1)Opened with outside gap up, 20 points above PDH. Upper tails on the first and 3rd
candles indicated strong selling pressure. So no question of going Long.
2)After ranging around, price fell and made a TST @ PDH and
resumed ranging. HL indicated that there may be a BO on the upside. Wanted to
enter @ BPB here. Too much of overlapping after BO indicated absence of
momentum. Hence skipped this.
3) Price rejection at PDH/RN confluence was not impressive.
Still kept a Long order above swing high,
as I suspected that it may be arrange day. However, could feel the stiff
resistance at the entry point. Hence cancelled the order.
4) Price was moving in a choppy channel afterwards. Didn’t take
BOF of the then HOD, due to want of fluidity.
5) Suddenly shot up breaching BRN, without giving PB for entry.
Very difficult to catch this move. PB was available
for entry after BRN SPOT. But time was already just a few minutes away from
3.00 PM.
It looked like a TRAP. But as the price was moving in a
narrow sloping channel, could not decipher it.
So no trades for the day.
Hattss OFF sir , infront of screen whole day and NO-TRADE ...its really great ...
ReplyDeletehow you control your emotion infront of screen ?
Having burnt my fingers, as most of the newbies might have, I take trades only at the set ups, I am confident of. So, I do not mind sitting in front of the screen without taking any trades. The reason is simple - I should not lose much in the learning stage. For anybody, a minimum period is needed for learning. The trick seems to be in enduring this phase without losing much.
DeleteActually, the BO trade at the end of the day was a good trade, but I was not sure about that set up and hence skipped that signal. In future, I will slowly attempt them as well.
No need to call me Sir. I am also a learner only.
Thanks for the comment.
S.Karthikeyan