Thursday, July 2, 2015

02072015


This is an illustrative example of the concepts being discussed.Markings are just visualizations on historical data in hindsight analysis   
Nifty traded within the previous day last impulse. Price action within the range was too choppy. The move up and down were like channels. Attempted three trades. Two longs and one short. Nothing worked.
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8 comments:

  1. TrekkieJuly 2, 2015 at 3:46 PM

    Thanks for the chart ST. I took a short below 1:30 , obviously wrong. Please tell me what I should have been thinking at that time.

    ReplyDelete
    Replies
    1. SMART TraderJuly 2, 2015 at 7:09 PM

      Your short was good and met its logical target, Range low
      Hope you could manage the bounce. Trading is all about taking chances.
      Trade had the potential to run

      ST

      Delete
    2. TrekkieJuly 2, 2015 at 9:37 PM

      Hi ST, I scratched around xx46. Where should I have exited. Is the IRL drawn on previous day MSP? Thanks again ST.

      Delete
    3. SMART TraderJuly 2, 2015 at 10:32 PM

      Price reversed too fast and made action difficult . Right exit is at BO candle high
      IRL is at 8430. Line was at MSP, last impulse low. Forgot to draw line at IRL

      ST

      Delete
    4. TrekkieJuly 2, 2015 at 11:16 PM

      Thanks a lot ST

      Delete
  2. xrtrader1July 2, 2015 at 3:50 PM

    Thank you ST.

    ReplyDelete
  3. BharatJuly 2, 2015 at 9:50 PM

    ST,

    How you could avoid shorting BOF at 11.39? or was it wrong trade to take.

    Regards

    Bharat

    ReplyDelete
    Replies
    1. SMART TraderJuly 2, 2015 at 10:41 PM

      Price was channeling up without respecting flips and was making new swing highs.
      Signal was not at a DP .Thought of shorting only after price failed to make a new high

      ST

      Delete

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