19062013

Nifty opened below PDL. First bar acted as IR. Shorted the break of IRL as BPB of PDL. Scratched. Second trade was another short BOF of PDC/PDL/BRN.. Anther scratch. Last trade was BPB of BRN on break of HOD/PDC. One more scratch. Market was chopping around too many DPs. If our entries are correct , we will always get enough time to scratch the trade at breakeven.

18062013

Nifty opened within previous day range. IR formed. BOF of IRH gave a short signal . TP on BOF of IRL. Long on BOF of IRL. Nice up move. TP above PDH. BOF of PDH gave a short. Suspected the IR high to act as support. Shorted only below IRH. TP At BRN 5800

17062013

Announcement day.. Market trapped the shorts and bounced back. I expected a barbed wire around PDH. But market channeled.after the spike. Did not get any good entry trigger. No trades

From Harish Thahkkar

Reproduced below is a comment received from  Harish Thahkkar which is self explanatory
He is using VWAP to supplement his trading decisions.

"I am presenting some my observations which I think will be helpful to blog readers

(1) Draw horizontal lines on plain charts of Open,PDC place VWAP.Full IR above/below will be trend day

(2)VWAP works as regression line,turning points of mkt eg.price gap down open < PDC price remaing  mostly above VWAP throught day,it makes BO,PDL,PDC,sometimes even PDH

(3)VWAP can show success of BO on DPS eg.VWAP remaing good distance above PDL but price rmemains below it,if low volumes price moves above VWAP,makes BOF like wise on PDC,PDH

(4)1st swing H-L,1st BO or BOF.1st attempt to turn the market.1st WRB dominate the market.eg.1st attempt to turn the market is strong means bottom is near.If 1st low and next 2-3 lows are nearer with 5-7 points diffirence it is rounding bottom and trapes short sellers.List is big If you like, I will write.Thanks.

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Please do give your feedbacks

Do you want to know a simple method with which  you can get rid most of  your psychological and discipline problems in your trading ? Believe me it is very effective.
Start a blog. Every day document your trades in it. While trading imagine you are trading public money and you need to report the trades each and every day. You are accountable and you are responsible for every action.Your blog post is going to be this report.Try it. 

Re-read and Rediscover

Last week I received an email from a reader. He wrote me that earlier he was reading the blog regularly and used to comment. He tried to trade the method for a while and failed to make profit. Then he lost interest and left.

He wrote me that after a year he is rediscovering the blog. Now he has started viewing trading from a different angle and finally price moves have started making sense to him.

This always happen. At a later stage, we may find new uses for something we discarded as useless earlier. Something we have read earlier and thought crap will suddenly start making sense. Something that can change our trading dramatically could be just in front of us. But we fail to recognize it.

I used to download and read a lot of E Books on trading. Recently while cleaning up my hard drive, I came across a book titled “Phantom of the Pits”. It was the worst book I have ever read on the subject. It is very difficult to read beyond one or two chapters as it is so boring.  I never had patience to read it completely. Before deleting the file, luckily, I scrolled down. Believe me.I struck gold.

Phantom’s Rule 1 and Rule 2 in 5^th and 6^th chapters make the book worth its weight in gold. Probably you might have read it. If not Download, read and let me know your feedback.

Reread and Rediscover.

14062013

Type 1 trend day after a Counter Trend gap up.Expected  a VWAP run climax. But it did not happen