26/06/2014,FRIDAY

1)Previous day being NR, expected Gap up – BPB/BOF of PDH or Gap down – BPB/BOF of PDL. Second one happened.

It was a good opportunity. Broker has returned all the money back, to comply with SEBI rules, yesterday. Though the money was credited back in the Trading Account of last night itself, broker has not updated the records. Hence could not take the nice move downwards.

2) Entered Long above CH. After a prolonged spell of consolidation, price moved nowhere and had to scratch with 2 points.

3) Being expiry day,avoided trading in the last session, as it is only for Big boys.

ST made an interesting observation about today’s price action.

Be aware of the big picture. today is expiry
Nifty was trading between 7500-7600. Morning sell off itself showed the big boys want an expiry below 7500. Price fell to 7520. Now it is very difficult for the bulls to lift it above 7600. So they loosened their grip a little and allowed poor retailers to go long and made retail shorts to book profit. At the fag end a BOF. retail traders panicked and exited pushing price below 7500. These are all games big money play. Expect these kind of traps on expiry

22/05/2014,THURSDAY

1) Gapped up at BRN, but couldn't break it initially.Going Long above IRH was not possible, as PDH and BRN were closely located above.

2) Went Long on BPB of PDH. Lost 8 points. Should have scratched it, like ST did and minimised the loss.

3) Then choppy price action was witnessed for hours together. BPB of PDH could have been shorted, but was in 2 minds, as the MSP(11.21 candle) was closely located.Didn't take that trade. ST clarified that Swing pivots can't be DPs and FTAs.

20/05/2014, TUESDAY

1) Gapped up, pulled back and soon IRH was broken. Price had an easy ride till being resisted just in froNt of RN. First candle had a long upper tail. ST clarified in his blog that candles 5,6,7 and 8 indicated that orders are resting near DO only. Except ST, most of others may not have taken this trade.

2) There was a good opportunity to short below PDH and there was a nice swing low too. Had gone out to take Breakfast and hence missed this trade.

3) Price was twice resisted at BRN and it looked like BOF. Yesterday's lessons warned me of the trading into the chop and rightly didn't take them.

4) BPB of BRN was a good signal with a clean swing high. Skipped it as it was already 2.35 PM.  Today is the day of fluidity. A good example of how price moves easily in fluid conditions like knife in butter.

So no trades for the day.

12/5/2014, MONDAY

1) Mild Gap up with DO becoming Day Low. In the first few minutes, Nifty moved up briskly till getting resisted by BRN 6700.

2) Second attempt to break BRN failed resulting in BOF. Took this short, but was stopped out.Lost 12 points. Thereafter Nifty was moving in a channel. Hence didn't take any trade.

Should have refrained from trading as advised by ST. Day traders were not in control of the market obviouslt and this will be the case through out this week, till election results are announced on 16th.

9/5/2014, FRIDAY

1) Tried to break out PDC in the downward direction. Resultant BOF was just the begining of what turned out to be a Himalayan move. Was not aware that BO of a narrow range of previous day closing session is on.(until ST mentioned in his blog today) Could have entered only at BPB of PDH. By then market has already shot up by around 50 points. Missed out a rare opportunity. It was a 220+ day.

2) Looked for BOF or TRAP with trend. Only by 2.45 PM, such a signal arrived. Hence didn't take it. Before that shorted on BOF of  RH  below MSP. Got 14 points.

It is quite weird  that can't take any Long on 220+ up move day. As the winning consistency further improves, definitely all BPB trades can be taken without any inhibition.

6/5/2014, TUESDAY

1) Gapped up and opened above RN. First 2 candles showed huge rejection at the top and they formed the IRH. BOF of IRH at 6th candle. Was not aware of this. Only after seeing ST's blog, could spot it.

2) Strong BOF of RL. Took this CT trade and exited with 2.5 points loss. Was not aware that, should not take CT trades when there is choppiness and too much of congestion, as price moves through a fluid smoothly where as price will struggle to cross such congestion. If at all you want to take CT trades, wait till price crosses the congestion zone and then enter. Got this precious knowledge from ST's answer to a Nifty Nirvana blog mate.

3) BOF of PDC was a good signal. Placed an entry order. But cancelled it as the time was 2.40 PM. Till 

I win consistently and boost up the available margin, can't take these orders.

25/04/2014,FRIDAY

1) First day of a new Series. Marking PDH,PDL remains a problem on the first day of a new series.Maybe, have to look only at Nifty Spot chart on the first day.

2) Small Gap down. IRL was broken and price pulled back above PDL and got rejected. Strong WT BOF with a penetration of more than 5 points was a good signal to go short. Hesitated on where to short - at the BO candle low or swing low. Strength of WT BOF influenced in a big way and placed a SL order below BO candle low, bit late. But price moved down quickly and this order was not filled.

Price pulled back to the level, I wanted for entry, but hesitated. Finally placed an order below the swing low. But the momentum was very less and it looked like the price may chop and consolidate. Hence cancelled this order too.
In the hindsight, should have shorted without hesitating on seeing such a strong WT BOF, at BO candle low,  considering the minimum space with FTA. PULL THE TRIGGER AS SOON AS YOU SEE SUCH JUICY SET UPS.

3) After moving in a tight range for almost 3 hours, price fell sharply. Shorted on BPB and got 8 points.

4) Didn't take  CT PP Long.
Was looking for a BOF either at Day Low or BRN. But what followed was TST at Day Low. Further
space between the entry swing picot and MSP was very less.

Hence skipped the CT PP Long. BOF at MSP trapped all the PP Longs.Further difference between ATP and VWAP was more than 32 points and probably that is why bears were under no pressure whatsoever to exit enmasse to trigger a quick reversal.

Only one trade for the day.

ST Clarification.:

ST has clarified to another blogmate as to how he decided that price will go down(not up) after the consolidation for 3.5 hours.

My BO trade was a minor trap pattern. Notice that I have drawn a line there.
There was no upward momentum on the break of previous swing high.
If price stayed above that flip line for a while, I will look to go long on a BO. Target will be IRH
We can expect a lot of stops above this range

22/04/2014,Tuesday

1) BOF at PDC within the first few minutes. Should have gone LONG above the MC(first candle) high.   Space was just 13 points. Didn't take the trade. This trade didn't move well.  In the hindsight, feel that, should have taken the trade, as it was a good WT BOF.  Never know, which one moves well. Discipline and consistency are the most important pre requisites.

2) BOF at PDC was a good signal. Entered and exited(at the low of BO candle of  PDH) well and got 10 points.

3)Didn't short BOF of RH, as the move originated with a BOF of PDC. There was a high chance for PDH to gt broken.  

Throughout the day, price was in a tight range. Whichever way BO happens, explosive move in the offing?

My query and ST's clarification.

S.KarthikeyanApril 22, 2014 at 5:38 PM

Sir,
I went LONG exactly at the place where you exited your PP trade, as I thought that it was a BOF of PDC. I exited at the breach of BO candle low of HOD.

Though I exited, I expected the HOD to be breached sooner or later, as this move began with a BOF at the other extreme. What were the factors that suggested that HOD will hold and price has to go down?

S.Karthikeyan

SMART TraderApril 22, 2014 at 7:09 PM
SK
Your long was a nice trade good entry and exit.
There were three layers of resistance HOD,PDH and RN.
Naturally you can expect a lot of stops above these levels. But price was not able to move up because there were resting orders waiting above it.Two candles with upper tails showed this.
You missed the trade because you were not able to change your bias so fast.If you were not long during the up move, you will not find it difficult to short there .Same thing happened to me also. I was not able to reverse my short to long at the bottom. We need to work on it and correct it.

ST

11/04/2014,FRIDAY

1) Gapped down below PDL/PDC and BRN. Didn't take the BOF of IRH-BRN confluence, as the space between possible entry point and IRL was too less.

2) Was moving in a Cigaratte like narrow range. Suddenly price rose rapidly and LOL BOF occured. Shorted below the minor swing low just below BRN. Being such a strong BOF, expected the IRL to get broken effortlessly and move down for at least 40+ points. But IRL supported the price. Exited with 5.5 points.  Though this exit is not bad in today's context, am not happy with the manner in which I trailed. Exited before the PB of new zone was completed. Need of the hour is patience while trailing.

Didn't take any other trade.

My query and  ST's clarification.

Sir,
Please explain, why you expected a strong reversal in the last half an hour.
Thanks
S.Karthikeyan

April 11, 2014 at 4:46 PM

S.Karthikeyan said...

Sir,
I refer to your second trade. It seems that you had exited as soon as the 1.33 Noon candle(Day Low candle) high was breached.

Normally, when BOF is noticed at a Range extreme, we expect the other Range to break. Normally you wait to see whether the other extreme gets broken in the second attempt, if not in the first attempt. But in this case, you seemed to be quite sure on seeing the 1.33 Noon candle that it is the BOF of IRL and exited early. How did you judge it so correctly and made a quick exit?

I too took that trade and exited bit late.

Thanks

SMART Trader said...

SK

Price failed to extend beyond the first candle of the day three times and when the fourth one closed inside the range after the break I exited immediately protecting little profit.
I immediately placed a SL short entry order below LOD not to miss the down move if it happened.Nifty was in no mood to go down. I expected some short covering at the end due to holidays

ST