31/03/2014, MONDAY

1) Gapped up and a very tight narrow range was formed. LH indicated the downward order flow. Didn't short due to want of space - RN and  BRN Spot were closely located.

2) Price was consolidating above BRN Spot, followed by BOF of PDC/PDH. Didn't want to take that CT Long, until RH was broken. Despite of BOF, price moved back towards PDC/PDH after making yet another LH, confirming the strength of  downward orderflow. Did not go for a direct BO of PDC/PDH, the recent BOF inhibiting against such a trade. Should have gone for the direct BO, after seeing so many factors favoring such a trade.

3) PDC/PDH was firmly broken. Didn't get any PB. So missed the trade.

4) FTC of  Day Low prompted to go Long above the MSP. Exited in haste, on seeing a big red candle at break even. Even  Flip zone was not broken and price moved 25 points above, after consolidating for a while. The candle at 3.00 PM, (obviously the Day players exiting) was too good to be missed. Missed at least 20 points, due to poor trailing.   

28/03/2014, FRIDAY

1) First day of a new series. Due to wrong markings of DP, shorted at a wrong place and scratxhed with 1.5 points loss.

2) Realised the mistake and marked the DPs correctly.Sorted BOF of PDH, believing that week end profit booking is around. Not to be. scratched with 4.75 points loss.Bulls are not in a mood to relent.

27/03/2014, Thursday

Expiry day. Skipped the IRH BO, the only clear signal of the day.  Didn't take any other trade due to Expiry day volatility.

26/03/2014, Wednesday

No trades, today too.

Price was moving in a tight range with so many DPs.

When the BOF of Range high was noticed, could not get swing low to enter.

25/03/2014,Tuesday

No trades for the day. No clear signal and no space.

21/03/14

Can’t understand how I committed 2 silly mistakes within the first hour.

1) Went for a direct BO below IRL, before I could see consolidation and order accumulation. Stopped out.

2) Shoted before swing Low was formed and stopped out.

No other signals for the day. Should resume meditating before trading starts.

20/03/2014, Thursday

1)  Gapped down below PDL.  Entered direct BO below IRL on seeing LH. Price had gone down below IRL, just a moment before the order could be placed.   So missed a trade, which would have given some minimum profit.

2) BOF/BOF:

BOF of RL occurred. So should have expected IRH to get broken. Instead, shorted on seeing a nice pinbar, which very much looked like a BOF. Paid with SL.

3) BOF/BO/BOF:

Price consolidated just below IRH for more than an hour. Order accumulation above IRH pushed the price in a jiffy to PDL. Lack of buying above PDL resulted in BOF. Shorted at the breach of swing low below IRL and made a small profit.

Should have trusted the strength of BOF of PDL and shorted at the breach of first swing low after BOF(above IRH) and  gained more profit.

4) BOF/FTC: Ignored this trade rightly. Move originating from a BOF was stopped by a FTC setup. Due to want of trapped traders, there was no order flow in the reversal direction. Hence price moved in a tight range for an hour.

5) TRAP: BOF of MSP was a good signal. But swing low was formed only below IRL. As the space with DL was very less, skipped this trade. It was the signal of the day. Could see the strength of  TRAP setup today.  Missed 20 points.

Scoresheet.

Right trade: 1

Wrong trade:1

Missed trade: 1

Delayed entry: 1   

Net Result: No loss No gain

19/03/2014

Made a small gap up and quickly fell below and rose above PDC, forming IRL. Too many DPs inside such a narrow range, making trading an uphill task.

1) Didn’t go for a direct short below IRL, as there was no consolidation. Didn’t think of entering on PB as BRN spot was very close.

2) Failing to break IR in the downside, price ranged around PDC and suddenly shot above IRH. As it was a contracting range around PDC  with HL and LH,  was not sure of the direction of order flow. Price kept going up without PB and didn’t give any chance to enter.  

3) Could not enter on BOF of  IRH as the ENTRY Swing Low was located just in front of DO. 

4) Minor BOF of PDC was seen. Not interested as I was looking for a strong BOF.

5) Double BOF of IRH was a good signal.  Was not aware that the DPs, which were broken from both sides already can be safely ignored. Today only I got this clarified by Rajeshji. In future, will take such trades, ignoring the DPs, already breached from both sides.

So no trades for the day. Given the kind of  today’s price action, it was not a bad decision.

18/03/2014, Tuesday

I Charts was not getting updated in the first half hour.

 Gapped up and resisted at BRN.

1) Shorted below MSP, ignoring the RN Spot, located very closely. Scratched.

2) HL, followed by consolidation just above RN Spot confirmed many orders waiting below RN Spot. Should have gone for a direct BO here. Didn’t, as I suspected a choppy channel like movement. Missed the only reliable signal of the day.

3) Went Long above swing high above PDC. First placed the order above the nearby PDH Swing high.  But suddenly got impatient and changed it. One more scratch.  

14/03/2014, Friday

Week ended very very badly.

1)  Gapped down, pulled back upto BRN before falling further. IRL was wrongly marked and hence could take up the BO bit late. Scratched this trade. Nothing wrong this trade. 

2) But wrong marking of  RN – Spot, which was closely located, as IRL did its share of damage.  This led me into believing the pinbars forming a consolidation range just below the real IRL as MSP and TRAP and PP. Stopped out.

Should learn to look and mark only those levels, respected by Market.

3) Missed a real BOF. Thought that the spike is due to the announcement of WPI inflation data.

4) Thought that Cigaratte is exploding and went for a direct BO before the Range Low and was stopped out.

5) BOF  of RH failed to break the RL, giving first indication that the buyers are really strong.. What follwed was a BOF at RL. Should have taken it, but didn’t.

6) BOF at RL was followed by a candle pattern, which looked very much like a BOF of RH. Was not aware that one should expect BO of RH after a BOF at RL. Shorted at RH and was stopped out. Those, who had gone Long, minted money.

7) Was aware that there is no real critical mass, more so after the fall in the morning. But was still looking to only short, same like last week. When there is no critical mass, Friday closing session also needs to be treated as any other day’s.       

After succeeding in not doing what should not be done in the last few days, tried to do what needs to be done. Doing so, I came to understand my ignorance about DP,  judging the strength of  a move and what to expect after a BOF.  Learnt a few valuable lessons, paying the price. 

COMING WEEK IS ANOTHER WEEK.