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