Opened around PDL . Suspected BW around PDL. BOF at BRN.
Wanted to short below RN Spot. But BOF was noticed at RN Spot with good volume, which prompted me to go Long. Stopped out. Another opportunity came as BOF IRL. Didn’t
take it, as I thought that it will be a low momentum move , going to form DB. Proven wrong.
RN Spot remains a grey area. Should not have made a CT entry
there. Should learn a lot to trade
trending markets. Misplaced priority on
RN Spot was the mistake of the day.
Rajeshji's Comment to my query in Nifty Nirvana Blog about today's trade:
Sir,
When you shorted below PDL, space with IRL was less.Normally, when the space with FTA is so less, you wait till FTA is broken. Is there any reason, which suggested that there is high probability for the IRL also to get broken?
Thanks,
S.Karthikeyan
SK
Our aim is to enter as early as possible into a trade signal so that we can reduce the risk.Risk is reduced by making your entry close to your stop and not by placing the stop close to the entry.
The problem is from the beginning we were trained to trade the price patterns based on some rules. We are always looking for BPB,BOF and TST at DPS and ignore other clues.
1.Price gaped below PDL bias was bearish.
2.Got rejected. Could not break the first bar high for the next 40 minutes. No aggressive buying
3.Price may attempt to try a gap closure but going long above IRH is not advisable due to the BRN and low momentum
4.Price breaks IRH. No move beyond the BO bar. Only a little stop triggering and BO buying no followup buying.
5.BOF of IRH and BRN happens. Immediate up move ruled out.
6.Now three barriers above. IRH,BRN and HOD.
7.First bar with long tails. No idea where the orders are.But further bars give some clues.All the bars failed to close below 6090. So most probably orders are just below 6090.
8.There could be some stops below this level Entry on break will have some favourable order flow.
9.There is a possibility of developing Barbed Wire. But we can manage risk. Stop above PDL. We get two barriers 6090 flip and PDL.
10.The below area is a Fluid Price may move throgh this without strong opposing order flow
Considering all this went short below 6090
Rajeshji's Comment to my query in Nifty Nirvana Blog about today's trade:
Sir,
When you shorted below PDL, space with IRL was less.Normally, when the space with FTA is so less, you wait till FTA is broken. Is there any reason, which suggested that there is high probability for the IRL also to get broken?
Thanks,
S.Karthikeyan
SK
Our aim is to enter as early as possible into a trade signal so that we can reduce the risk.Risk is reduced by making your entry close to your stop and not by placing the stop close to the entry.
The problem is from the beginning we were trained to trade the price patterns based on some rules. We are always looking for BPB,BOF and TST at DPS and ignore other clues.
1.Price gaped below PDL bias was bearish.
2.Got rejected. Could not break the first bar high for the next 40 minutes. No aggressive buying
3.Price may attempt to try a gap closure but going long above IRH is not advisable due to the BRN and low momentum
4.Price breaks IRH. No move beyond the BO bar. Only a little stop triggering and BO buying no followup buying.
5.BOF of IRH and BRN happens. Immediate up move ruled out.
6.Now three barriers above. IRH,BRN and HOD.
7.First bar with long tails. No idea where the orders are.But further bars give some clues.All the bars failed to close below 6090. So most probably orders are just below 6090.
8.There could be some stops below this level Entry on break will have some favourable order flow.
9.There is a possibility of developing Barbed Wire. But we can manage risk. Stop above PDL. We get two barriers 6090 flip and PDL.
10.The below area is a Fluid Price may move throgh this without strong opposing order flow
Considering all this went short below 6090
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