Thursday, April 10, 2014

10/04/2014, THURSDAY


1) Small Gap down and BOF at PDH/PDC confluence. Didn't take it as the space between possible entry point and IRL was too less

2) IRL was firmly broken. Placed a SL order below swing low. Price reversed and this BO morphed into BOF.  This order was not filled.

Didn't go Long on this BOF as the possible entry point was too closely located with IRH/PDH/PDC confluence.

3) After some choppy price action. PDH was broken. Placed a SL Buy order above swing high. But this order was not filled, as the price was firmly resisted here. This new RH was tested in vain thrice.

4)Strong BOF of PDH/PDC/IRH confluence was noticed. As the space between RH and possible entry point was too less, waited to see whether RH gets broken.  But the price didn't even go near the RH. Failure of this strong BOF was a strong indication that Bears have got an upper hand.

5) Price was moving about in a very narrow range above PDH till 2.55 PM, before eventually breaking down after 3.00 PM.

So no trades for today too.

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