This is an illustrative example of the concepts being discussed.Markings are just visualizations on historical data in hindsight analysis
Nifty opened near BRN 8500 and moved down breaking PDC.I was expecting a gap down due to weak global cues. Went long on BOF of PDC/BRN. Exited when price failed to move above NS BRN level. . Price did not touch any DP afterwards and there was no prominent range formation. Waited for a signal at PDH before closure. Price did not reach there.
Hi ST,
ReplyDeleteWould you have taken BOF short if price had moved down at BRN , (at the place where you took long_ , instead of going up ?
rgds
Kishore
On break of PDC.
DeleteST
Good evening ST,
ReplyDeleteThere was another BOF long at NS BRN around 13.35 went up to RN, I am right.
Raju
Yes
DeleteI do not Enter at NS levels as they are not considered as DP
They are used for managing the trades
ST
Than why yesterday you took long on NS BRN support?
Deleteim considering swing H/L and NS levels as first trouble area.
DeleteHi ST,
ReplyDeleteWhat made you close Trade at TP ? What was the thought process in managing the trade ?
That swing high was NS BRN
DeleteWhen price gave a FTC above this exited. I was sure that this will bring down price to BRN again
Was looking for a TST or BOF again at BRN. But price ran away
ST
ST,
ReplyDeleteWhy didnt you exited the long when next bar after brekout bar failed and moved to 95. ? where you kept initial sl? wasnt it a barbwire around 8500?
Thanks and Regards
Bharat
My stop was below the 7th bar low
DeleteFirst pullback of up move.Risk was around 11 points
Usually if Nifty moves against other Asian markets there will be directional conviction
Still a BW can develop
ST
ST
After FTC day's High and formation of Pivot low in 14:09 bar, I went short below PL in 14:15 bar. What was your thought process in this point. Above high of 14:18 bar, I did exit. Where should have been exit? can you share your thought process here?
ReplyDeleteI skipped this trade due to the following reasons
Delete1. Trade was CT
2. 8532 swing high looked very prominent and I felt this flip will hold
3. Trade was not at a DP. I would have shorted if the signal came at PDH
4. Why didn't you short below the pivot low made by 14.00 bar?
ST
Thanks for detailed reply.
DeleteConsidering bars like 14:00 as pivots, I thought as micro management and also it was CT. hence waited for further confirmation
Risk is reduced by making entry close to the stop and not by placing the stop close to the entry.
DeleteDecide your exit first. http://niftynirvana.blogspot.in/2012/07/exit-first.html
ST
Ravi
ReplyDeleteDPs are not magical levels. They are high probability support and resistance levels
RN is a comparatively weaker level and it is very difficult to identify NS levels on NF charts
It always reminds me of this. http://www.goodkids.in/wp-content/uploads/Marriage-of-Draupadi.jpg
I very rarely attempt to trade NS levels on NF and I have burned my fingers many times. There is nothing wrong in trading these levels at all, but I will not advise it. If you feel confident to shoot an arrow looking at the reflection, just do it
ST