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.
