31/01/2014

NS opened without gap. Nifty Future’s premium made it look like gap. So, NS has to be checked for deciding Market   bias. Today there was no bias, whatsoever.

BRN Spot 6100 resisted the upmove and caused a BOF. Didn’t  take it, as FTA in the form of swing pivot was too closely located above IRL..

Next signal was BOF at IRL/BRN. Placed SL buy order above pinbar, after seeing the huge volume.  Surprised to see a big Bearish candle after pinbar.  Price was hovering below  DP, gave an impression that price is  being accepted below DP and that BOF failed. Hence placed a SL sell order below the low of engulfing candle. But price went back into the IR. Thought that there is no clear imbalance between buys and sells and stayed out, after cancelling all the orders.  Price hovered above IRL for an hour, before crawling its way to IRH. 

After 2 TSTs of IRH, textbook BOF  presented an opportunity. Grabbed  it and got 21 points.  Another textbook BOF again at Day Low. Didn’t take it as it was  already 2.40PM.

When the Account is in profit, all signals can be boldly taken.  Next week, first take a few high probability trades, so that there is not much loss and some profit. Then take all the trades, that come along the way. At the end of the week, there must not be any loss.