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Wednesday, May 13, 2015

13/05/2015, WEDNESDAY




Could not catch the big up move as well as down move

1)Placed a short at xx55. It was not filled. 

2) This time shot filled at XX61.50. Got 11 points.  Thanks, Jegadeesh Chandra for teaching me this concept.

3) Looked like Pressure Play. Had some doubts about this being PP, as the subsequent attempts were resisted well below the Range extreme. Could not figure out whether it is PP or chop and stayed out. This moved well.

4) Shorted when swing high below HOD resisted. Got 18 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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10 comments:

  1. UnknownMay 13, 2015 at 3:25 PM

    Hi Karthikeyan,
    Good trades. You might have observed the inability of bears to take prices lower before the start of that big move up.. On a highly volatile day like this, inability to move in the direction against bias can be a great signal to enter in our bias direction.

    ReplyDelete
    Replies
    1. nifty for breadMay 13, 2015 at 3:48 PM

      Hi Jegadeesh,

      Thanks. What you have mentioned is the lesson of the day. Your first trade is just amazing. You have a very good strategy and total faith on its effectiveness and have the guts to jump in, when it really matters.

      S.Karthikeyan

      Delete
    2. UnknownMay 13, 2015 at 4:10 PM

      I have learnt it the hard way. :D Just contain the risk and take away the expectation of making money, guts will automatically come. We just need to know how profits are made and market has a great space for us if that single point is know.
      And its Jagadeesh. not jegadeesh. :D

      Delete
    3. nifty for breadMay 13, 2015 at 4:27 PM

      Only way, we contain the risk is by entering close to Support/Resistance or what you call as the space of whole sale price. Sorry for the spelling error. Thanks.

      S.Karthikeyan

      Delete
    4. UnknownMay 13, 2015 at 4:39 PM

      Yeah. Even the money management principles occupy some space there. Not risking more than 1% of the capital per trade and trying to enter in the wholesale regions is the key..

      Delete
    5. nifty for breadMay 13, 2015 at 4:49 PM

      Got it. Thanks for explaining everything in detail.

      Delete
  2. rockyMay 13, 2015 at 3:51 PM

    2) This time shot filled at XX61.50. Got 11 points. Thanks, Jegadeesh Chandra for teaching me this concept.

    can you explain the concept.. or give the link

    ReplyDelete
    Replies
    1. nifty for breadMay 13, 2015 at 3:58 PM

      Hi Rocky,

      Here is the link.

      https://www.facebook.com/pages/Discretionary-Trading/357665821105183

      Please go through all the posts under Trade school. Everything has been explained nicely there. You can also see the Trades of Mr.Jegadeesh Chandra there.

      Thanks,
      S.Karthikeyan

      Delete
  3. smartthingsaroundmeMay 13, 2015 at 5:21 PM

    Hi Karthikeyan,
    I have been following Jagadeesh since yesterday. I understood the methodology from a big picture standpoint. I am yet to go through in detail. In the meanwhile, can you please explain your rationale behind making xx61 as your resistance level.

    Thanks
    Vivek

    ReplyDelete
    Replies
    1. nifty for breadMay 13, 2015 at 6:32 PM

      Hi Vivek,

      We have to use 1 minute chart for a clear picture. After the vertical fall, I was expecting a second leg(in 3 minutes chart) after pullback. I wanted to enter as close as possible to the extreme of pullback. During the first leg XX54 resisted and was expecting the pull back extreme to be around XX54. 11.20 candle touched xx62 and fell significantly. Could sense that some serious selling is waiting at this level. So, kept a SL Limit order between XX61.50 and XX 62.50. Order was filled by 11.24 candle, when price made a second attempt to go up.

      I have also started using this methodology just now. So I am not sure, whether my analysis is correct. Hope that with some practice, we may be able to time our entries to perfection.

      Thanks,
      S.Karthikeyan

      Delete

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