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.
