Another choppy day. Nifty opened near PDC and sold. Went long on BOF of PDL/RN. It was an entry without confirmation on retest. Covered when price failed to move above PDC. Went long again on the BPB of PDC and DO. Expected a move to PDH. Covered on FTC at 8590. Price fell and found support at the strong flip at 8570. Shorted the break as PP. trade failed to move. Stopped out. No more trades. Nifty within 8550-8600 range for two days. Ripe for a break.
Hi ST,
ReplyDeleteJust 1 trade .There was issue with the datat provider in the after noon
http://tradingdecisionpoints.blogspot.in/2014/12/03122014.html
and my first TT
rgds
Kishore
I entered on second test. It was a BOF entry.
DeleteDid you take it blind against the momentum move down?
And you trailed it so long? Nice trade.
If we get an entry at the extreme, there is no tension
ST
no ST. Took on the second move only ..
DeleteI felt PDL RN will hold .So kept my hard stop below RN
xx40 is a major flip and yesterday price bounced from that level .So felt like its difficult to go down .
thanks
Kishore
Hi Guys,
DeleteI tried an early BOF entry today based on patterns in 1 min time frame but was unfortunately trapped.
ST - time permitting, let me know if I could have read the market any differently today OR if you have any feedback on my today's reading of the market.
http://niftytradediary.wordpress.com/2014/12/03/3-dec-2014/
If you want to try 1M charts. Use swing points on it
DeleteIf you use candle highs and lows, you will be shaken out
ST
Thanks. Assuming in your experience candle patterns don't work in 1 min TF. Lesson noted. Thanks again.
DeleteCandle patterns rarely work on small time frames. It wont work in 3M also
DeleteLocations work not candle patterns
ST
Dear ST,
ReplyDeleteYou did not consider going long between 13:30-13:40 as BOF of PDC. 13:30 bar went below swing low of 12:30 bar and reversed. Kindly let us know your reading of price action around that time.
Regards
Price had moved up almost 50 points from bottom.
DeleteThen there was a FTC and MSP also cracked. I was looking for a short.
There was a TRAP pattern at 8580. My short was late so had to lose a little
ST
Thanks ST,
ReplyDeleteWhat was your entry price for 1st trade ?
8550. After the BOF of PDL, I expected a retest of the level.
DeleteEntered two orders and waited
Sell SL-Limit @ 8544 with trigger 8545
Buy Limit @ 8550. Risk was 6 points. Buy order got executed and sell remained my SL which I trailed later
I thought NSE will block two margins for these orders. But it did not
ST
Hi ST
ReplyDeleteCan we say the formation from 10.30 to around 12.30 as PP??
Thanks
TBP
Yes. It was a PP type formation. Avoided it because of PDC and DO above it
DeleteST
Dear Trader Pai,
ReplyDeleteIn Which Time Frame do you trade ?
Thanks & Regards
TSK
I trade NF 3 minute TF
Deletergds
Kishore
Dear Trader Pai,
ReplyDeleteWhich Charting Tool do you use ?
Thanks & Regards
TSK
investbulls.com
Deletergds
Kishore
ST, How did you identify the exit location for your second trade?
ReplyDeleteBO above the previous swing high failed. It was an area from where price rejected twice
DeleteExited when the flip did not hold. exited below that minor pull back inside bar low
ST
Excellent trades. It was not an easy day for the day traders to make money today.
ReplyDeleteDear ST,
ReplyDeleteWas there trap at 2.15 bar .
http://i.imgur.com/5wqmnOk.jpg
Regards
MT
Yes. It was a TRAP. BOF of an early swing point
DeleteST
ST,
ReplyDeleteGood chart. Thanks.
1. Where you took TP in the first trade, we also had a BOF / FTC of PDC. No short because BOF of PDL expected to go to PDH?
2. Swing High from yesterday + Round number at 8590, would you consider this confluence as a DP for a BOF trade near where you took profit on your 2nd trade? Or you skipped it because it was too close to PDH?
3. Whenever you get a chance do you mind commenting on a question I posted here http://niftynirvana.blogspot.in/2012/09/location.html
Thank you & regards
R