Nifty gaped down below PDC/PDL. Price did not pullback to PDL at all. Shorted the TST of range high. Covered when a BOF happened at range low which was also RN. Short below range as PP which was already tested 4 times earlier. Even earlier BOF failed to move price more than 10 points to the upside.Covered on FTC below 8420.Immediately there was a TRAP to go short again. Hesitated to take it and missed.Rest of the day it was a BW around BRN. Can we expect a fall to 8200?
Thanks ST
ReplyDeletergds
Kishore
Why a long in the morning. Market is selling
DeleteHave a look at the Daily chart. Always try to enter when a CT move exhausts
In a down trend sell the highs.BO entries fail even it is with the trend
ST
My thoughts were :-It left like an exhaustion gap .More over XX50 area was a support in the HTF (channel low ) .
Deletergds
Kishore
Dear ST,
ReplyDeleteWhere do we enter TRAP pattern....below the swing low?? I re-entered below the swing low 8418 and exited at BRN. I was able to identify TRAP but didn't knew where exactly to enter. If this swing low was not there then my entry would haave been below previous swing low i.e. 8412??
On a good trend day,an entry just like a BOF works.
DeleteBut in an extended move, it may remain within the range without breaking earlier swing point
Risk is always more on BO type entries
ST
You entered PP around 8448. Why not at the break of 11:57 candle low? What was your stop at the time of entry...jst above RN??
ReplyDeleteI was already short from 8470
DeleteAbove entry bar high
ST
Same doubt :)..
DeleteDear ST,
DeleteMy doubt was regarding your second trade when you shorted below range low/RN.
Sorry. I think you are referring to this entry
Deletehttp://screencast.com/t/3bMSjlzeO
ST
Excellent trades (especially the first one)! I wish it falls to 8200 :-)
ReplyDeleteMajor support FLIP in daily is at 8200
DeleteMay all your wishes come true
ST
Hi ST,
ReplyDeletePlease comment on my trades
http://tradingdecisionpoints.blogspot.in/2014/12/09122014.html
rgds
Kishore
Stay with the trend. Instead of going for a BO look for exhaustion at the other end
DeleteTry to capture A to B
http://www.niftynirvana.blogspot.in/2012/06/trends.html
ST
thanks ST
DeleteWhat is the difference between yours and mine 2nd trades .
A minor TRAP ?
rgds
Kishore
Not much difference
DeleteToday I was lucky, you were not
ST
What would have made take CT trade at around 14:30 ?
ReplyDeleteDo not go CT on these kind of trend days.
DeleteYou can go CT on days where day traders are in control
Here massive selling is going on by positional traders
Short covering by the day traders will not have an impact
Yesterday BOF of BRN 8500 did not work
ST
ST,
DeleteHow can we differentiate between positional selling and intraday selling?
Regards
Bharat
Look at the daily chart. price falling breaking the pivot low
DeletePrice has started correcting
ST
ST,
DeleteWhy doesnt this reflect in the volumes.
When positional traders are active there should be some difference in volumes right .
If I go through the historical charts I cannot identify those .
rgds
Kishore
May not be broad based selling.
DeleteInfy is more responsible it seems
ST
ST,
ReplyDeleteAfter almost 100 pts fall yesterday and 50 pts fall day before yeserday you didnt expected range day today ... we also had gap down opening.too. why where you looking to short at test of range high in range day ? The second trade where you enter considering pressure play Wasnt the look like a channel to you. I missed the entire move today looking to above thought process. Kindly entlighten me
Thanks and regards
We sell the range highs whether it is a trend day or a range day
DeleteExpectation was a range. As price action unfolds we have to change the bias
The level was very strong RN+ NS BRN 8400 that is why it held for a long time
ST
What was your thought process for not considering TST around 11:00 as TP?
ReplyDeleteIt was only a TST. It bounced quickly more than I expected.
DeleteThere was no point in covering it around 63 for such a small gain
So decided to stay with it
ST
Thanks.
DeleteHi ST,
ReplyDeletewhat was your initial SL for TT trade?
Sold at 8470 with SL at 80
DeleteThen brought down to 72
ST
Rajesh,
ReplyDeleteThanks for your explanation.
I went short @8470 around 10.42 and waited patiently by not booking profits and covered @ 8395.
With kind regards
On a trend day, try to stay with the trend
Delete80% of profit will come from 20% of the trades
ST
Hi ST,
ReplyDelete. If one did not take the TST short where you took, we will go for entry below 11 or 11:27 which would have failed though entries were below xx50. Then to take the short below 11:57 would be tougher because it would look like a BW around xx50. Would you please explain how we should be look for entries if we did not take the TST short that you took.
Also, how do we differentiate between a BW and a PP? Thanks for your help.
BW is a range formed around a DP. Here there was no DP and hence no BW
DeleteRN and NR BRN was giving support there. Here price did not make a range at all
Price was sliding by making lower highs. No way to know which attempt is going to break
Wait for two three attepts and go for it
How to distinguish between a BW and a DP? Dont know.
BW is a kind of range and PP an entry tactics. A PP can be used on a BW also
ST
I goofed up like many others .. long at BPB of IRH. no screen time rest of the day. But lessons learnt from all the above comments and your responses. Thanks ST.
ReplyDeletehttp://niftytradediary.wordpress.com/2014/12/10/9-dec-2014/