Friday, May 2, 2014

02/05/2014



1) First candle spiked up and the second made DH. Price fell down thereafter slowly, until halted by BOF of PDC. As it is DL at that time, waited till a clear swing high is formed. Placed a buy order above this, but soon, price went below IRL. So, cancelled the order. By now, it was clear a BW is being spun aroundthe confluence of IRL/ RN.

2) Subsequent BOF of  PDC was a good signal.Again entered a Long order above the clear swing high. It was not filled.

3) PDC got broken. Entered BPB Short order below the RL. There was good fluidity upto PDL.  Waited for 3 candles. The order was not filled.Was thinking that critical mass which may be short can exit at any time, at weekend triggering a rise.   So cancelled the order in the absence of strong momentum. Got it right on this occasion. Price made a slightly lower low and retraced quickly.

Was a choppy day throughout. No trades for the day.

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