Wednesday, July 9, 2014

09/07/2014, PRE BUDGET DAY



1) Opened without Gap. Soon fell down breaching  PDC,PDL,BRN. Only if a direct BO is attempted below PDL, this move could be captured. Didn’t go for a direct BO in the absence of consolidation before PDL.

2) Bulls made their presence felt  by one and all with a V shaped recovery, something very rare. 

3)Price consolidated for a long time. Went Long above the then HOD. -7 points. In the hindsight, feel that this must have been avoided. 

4) Shorted below PDL.  TRAP at the then HOD, consolidation above PDL  and the fluidity below lured me into this trade. -7 points.

5) Just when emotions showed their ugly head, reaffirmed my commitment to focus on process and not on profit/loss. Took the LOL BOF Long and after a choppy move, price hit RN, my target. Got 18 points.

6) Was in two minds – whether  to take BPB PDL or not. The previous BO attempt almost took the price upto  BRN before retracing. So there was a strong chance that BRN will be hit this time. Hesitated and missed 30 points.

7) Was not interested in BPB of BRN, as price retraced quickly and hit BRN soon. As price action was below BRN  for 20 minutes, except for a few seconds,  it didn’t look like strong BOF too.
Tomorrow is Budget day.   

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