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Thursday, May 7, 2015

7/5/2015,THURSDAY




1) Longed at BRN BOF. Price consolidated for a ling time, absorbing the selling. Expected the price to move up strongly. Not to be. Buys got absorbed and the up move failed. Got just 3 points.

2) Placed a Short below BRN. This was not filled. Orders not getting filled for the second time in 3 days.

3) Skipped CT BOF Long. But this moved well.

4) BRN BOF – Price fell too quickly without letting me enter. Was delaying the entry, as I thought that PDL may be tested once more.

5) Skipped the next BOF BRN, as HL has been made at LOD. 

6) Skipped BOF at LOF, as it was CT signal,coming @ EOD.

7) Shorted @ LOD on seeing TRAP. Got 13 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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10 comments:

  1. smartthingsaroundmeMay 7, 2015 at 3:59 PM

    Hi KS (hope I can call you that instead of Sir),

    Can you explain a bit about 5. Basically I didnt understand what does HL mean? I searched on STs glossary as well. But couldnt find it.

    Another off topic question. I see that you have started paper trading crude. What is your thought process behind getting into crude?

    Last question :) I see that you are using Amibroker. Is the real time data feed for it available for free or are you paying for it?

    Thanks a lot
    Vivek

    ReplyDelete
  2. nifty for breadMay 7, 2015 at 6:43 PM

    Hi Vivek,

    No need to call me Sir.

    HL refers to higher swing low. 1.27 candle low did not test the Range extreme. It was slightly above the Range extreme. The difference was not significant, but I wanted to be extra cautious, after the bitter experience yesterday. I normally hesitate to direct the trades at HL – Higher swing lows and LH – Lower swing high. This must not be used as a stand alone strategy for taking or not taking a trade. Use this information in the full context.

    Regarding paper trade in crude – I have some spare time. I am working towards earning for living by Trading and it is better to widen the base.

    Free data feed is available for Nest, Now, Sharekhan Tiger and Odin. If you are using one of these platforms, you can set up the free data feed. In that case, please send your Mail address. I will send the Data feed and the relevant files.

    Thanks,
    S.Karthikeyan

    ReplyDelete
    Replies
    1. smartthingsaroundmeMay 8, 2015 at 11:42 AM

      Thanks so much. I do have NEST through SAS. my email id is smartthingsaroundme@gmail.com. Could you please send.
      Also, I wanted to tell you about a new brokerage firm called http://www.aliceblueindia.com/. They have come up with an unlimited trading 9999 brokerage for 25 years plan. I am talking to them. I will let you and others know if it is a worth going in for. They use NEST as well.

      Thanks again
      Vivek

      Delete
    2. nifty for breadMay 8, 2015 at 3:42 PM

      Hi Vivek,

      Mail sent.

      S.Karthikeyan

      Delete
    3. nifty for breadMay 8, 2015 at 3:45 PM

      Hi Vivek,

      I don't know abt aliceblueindia. Please share your feedback. Do they deal with commodities too? If so, what abt the charges?

      Thanks,
      S.Karthikeyan

      Delete
    4. smartthingsaroundmeMay 12, 2015 at 8:02 PM

      Hi Karthikeyan,

      Thanks a lot for the mail. Sorry for the late reply. Today the account finally got opened. They use the same NEST that many other brokers use. So far its nice. Opening was a little difficult. They dont respond very well.. I will use it for a couple of days and let you know.

      As far as commodities is concerned, it will cost 11,242 for 25 years unlimited trading. They are Chennai based firm. You can talk to one of their branch offices. On this, they will give you 30% discount as well.

      Thanks
      Vivek

      Delete
    5. nifty for breadMay 12, 2015 at 8:37 PM

      Thanks Vivek for this info.

      S.Karthikeyan

      Delete
  3. AHGTraderMay 7, 2015 at 8:50 PM

    Thank you for the good post / chart. Hope you do not mind asking few questions / comments.

    Your #1 trade, wasm't PDC and PL close by for the FTA?

    Your #4 trade, curious why you would not short right below the swing low (below BRN) or at the wick that was resting on BRN. You didn't like either of them?

    Your #5 trade, if you had taken would the entry be below the green hammer bar? I see sometimes you take bar turns and sometimes small swing break.

    Your #7 was the HL critical mass stops. Right?

    Thank you and have a good evening.

    ReplyDelete
  4. nifty for breadMay 7, 2015 at 11:11 PM

    Hi AHGTrader,

    #1 trade:
    a) My bias was bullish at that time and I expected BRN to hold.

    b) PDL and PDC were already breached and a Range was already formed. If PDL and PDC were getting attacked for the first time, I would not have taken this trade.

    c) BRN could not be broken strongly. If the price had to reverse, it could happen only after testing PDL .So even if my trade fails, I could escape without loss. Eventually I could scratch the trade with just 3 points gain.

    #5 - I continue to modify my entries. I am not yet a finished product. Now I have made a policy to enter within 5 points from the DP. Once the second attempt goes up above BRN, I would have kept a short blindly xx97.70 or xx94.70. I am trying to emulate xrtrader, Shasank in case of BRN BOF. He may be able to guide you better.

    #7 - Yes. The stops of those who had taken BOF Long helped in the down move. Another thing. Normally price tries to move in the direction of Day time frame in the last 2 hours. As yesterday was a big fall day, I didn't expect a big move. So I trailed tightly and exited with a small profit. After the triggering of accumulated orders, there was no genuine selling.

    Thanks,
    S.Karthikeyan

    ReplyDelete
  5. AHGTraderMay 8, 2015 at 4:07 AM

    Thank you for the detailed response. Appreciate it.

    ReplyDelete

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