28/02/14, FRIDAY

First day of a new contract.  Marked PDH.PDL and PDC after adjusting the premium. That was the first mistake, as all the markings were wrong.Should have taken the March -14 chart and marked the PDH, PDL and PDC as they are.(as Rajeshji had done)  
Secondly,  was looking only for short in the afternoon, as I expected the swing traders to exit their positions, as today is Friday. Was unaware that yesterday being the expiry day, all the swing traders would have exited yesterday. Took the FTC short and paid with SL.
Market was very very choppy throughout the day. Rules must be framed for the first day of a new contract.  

26/02/2014 Wednesday

 

Expiry Day. Opened inside PDR.  TST noticed at PDH. Waited for BOF, which never happened. Price was consolidating in a very narrow range below PDH as a Cigaratte.  Could have entered PP on seeing Cigaratte. No other clear signals were available for the day.

PDH was broken, but didn’t enter Long, as the Momentum was not good enough. Further Options OI clearly indicated that the range is 6200 – 6250. So wanted to enter at the extremes, at BOF. Didn’t get the signal throughout the day. Price was  moving in a channel. So no trades for the day.
 

25/02/2014 TUESDAY

Opened outside and above PDR. But soon BOF occurred at IRH. BO candle Low was so close to DP and the price rejection was not so rapid to enter at the BO candle low. But the price fell down.  Missed the trade, as I was not sure where to enter.  Rajeshji has entered at the breach of low of previous candle/swing low.(underlined in red)  This was the best signal of the day.

Price  retraced upto BRN and price rejection was noticed here. Entered BOF here.  Flipzone on the left side was not noticed by me, prompting me to take the trade.Managed it well to escape with just 0.7 point loss. Was deceived into believing a PB as BOF.  It is high time, start picking up all valid signals without hesitation, having full faith in the ability to manage any eventuality.  
 

24/02/2014

Opened inside PDR.  First candle showed strong support just below RN. Going Long was not an option, as IRH(RN SPOT), PDC and PDH were located at close distance from each other. Waited for PB after BO of PDH to initiate Touch Trade. But price settled into a grinding consolidation. As PDC and PDH were very closely located, should have ignored PDC and entered on BO of IRH.

Didn’t take the BO of consolidation range. Towards the end of the day, BOF of RH was noticed. Placed a Sell order, but this did not trigger till 3.03 PM. So no trades for the day.

21/02/2014

Opened inside the previous day range and ran up above PDH without giving any opportunity to enter. Price was moving in a very tight range. PDH BOF, noticed at the end of day could not be taken up, as there was no clear critical mass and FTA was too near. No trades for the day.

20/02/2014

Opened with a CT  outside gap. Shorted on BPB of  IRL. Scratched immediately, as the entry candle turned out to be a pinbar signaling price rejection.

Nifty was in a 20 point range for a major part of the day. Double BOF of PDL/DO trapped many traders and shorted there. Expected the other extreme of the range to get broken easily. But the price was firmly rejected there, forcing to exit. But subsequently price broke the range and fell by 15 more points.  Flipzone was not breached and one could have delayed the exit and got atleast 10 more points.  There is no perfect exit strategy, it seems.

19/02/2014

IR was formed with LOL sandwich. PDH was above IRH and PDC was below IRL. For a major part of the day, 

the range was hardly 10 points, it even reduced to 5 points for  2 hours. Wanted the price to test either PDH

 or PDC before initiating a trade. That just didn’t happen till 3.00 PM. So no trades for the day. 

18/02/2014

Opened just below PDC. Shorted before Swing low was formed and paid with SL. Price rose with a vengeance 

broke the confluence of PDH/PDC/BRN with consummate ease. Didn't go Long, as I was waiting for BPB of BRN 

Spot, which didn't happen. Later Rajeshji explained it clearly.  

Placed a SELL order at BOF on second testing of Range high, but cancelled it due to very low momentum.

Shorted on the BOF of RN  at 3^rd testing. Scratched with 5 points, as price was supported at the next MSP.   

Reply by Rajeshji(Nifty Nirvana) to my query.


Sir, 
Nifty Spot was 6096, when you entered the first BPB trade. Is it not necessary to wait for the BRN Spot to get broken?

SK
Previous day Nifty was in a tight trading range and morning it was breaking out of the range.Breaking out of previous day range is a major transition.I was aware of the NS BRN.

Price broke IRH and a very strong level PDH/PDC/BRN confluence very coolly without a pull back
usually such moves will not end without a second leg move before consolidation. Further risk was very low. If price break fails just exit and try to buy at BRN.

Level breaks work only on the traded instrument.No body will keep SL or limit orders on spot. The only thing is that we must be well aware of the area and there is a possibility of institutions defending the area.