , how did you manage that. I mean what is your thought process for the next one hour.
Thanks
Entry at 8387 and stop at 8379
DeleteTrade never got invalidated and price traded above IRL
FTA was IRH for the trade . so I waited
ST
Thanks ST for the charts...
ReplyDeleteHyi ST,
ReplyDeleteWhile considering PDL did you only consider the close of that candle (you didnt consider the spike ?) because the PDL line that you have drawn in todays chart it would not touch that breakout candle if you consider the spike.
http://tinypic.com/r/vmtyqg/8
I ignore tails usually. Tails are considered on BO type of entries only
DeleteST
PDL was 8368.25. You have mentioned , it was BOF PDL and IRL. Can you clarify?
ReplyDeleteFurther there was deep red candle at 13:12 from 8390 as FTC. You did not exit even below that. Can you please share your thought process.
I tried long above BRN and IRH ie 8409.25 limit and 8409.75. Price jumped to 8415 and missed the trade. In that case what should have been done by me?
I ignore tails while drawing levels. These areas are zones, not exact levels
DeleteThere was a BOF of the earlier swing extreme. I did not enter here as it was insignificant and did not trap many
Scratching below the red bar means exiting at 8383 level. My stop was at 8379.Here extra risk was 4 points.
What is the point in exiting a valid position with a risk of 4 point and looking for another with 10 point risk?
It was bad luck.BO kind of entries jumps over the order. Sometimes it happens.
ST
Hi ST,
DeleteI have query on you reply. "BO kind of entries jumps over the order. Sometimes it happens. " Even the stop loss buy order will be skipped?.
Thanks,
Aris
It can happen. But rarely
DeleteUnder the method, your exits rarely come at such locations
ST
Dear ST,
ReplyDeleteMarket moved IRH to PDL within the structure.You got nice trade. why you are not exited in between PDC and PDH. trend slowed there. and why you are not considered gap down as bearish sentiment ? you entered trade is a counter trend ?
Thanks,
Nagendra.
There was no confusion between PDC and PDL. It was just trailing.There was a confusion above PDH where a two legged pullback happened. Once price climbed back to IR sentiment changed. Price moving back to a higher range and breaking a DP to the higher side changes the bias. Kindly go through the important posts regarding trend and bias
DeleteST
Steve Burns of New trader U has reproduced one of my blog posts in his site.
ReplyDeletehttp://newtraderu.com/2014/11/14/guest-post-drug-your-trading/
Steve is a well know trader and trading educator with 18K followers on Twitter
I encourage to check his site frequently
ST
Thank you ST. Nice post!
DeleteThank you again for being such a great teacher and coach, the clarity with which you teach us concepts is out of this world. Without you most of what Ziad said in that seminar would have made no sense to me whatsoever.
I read the article. It was good, thank you.
DeleteI very recently started to follow your blog and read the book decision points as well. I truely appreciate your drive to help fellow traders.
Congrats ST..
ReplyDeleteYes he is widely followed in Twitter and a great guy.I personally follow him...
http://www.optionstradingiq.com/top-25-traders-on-twitter-2014-edition/
Do you have a similar list of Indian traders?
DeleteThanks
DeleteST
Hi st
ReplyDeleteThanks
Where can I download historical intraday data for amibroker bar replay
Rgds
Kishore
There a few threads about it in Traderji and Inditraders
DeleteI no longer do it
ST
Here's the link to the traderji data thread http://www.traderji.com/intraday/95401-nse-futures-1min-ieod-data.html It has many years of good data.
DeleteThanks ST and Roy
Deletergds
Kishore
Kishore,
DeleteYou can get 1 min format data for NIFTY & BANKNIFTY(both spot and futures ) from the below link.It has data from 2008.Courtesy some good soul who updates the data daily at EOD. :)
https://docs.google.com/folderview?id=0B8e3dtbFwQWUZ1I5dklCMmE5M2M
Thanks for posting ST!
ReplyDeleteHere's is my reading of the market
http://niftytradediary.wordpress.com/2014/11/18/17-nov-2014/
I used 8382 as initial SL for the BPB of IRL trade. Perhaps too close .. but chose just below the pull back low. What was your reasoning for xx79.5?
Thank you, the mentioned post regarding trend and bias, which month would that be? It would be treat if you share the link. Thank you Sir.
ReplyDeleteCheck the links below the blog
DeleteCheck posts under Structure and patters
You can download them in E-Book format also
ST
Hi ST,
ReplyDeleteI have a hypothetical question related to DPs and BPB. If using today as an example let's say we are looking for a pullback below PDL to short. If we ignore tails PDL was at 72, if we take tails into account PDL was at 68. Should we wait for pull back below 68 or wait for pull back below 72? What if the distance between tail and body was more, would we think differently then? Thanks for your help.
If tail end is too far , enter on today's extreme.
DeleteIf it is 3-4 points enter on break of the tail extreme
SL of day traders will be always at the days extreme
ST
Bhavir
ReplyDeletehttp://screencast.com/t/QDddAYMXOz
ST
Thanks Sir. Got it. I just got lucky to not be stopped out of the nice up move.
DeleteI would have been a disaster to see market move without me :)
Hi ST,
ReplyDeleteIs today's move cigarette?
Yes. Yesterday last impulse acting as a tight range
DeleteST