Tuesday, July 7, 2015

07072015

This is an illustrative example of the concepts being discussed.Markings are just visualizations on historical data in hindsight analysis     
As expected a consolidation day. Went short on BOF of PDH. Expected a range within the last impulse. But Nifty refused to move down. Scratched. Could not long on BOF of range low. Short on BOF of PDH/RN. Trade moved well. TP at BRN. No other trades.

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11 comments:

  1. rockyJuly 7, 2015 at 4:10 PM

    why dont you entered at BPB ?? AS we are in uptrend first bar high

    ReplyDelete
    Replies
    1. SMART TraderJuly 7, 2015 at 6:44 PM

      Last day it has gone up 150 points and usually market range for a while
      Price was at a major resistance area and the first candle with long upper tail clearly showed the rejection at higher level
      http://niftynirvana.blogspot.in/2012/02/daily-trading-patterns.html

      ST

      Delete
  2. xrtrader1July 7, 2015 at 4:22 PM

    hi ST, Exactly at the point of TP(2nd Trade). Can we go long ?

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    Replies
    1. SMART TraderJuly 7, 2015 at 6:51 PM

      No. there was a strong flip with 6 candle lows above it
      I was not comfortable and waited for a swing high above BRN to be cracked for entry
      Alternatively a pull back to BRN for a TST trade. Pull back came too late and I skipped it

      ST

      Delete
  3. TrekkieJuly 7, 2015 at 7:18 PM

    HI ST, I couldnt take the first short. The second short I took, I also took another short around 10.33 ai guess that was wrong. Thanks a lot ST.

    ReplyDelete
    Replies
    1. SMART TraderJuly 7, 2015 at 7:38 PM

      Even the 10.33 short hit its logical target, the range low

      ST

      Delete
    2. TrekkieJuly 7, 2015 at 11:49 PM

      Thanks ST. I scratched it though.

      Delete
  4. Price Action LabJuly 7, 2015 at 7:32 PM

    Hi ST
    Your 2nd trade was good, .i sold bit early at wrb low & had to take stop loss, what was your thought process on this.

    ReplyDelete
    Replies
    1. SMART TraderJuly 7, 2015 at 7:43 PM

      Do not micromanage within a tight trading range
      Price never broke above the BO extreme to invalidate the trade.
      I was waiting for some confirmation as the bias was bullish and daily in rally mode
      ST

      Delete
  5. UnknownJuly 7, 2015 at 11:54 PM

    After such big days we usually have consolidation like today, with that assumption and after seeing opening candle wasnt there a buying possibility @ 948 hr near opening low ? rea ltime although i identified it but to me it didnt seem a very good setup so didnt take it, if some previous swings were there or opening low was near i would have taken it. whats ur opinion ?

    ReplyDelete
    Replies
    1. SMART TraderJuly 8, 2015 at 8:47 AM

      Long signal was on the BOF of IRL. This signal was not tradeable as there was no space
      PDC-PDH-RN-NSRN-IRH were above to resist.Such a trade is very low probability one

      ST

      Delete

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