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Friday, May 8, 2015

08/05/2015, FRIDAY




1) Opened with CT gap up at PDH. Longed above the first candle. Got 18 points.

2) Shorted when the 3rd attempt to go up looked  like failing. Gave 5 points.

3) Placed a Long at BRN on seeing TRAP. Wanted the price to go up with good momentum and attack BRN. But price started pulling back on going near BRN. So cancelled the Long.

4)Shorted at the then BOF of  HOD. Lost focus and failed to remember that bias being bullish, serious attempt will be made to break HOD. Gave 9 points.

Disclaimer: I am not a Research Analyst, registered with SEBI/MCX or any Exchange. 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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11 comments:

  1. CharlesMay 8, 2015 at 7:15 PM

    Sir, why not taken long BOF at 8200 around 2pm . Thanks

    ReplyDelete
    Replies
    1. nifty for breadMay 8, 2015 at 8:48 PM

      Hi Charles,

      No need to call me Sir.

      Yes that was a good signal. Momentum of the downward move towards BRN was less as opposed to the upward move from BRN, indicating that BOF/TST Long at BRN is the right trade.

      I wanted the price to retest BRN after moving above it. But price moved up without retesting. I should have kept a Long just above BRN as price went below BRN, expecting a BOF. It was the lesson of the day. These are the areas, I have to improve.

      Thanks for the comment.

      S.Karthikeyan

      Delete
  2. SanthoshMay 8, 2015 at 9:40 PM

    Hi SK

    I have account with Zerodha as well as Edleweiss. For single lot edleweiss is cheaper by a megare diffference. But when the lot size goes up zerodha will be cheaper. There may be other cheaper brokers but I am comfortable with these two. Around 1%.

    Veer

    ReplyDelete
  3. SanthoshMay 8, 2015 at 9:41 PM

    One more point. edleweiss give more leverage than zerodha during intra-day on commodities.

    Veer

    ReplyDelete
    Replies
    1. nifty for breadMay 8, 2015 at 11:13 PM

      Hi Veer,

      Thank you so much for these inputs.

      S.Karthikeyan

      Delete
  4. SanthoshMay 8, 2015 at 9:48 PM

    Hi Jagadeesh,

    How to set local time in http://www.forexfactory.com/. I used to see Global Economic Calender - http://www.mcxindia.com/sitepages/globaleconomiccalendar.aspx.

    Veer

    ReplyDelete
    Replies
    1. UnknownMay 9, 2015 at 6:25 PM

      Just click on the time display available at the right top of the sight. You will be redirected to time zone settings. Just set GMT+5:30 there, which is our local time.

      Delete
  5. CharlesMay 8, 2015 at 10:13 PM

    Everything looks easy in hindsight. ST had given a comment once : BOF of a counter trend move usually doesn't TST the dp.... :)

    ReplyDelete
    Replies
    1. nifty for breadMay 8, 2015 at 11:11 PM

      Hi charles,

      The reason why some people win consistently is because they can spot it in live market, whereas others can do so only in hindsight. It is true. It takes a lot of hard work and perseverance to reach there.

      Thanks
      S.Karthikeyan

      Delete
  6. AHGTraderMay 9, 2015 at 11:08 AM

    Good morning.
    Thoughts on #A and #B considering we have been making HLs all morning.?

    https://www.dropbox.com/s/ogrczbe6q71gpwr/Nifty.png?dl=0

    Thank you and have a good weekend.

    ReplyDelete
  7. nifty for breadMay 9, 2015 at 2:09 PM

    Good Morning.

    Yes. You are right. HLs were made continuously, clearly indicating the direction of order flow.

    #A - After the strong rejection above BRN, I hesitated because I thought that it may be Absorption of buying. But the previous swing low was not breached and the price moved up.

    #B - I wanted the price to retest BRN, before placing a Long there. But price moved up quickly without retesting BRN.

    Everyday, I keep learning lessons and these are the lessons for Friday.

    Thanks,
    S.Karthikeyan

    ReplyDelete

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