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
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 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
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
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
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