31/01/2014

NS opened without gap. Nifty Future’s premium made it look like gap. So, NS has to be checked for deciding Market   bias. Today there was no bias, whatsoever.

BRN Spot 6100 resisted the upmove and caused a BOF. Didn’t  take it, as FTA in the form of swing pivot was too closely located above IRL..

Next signal was BOF at IRL/BRN. Placed SL buy order above pinbar, after seeing the huge volume.  Surprised to see a big Bearish candle after pinbar.  Price was hovering below  DP, gave an impression that price is  being accepted below DP and that BOF failed. Hence placed a SL sell order below the low of engulfing candle. But price went back into the IR. Thought that there is no clear imbalance between buys and sells and stayed out, after cancelling all the orders.  Price hovered above IRL for an hour, before crawling its way to IRH. 

After 2 TSTs of IRH, textbook BOF  presented an opportunity. Grabbed  it and got 21 points.  Another textbook BOF again at Day Low. Didn’t take it as it was  already 2.40PM.

When the Account is in profit, all signals can be boldly taken.  Next week, first take a few high probability trades, so that there is not much loss and some profit. Then take all the trades, that come along the way. At the end of the week, there must not be any loss.

30/01/2014

 

Gapped  Down and a very narrow initial Range was formed. IRL BO ignored, as RN was closely located.  Placed a SL Long order at BOF-IRL. Cancelled it on seeing the poor momentum.  I should not have placed a CT  order, when the FTA is not broken in the direction of CT.

MSP  was never broken with sufficient volume; Minor BOF of  MSP didn’t attract sufficient volume.  TST of  MSP was noticed. Since it is a low probability trade (and with RN around), this trade was not taken. Then BPB of  RN was there to be grabbed. As I was focusing on BOF in the direction of trend, this too was ignored. Price action centered around RN 6050 for the major part of the day, highlighting its growing importance, more so on and near expiry day. 

Then big boys took over towards the end of the day going on a buying spree, rocketing the price up by 50 points from Day Low to Day high in a jiffy, reminding everyone that today is expiry day. 

So, no trades for the day.

   

 

 

 

29/01/2014

First candle indicated a PDH BOF. Could have entered at the bearish engulfing candle on PB.  Didn’t.  BOF at RH was the next signal. No space with IRL.  Hence skipped this trade.

Tried Long at BOF – RN.  Managed to scratch without loss, as TSL had been kept at flip zone.    Entered another Long at BOF-PDC.  Again TSL at  flipzone helped in escaping with a minimum profit.  

Then came the best opportunity of the day. BOF – RN or BOF/FTC –MSP.  Started doing some other job in the hope that there will not be any big move for the day.  Missed a good opportunity to take a WT trade. Say good bye to fixed ideas and notions, if you want to capture all the good moves.

Read  about keeping TSL at flipzone a few times. Only today started practicing it.  Could escape with a minimum profit, despite of taking 2 CT trades, thanks to this technique.  Had this been known to me earlier, I would have avoided a major portion of the drawdown. Thank you Rajeshji for teaching this.   

Another positive of the day is – I could enter pretty close to DP. Thanks to TBBji and Rajeshji.  

28/01/2014

Waited till the volatility due to RBI announcement subsided.  Noticed FTC  on a minor Range High. Shorted there hoping  that the Day Low will again be tested. SL hit.  Missed a BOF trade as the price was moving in a sloping channel. BOF occurred at PDL and at channel top. Strong reasons to go short, but channel made me think otherwise.

Should not take FTC trades for some more time, till I gain experience. Only BOF and BPB  trades must be taken for the time being. Channels should not be a problem for BOF entries, if  noticed at a channel top/bottom.