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Thursday, April 23, 2015

23/04/2015, THURSDAY




1) Price could not sustain above BRN after 3 attempts. Hesitated to take the CT trade and missed the down move.

2) Placed a TT Long at BRN. Price didn’t test BRN and this order was not filled.

3) Placed a TT Short @ RN, XX50. This too was not filled.

4) Placed a TT Short @ BRN. This one was filled. Got 19 points.

Disclaimer: I am not a Research Analyst, registered with SEBI. I maintain this blog only for my own learning purpose and recording my thoughts on intraday activity of Market. I do not give any kind of trading advice to anyone. My methods will result in severe losses. Hence please do not follow me.
 
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14 comments:

  1. SuMaApril 23, 2015 at 4:45 PM

    Wow! So many TT attempts.... :-)

    ReplyDelete
  2. nifty for breadApril 23, 2015 at 5:09 PM

    Yes. I feel comfortable with TT. Either trade goes in your favor from the word 'go', or you get stopped out immediately. Either way you will see a quick outcome.

    Thanks,
    S.Karthikeyan

    ReplyDelete
    Replies
    1. Uday DaveApril 23, 2015 at 11:39 PM

      SK

      I have observed the following conditions for good TST setups.
      1) CT move to the good DP.
      2) Move to confluence of DPs and LOL.
      3) Once the price has moved 50-60 plus in one direction and reaches to the DP.
      Trade them only in the direction of the bias.
      Good to see that you placed all TST trades where you expected CT move to stall and reverse. Keep it up.

      URD

      Delete
    2. nifty for breadApril 24, 2015 at 7:43 AM

      Daveji,

      Thanks a lot for your valuable inputs. You have objectified TT very nicely and such objectification really helps those, struggling to endure the learning curve. I have copy/pasted these details in my strategy file. If time permits, please write a separate post on TT.

      S.Karthikeyan

      Delete
    3. UnknownApril 25, 2015 at 12:05 AM

      Thanks URD.

      Delete
  3. AnonymousApril 23, 2015 at 11:49 PM

    what is TT ?

    ReplyDelete
    Replies
    1. nifty for breadApril 24, 2015 at 7:01 AM

      Touch trade. Blind entries at a Range extreme. I sold exactly at BRN, 8400 as price moved up without waiting for confirmation. You can take this when you are too sure that the DP would hold.

      However there is risk also. If a lot of orders are placed beyond the DP in the direction opposite to our TT and if the DP gets firmly broken triggering the accumulated orders, a big spike can occur in the opposite direction. We have to be aware of this risk, while taking TT ans be prepared to deal with it.

      Delete
    2. AnonymousApril 27, 2015 at 8:47 PM

      Thanks ..for such a nice explanation. I am newbee ...trying to learn ...

      Delete
  4. UnknownApril 24, 2015 at 12:23 AM

    Hi Karthi,

    Your first trade was good try.

    but for 3rd : What made you to go short ..that too TT trade. because price consolidated at 8425 for some time and coming up with big bull candle. how can you expect it will reverse. that too without any confirmation. Please share you view here.

    4th Trade: what was your target on this trade: because price reversed at **80.. if you are playing for 20 points that too market down 120 pts from day high. may not be high probability trade.

    my view on yesterday:

    Hi ST,

    I am not doing Live trading for last one week due to time constraints. but closely watching the market and your site.

    What about going long at 11:42 candle TST of BRN 8400. going long immediately after the down candle filled up with up candles. because last subsequent day lows are just 10 pts difference.

    or going long at 11:52 candle.

    Thanks,
    Aristatle.S

    ReplyDelete
    Replies
    1. nifty for breadApril 24, 2015 at 7:34 AM

      Hi Aristatle,

      Regarding my 3rd point:

      1) 11.09 and 11.12 candles strongly repulsed the attempt to break RN.The upper wicks suggest that the price has been virtually electrocuted by RN.So I expected a lot of Sell orders there.

      2) After failing to break RN, price moved all the way to the then LOD. In fact the then LOD was even breached, testing BRN. So, it was clear buying orders are available only at BRN, 50 points below the location, where you intend to take TT short.

      3) If there was a BOF BRN,(11.33.candle) I would not have placed a TT Short.

      Regarding my 4th point

      1) 8400 was a flip zone and I expected it to hold for sometime.

      2) There was too much of congestion at BRN. This congestion will also obstruct the upmove for sometime.

      3) If BRN holds, then opposing buy orders are available 25 points below and I thought that it is a safe trade, worth trying. I trusted that the combination of flip zone and congestion candles will definitely block the upmove in the first attempt. You need something special like LOL BOF at LOD to generate enough orderflow to break BRN on the first attempt itself.

      4) If I tried TT short on the next attempt, I would have been in deep trouble.

      Thanks a lot for your comments. Your comments always remind me about the key details, I fail to recognise.

      S.Karthikeyan

      Delete
  5. UnknownApril 24, 2015 at 12:51 AM

    Hi SK,

    I have not done trade for last few days due to time constrain. but watching market closely. I need 3 mins charts.
    Please let me know where can we get free 3 mins chart. even if it not live also OK.

    Thanks,
    Aristatle.S

    ReplyDelete
    Replies
    1. nifty for breadApril 24, 2015 at 7:37 AM

      Hi Aristatle,

      I have tried many times in the past to get free 3 minute charts. To the best of my knowledge, none provides it. What abt setting up data feed to Amibroker?

      S.Karthikeyan

      Delete
  6. UnknownApril 25, 2015 at 12:01 AM

    Hi SK, Thanks. I might need your help on setting up this. how can I reach you and what time would be comfortable for you.

    Thanks,
    Aristatle.S

    ReplyDelete
    Replies
    1. nifty for breadApril 25, 2015 at 8:20 AM

      Hi Aristatle,

      Who is your broker? It must be anyone of these 4. Nest,Now, Trade tiger or Odin. If one of these 4 is your broker, please send your EMail ID to me. I will send all the set up files to you. But you must have Amibroker.

      Thanks,
      S.Karthikeyan

      Delete

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